Why do you have such a hard time achieving your goals?
Is it because you’re not disciplined enough? Perhaps you don’t have enough willpower? Maybe you’re just not driven enough?
The truth is a bit less dramatic than that. It turns out willpower and discipline are like muscles — if you use them over and over again without rest, they get tired.
A study conducted by Columbia University found that judges were more likely to grant parole to inmates whose parole hearings were scheduled first thing in the morning or after lunch than any other time of day.
Decision fatigue applies to financial decisions as well. Another study found that people with lower incomes performed worse on cognitive function tests when asked to ponder an expensive car repair than when asked to ponder a cheaper repair.
Bottom line: you’re terrible at making decisions.
If you want any chance of achieving your financial goals, you need to find a way to take yourself out of the equation and make good decisions automatic.
In this episode, we discuss:
- Why most people will never achieve their goals no matter how hard they try
- How decision fatigue effects your ability to make good financial decisions
- What marketers and psychologists are doing to influence your buying decisions
- How to take yourself out of the equation by automating the important things
- The three elements of a habit and how to replace bad habits with good ones