Is there any financial decision that we dread more than the annual chore of choosing a health insurance plan? It’s got everything we hate: choice and information overload, time pressure, ambiguity and confusion, consequences worth thousands, uncomfortable scenarios involving disease and injury, inscrutable jargon coming at a time of the year full of other business, … Read more
Budgets. Yawn. Why bother? I prefer the uncertainty and anxiety of never knowing that I have enough money to pay rent (said no one ever)? My Paris Budget So, I created my first budget when I went to Paris during my junior year in university. I had limited funds, an exchange rate to manage and I was … Read more
I’ve learned (and re-learned) a lot from tutoring middle-schoolers in math at Top Honors.1 For example, if a math problem is too hard to solve in your head, I counsel my student to draw a picture. That’s one of the best features of decision trees: it allows you to draw a roadmap for complicated, multi-stage … Read more
Open enrollment for health insurance began November 16 and the decision isn’t any easier than last year. On the contrary, not only are premiums higher and benefits lower, there’s greater uncertainty about the future of the Obama health care act. On a cold, cloudy Sunday afternoon, I analyzed my health insurance choices. Our choices and … Read more
Our decisions, and the actions they lead to, make us who we are. In that sense, decisions are fundamental to our identities, our humanity and even the future of our planet. But what is a good decision and how do we get great at making them? I want to share with you my answers to … Read more
Try Decision Fish’s First Release We are proud to share our first (not even beta yet) release of our mobile website to a select group of valued supporters—like you. Please: We will donate $1 for each survey completed by June 15 to New Visions for Public Schools, a 4-star charity dedicated to helping students achieve their … Read more
So this is embarrassing: I’ve been advising institutions and individuals about financial decisions for nearly three decades and yet I’ve failed many times to make good choices myself. I want to share a list of my failures with you both so you can avoid them and as a commitment device, so I don’t keep failing … Read more
When I exercise, get a check-up, get my flu shot or skip dessert (too rarely), I do it because I’m supposed to. I have a vague impression that the cost, pain or other inconvenience I experience today should be more than offset by savings or other benefits in the future. One thing I’ve never done, which … Read more
When we make decisions, we often take the way they are presented to us at face value. Maybe a sales person offers you a menu of investment options or maybe a single recommendation; either way, you can bet a lot of thought went into the architecture of the choice presented to you. Amos Tversky and Daniel … Read more
Yesterday, I was 15 minutes late for an appointment, notwithstanding my New Year’s vow (repeated—and failed—annually) to be more prompt. Last week, I published on my blog and social media my intention to create a web site that will apply best practices in decision science to help people make better financial decisions. Just the thought … Read more