How To Improve Your Decision Making With 10-10-10 Rule!
Throughout our lives, making decisions is always the hardest thing to do, especially tough decisions like job hopping, healthcare investment, buying a house,etc. I always try my best to not be too emotional, impulsive and make smarter decisions by following many rules and frameworks.
There are numerous methods that can help you make better decisions. Such as SWOT Analysis by Albert S. Humphrey, evaluates the 4 different aspects of a decision. The Eisenhower Box, by Dwight D. Eisenhower, helps prioritize tasks by urgency and importance.
In this blog, I will discuss my recent favorite technique, the 10-10-10 rule by Suzy Welch. These frameworks will keep you saint as much as possible without being too emotional to make a wise decision.
What Is Actually The 10-10-10 Rule Is?
In this rule, Suzy Welch asked 3 easy questions to analyze the short-term and long-term consequences of the decision.
- In the first 10 minutes : How will I feel about this decision? Immediate consequences of your decision.
- Imagine for the next 10 months: How will I feel about this decision? 10 minutes is too short, let’s continue imaging for a longer period of time.
- What about 10 years from now? How will I feel about this decision? Your decision will make you feel good in the next 10 years.
This 10/10/10 rule reminds you to ask yourself what will happen in the next 10 minutes, 10 months and 10 years from when you make a decision. Using the rule, you can easily see the short-term pressures of any situation from the longer-term repercussions you'll have to cope with.
This framework improves our sensible decisions, thinks through the consequences, and stops emotional behaviors. As the author believes, people are more connected to their future selves, enhancing the ability to think straight and wise about the consequences of their decisions.
How To Apply The 10-10-10 Rule In The Decision-Making Process?
I will use a specific example to see how to apply the 10-10-10 rule in the decision-making process. Let’s try with job hopping to another company decision:
Step-By-Step Guide
Step 1: Clarify Decision
The first step of this 10-10-10 rule is to outline your personal choices. Typically, there are two clear options you need to choose from — to take one action vs. another. Deciding whether to stay and continue working or change and apply for other companies.
Step 2 : Consider Immediate Impact ( 10 minutes)
Write down how you will feel in 10 minutes. This is the least reasonable way to see your decision’s impact. However, it is important to note down so that we can compare with other timeframes to see if it is worth the tradeoff. We will check all short-term benefits and drawbacks.
For example, if you stay longer at work, you will be stressed and receive a monthly salary, but quitting and changing jobs have a high chance of being unemployed.
Step 3: Analyze Short-term impact (10 months)
You may feel 10 minutes is not the right amount of thinking, therefore we will expand our thinking timeframe up to 10 months. Within this time span, you may think about the issue more thoroughly, taking into account things like any modifications, personal duties, or advantages that may arise beyond your first response.
How would you feel after 10 months of the decision? What will be the matter for next quarter if you are not leaving the job? Will you be able to find a job or do anything to improve ?
Step 4: Evaluate Impact Across 10 Years
Taking a 10-year view might help you see the big picture and see how the choice fits in with your long-term objectives. Ask yourself where this choice brings you closer to your goal in the next ten years? Also assess through long-term and drawbacks of the decision.
Let’s think through the influence of your career development, social and family life. Do you think you will have no regrets about the choices you made regarding your professional priorities in this instance in ten years?
Step 5: Make Your decision
Through different time frames, we consider all impacts of decision and weigh the outcomes. Using everything you've learned from the preceding phases, choose the path that best suits your current emotions, urgent requirements, and long-term objectives.
Who Should Follow This Framework?
Invented by a writer Suzy Welch, the rule is widely used by all kinds of professionals, from famous people in the media to business leaders.
The 10-10-10 rule helps them weigh the benefits of making a decision in the short term against the negative effects in the long term for Business Leaders and managers. Entrepreneurs also benefit from assessing uncertainty and risk. In fact, I believe this rule is suitable for all personal decisions, investors, and professionals.
The 10-10-10 rule is a flexible and adaptable way to make better decisions that can be used by anyone who needs to think about how their choices will affect at different times.
The Advantages And Disadvantages Of The 10–10–10 Rule?
After using for years, I have this table that concludes all good and bad points about this rule:
Final Thought
Overall, the 10-10-10 rule shows itself as both a strategic tool for making choices and a personal approach for people who want to find a balance in the way they make choices.
That’s the other reason the formula appeals to me. With this method, I can use both my logical and natural thinking when making decisions, which is helpful for someone like me who is driven by emotions.
If you want your future self to be smarter, more successful, wealthier and more generous, let the 10-10-10 rule guide those choices.
Comments
Post a Comment