- I need to choose a college major. How do I know I will make the best decision?
- Is it time to quit (anything)? Do I walk away now or try harder?
- Should I quit my good paying job with great benefits to pursue my dream?
- Should I get married. And if I do, should we have children?
- Should I go against my family’s wishes and perhaps buck cultural expectations to make my dreams come true?
- Is it time to let go of something or someone, not because I want to, but because I have to?
Several significant factors influence decision making.
- Cognitive Bias is the result of past experiences and is part of what we might describe as our ‘World View’. Individuals tend to rely on expected observations and previous knowledge, while dismissing information or observations that are perceived as unexpected or inconsistent with previous experience. This bias leads to memory errors, inaccurate judgments, and faulty logic.
- Escalation of Commitment causes individuals to illogically invest larger amounts of time, money, and effort into a decision to which they feel committed.
- Sunken Costs describe the tendency people to continue making risky decisions when they feel responsible for the time, money, and effort already spent on a project. In other words, a decision may be made based on how ‘far in the hole’ a person feels.
- Socioeconomic Status (SES) can have an impact on access to education and other resources, which makes individuals more or less susceptible to experiencing negative life events.
- Personal Relevance - when a person believes what they decide matters - makes that individual more likely to make a decision.
- Age may affect an individual’s decisions. Older adults prefer fewer choices than young adults. Cognitive function declines with age which may also affect decision making ability. Some older people may be become overconfident regarding their ability to make decisions based on past success and experience. While a younger person’s lack of experience may make them overconfident.
Sometimes we need help making life altering decisions. If you're looking for extra support and guidance or you're just ready to move in a new direction in your life, I look forward to working with you.
Our goal is to help you uncover your true potential and help you make the decision that is right for you. Please call us for a free consultation at (262) 793-0990.