The former Utah Supreme Court Justice Dallin H. Oaks explained that many decisions are not merely between good and bad.
Our decisions are often between good, better and best.
We typically are not simply good or bad with money.
We make many decisions daily that could be classified as good, but could be better decisions or perhaps even best decisions if we sharpen our financial intelligence.
Good: One spouse is frugal and involved in financial planning
Better: Both spouses are frugal and involved in family finances
Best: Entire family is frugal and involved in family finances
---------------------------------------
Good: High school diploma
Better: Trade school/ College degree
Best: Lifelong learning (not to be confused with novels and TV)
-----------------------------------------
Good: Finance retail products at 0%
Better: Pay cash for quality, retail products on sale
Best: Pay cash for used, quality products
----------------------------------------
Good: Learning financial wisdom
Better: Applying financial wisdom
Best: Teaching others what you're learning and applying
-------------------------------------------
What areas are you good but could be better?
The legendary Lakers coach Pat Riley implemented a great way to go from good to best by doing a little better.
His 1986 Lakers had just been beat by the formidable Boston Celtics and he was determined to win the NBA finals the following season.
He encouraged all of his 12 players to improve upon their best by just 1% in the off season.
The combined team gains would be 12- 24% over the previous season.
Most remarkably several members of the team discovered that their "best" could be improved upon by as much as 5%.
Subsequently the Lakers improved and easily won the NBA Championship.
A really good team got better and serendipitously became the best.
Improve your good decisions so they become better, and your better decisions will eventually become "best" decisions.*
(*Originally published in 2012)
Recent Comments