The 10-10-10 Approach, interesting concept, would it work for you?

I was reading this article from Suzy Welch and a concept that had gotten her through a lot of decisions in her life; I like it and believe it will come in handy for decision making. I figured I would share it as well, if you would like to read the full article you can copy and paste the link below into your browser and read the full story.

The 10-10-10 Approach consists of looking at a decision in the framework of what will happen in 10 minutes, what will happen in 10 months and what will happen in 10 years if I decide to do something or not do something, or decide on one thing or the other. Of course I immediately apply it to the money thing. How would this approach be used when making money decisions? Okay most buying purchases the 10 minute decision would be a no brainer. But how about the 10 month mark, will I remember or care that I ate Chinese take out, not significant in the memory scale, but those take outs could add up over the long haul, could you have made a sandwich or salad out of the fridge instead? Now the question of maybe a special outfit for an anniversary dinner that you can wear and use on various future occasions, (my suggestion, go classic not trendy so you can get the wear out of it). That may make sense depending on price, the memories of that special occasion; the 10-10-10 may say that one is a homerun. Now I don’t want you to start justifying buying purchases, be truly honest with yourself, and if you are, I believe this approach may weed out some purchases and re-enforce other purchases. Try it out; let us know how it works for you.

http://www.oprah.com/article/omagazine/200609-omag-suzy-welch-10-10-10/3

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~ by debt2dreams on May 25, 2009.

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