This is a rewrite of a piece from 2012. Remember those heady days? This piece came before today’s ultra-fast digital world, where everyone is expected to make decisions instantly, tap to buy, swipe to invest, click now or lose the deal. If anything, the message has aged better than the author: slow thinking is now a survival skill in a world of digital overload, sly behavioural nudges, and algorithmic temptations.
TL:DR
When I was younger, many of my friends thought of me as a fast thinker. Many times I had very snappy answers to their quips or stories. It took me a while to figure out that while I had a quick mind. However, my quickness in responding to most problems was wrong. As I have aged, my mind has slowed, yet my initial reactions remain incorrect. The critical factor is that, most of the time, I remember it and plan accordingly.
That is correct; I was a quick wrong thinker. I am a much better slow thinker. If you give me enough time, I will eventually figure out the correct answer to a problem.
I used to think not getting the correct response right away was a sign of a weaker mind. I now realize that some problems need time to view all the possible angles. There are a few remarkably quick and intelligent minds out there, but there aren’t many (trust me, I have met many folks who think they are quick thinkers, but they are usually as wrong as I am).
Countless times, I have made “snap” decisions which at the time seemed like great ideas. In the end, those decisions were wrong (or effectively bad) when I look back on them. There is no shame in asking for time to think about things, and if someone pressures you to make a snap decision, follow the advice of a noted child psychologist, who says that when your child confronts you with a snap decision, answer:
If you need an answer now, the answer is NO, if you want to wait a while, we'll see what I decide.
BCM credo
I find this philosophy the mature way to approach any decision (I am not saying to get into overthinking gridlock, however, underthinking a problem is worse).
The next time you think that someone is somehow inferior because they take longer to make decisions, ask yourself if they end up making good decisions or not. That is the accurate barometer. As my wife points out to me many times, if, instead of listening or looking at a problem, you are attempting to formulate a quick "solution," you are in danger of choosing the wrong "solution" or worse, the right "solution" for the wrong PROBLEM.
The photo is an excellent picture my brother took when he visited China. Sometimes good things take a while, so be patient and don't rush them. You might not like how the rushed version turns out.
Epilogue
My mind is still occasionally quick. This happens when I remember song titles from the 1980s, but for major decisions, I now contemplate.
Slow Thinking in Personal Finance Redux
Slow thinking is one of the few financial tools that costs nothing and can save plenty. Whether you're deciding on a mortgage, choosing investments, or that new car that you can't reasonably afford, a pause gives you space to make better choices.
Financial marketers are built to force fast decisions!
- Limited time offer!!!
- Act now!!!!
- Rates won’t last.
Your bank account doesn't care how urgent a salesperson makes something sound. It only cares about the arithmetic of your life.
Think of slow thinking like compound interest for your brain. The longer you let ideas sit, the more clarity you accumulate.
Red Flags in Fast Financial Decision Making
- Someone wants an answer right now → 🚩
- Anything involving “guaranteed returns” → 🚩
- You hear yourself say (or worse THINK!) “How bad could it be?” → 🚩🚩🚩
- Your buddy Craig says it’s a great idea → catastrophic red flag. (Financial BLACK FLAG!!! 🏴🏴🏴🏴)
Some helpful external links:
- https://www.canada.ca/en/financial-consumer-agency.html
- https://www.getsmarteraboutmoney.ca
- https://www.osfi-bsif.gc.ca
FAQ for Slow Thinking
Pause before signing anything, buying anything expensive, or taking on debt. If someone pressures you for a fast answer, your default is “No.”
Tell them you’re “risk-mitigating.” They will think you work in finance.
No. Slow thinking is mindful thinking, not paralysis. It means considering consequences before acting.
Decision making is one important aspect that will aid our performance any where and also our finances.A lack of the skill to make and take the right decision is really a problem i see with many today.Some time we have to take prompt decisions,but if other wise in other not to regret the outcome later it is adviceable you go and brainstorm and be sure
Good Points. I guess it depends on the situation where some require an immediate decision. (we just hope it’s the right one) You are right though as there is no shame in saying “I’ll get back to you” or “Can I have some time to think about it”.
When it is a superior asking questions sometimes employees jump the gun and feel they want the answer now. Most supervisors I know want employees to make informed decisions. So if that means a little research to get it right, then so be it.
Don’t be afraid of anything in life. Assess the situation and make the a decision based on the necessity of time frame. If it is now, you have to make the decision now, if it can wait, take the time to put your name stamp on that decision.
Great post, many will relate.
Mr.CBB
In my case I had to learn the hard way that the quickest decisions can hurt the most, if you have a chance to think things over, you should.