By James E. Wilson via Iris.xyz
Personal financial decisions often suffer because of limited time and too many messages. Successful individuals usually have busy lives. Carving out time to plan and make good financial choices is difficult. Sometimes, because of the sheer breadth of choices, decisions are made by default.
Psychologist Barry Schwartz in his book titled The Paradox of Choice, argues that “more is less.” That is, the number of choices can be so overwhelming that we shut down and revert to status quo.
Schwartz takes direct aim at the idea that the way to maximize freedom is by maximizing choice. He believes that many individuals become paralyzed by too many choices and have difficulty making decisions.
Think about something as simple as going to the grocery store to buy salad dressing. If your grocery store is like most, there could be a few hundred different salad dressings. And that doesn’t include the dozens of vinegars and oils for those interested in making their own dressings.
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