Tagged With decisions

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When faced with a tough decision, a lot of us will hem and haw for hours or days, looking up more information, thinking through the options, and procrastinating far more than necessary. For most decisions, it's much better to pick an option, and just move on, and the two-minute rule can help.

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The coin flip, the ultimate 50-50 choice, is actually a little biased. According to a Stanford study, even a fair coin is about 51 per cent likely to land on the same face it started on. And if you spin instead of flipping, even a slightly weighted coin is much more likely to land on its heavier side. (A spun penny lands tails-up 80 per cent of the time.) But there's a cool maths trick for getting a fair result from an unfair coin.

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Major bottlenecks in businesses are often caused by indecision. It could be that a business owner is waiting on more data before making a decision on a big ticket purchase. They could be too busy to stop and make up their minds on something that needs to be done or perhaps they're easily distracted by new options that are presented to them. But avoiding the tough decisions that need to be made can paralyse a business, leading to lost opportunities. Here's some advice from small business expert Dr Greg Chapman to help business owners tackle the problem of indecisiveness.

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One of the hardest things in life is to know when to keep going and when to move on. On the one hand, perseverance and grit are key to achieving success in any field. Anyone who masters their craft will face moments of doubt and somehow find the inner resolve to keep going.

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Financial decisions and life decisions often go hand in hand. Do you buy a home or move to a different city? Do you start your own business or keep working your 9 to 5? To make your money work for you in the best way possible, it's important to establish what financial planner Mindy Crary calls your "Chief Initiative."