Analysis Paralysis – we face this all the time

I think I wrote on this subject quite some time back. Do read it here. Buying a property, away from analysis paralysis  This time, someone considered more “UP” than me is writing about something similar. I read an article by Mark Reijman, the co-founder and managing director of CompareHero.my and I think it’s good to share his personal 6 tips in order not to have information overload. After all, we have ONE brain and we need to think about MANY things, often at the same time. That’s why some of us may not like some award winning movies requiring a more complex appreciation or even some literature works requiring a deeper reading and analysis. His thoughts as summarized below: My thoughts in bracket, more for property investment.
1) Realise that the seller is trying to confuse you. (Honestly, for some new launches recently, the rebates or discounts seem to be so huge that it’s a mistake not to buy. Actually, it’s better to understand what should the price per sq ft be and why were we buying instead of just the big $$)
2) Resist the urge to take decisions when you feel overwhelmed by information and delay the decision if possible. (One example is that after queuing for a certain property launch, we are given just 3 minutes to decide. 3 minutes for nearly half a million ringgit decision? Hahaha…)
3) At the same time, don’t fall prey to ‘analysis paralysis’. Don’t delay the decision after you have sufficient information as there will always be more information out there. (It’s very important to start reading, learning and knowing so that when opportunities present itself and we are really given just 3 minutes, we can make a better decision since we have spent days, weeks and months earlier……)
4) Take the time to reread and digest all information when it is a large purchase or decision.  (They say, don’t give up the whole forest for a tree. This will be true for a very long time more. New launches are increasing, not reducing. We need to know more. Property is going to be that biggest $ decision for most of us, even for those buying a Ferrari because I do not foresee that person living in just a 1,000 sq ft condo, right? )
5) Find an information source (such as CompareHero.my for credit cards, personal loans and broadband) that has summarised the information for you.  (It’s so easy to compare these days. Look up that few big property portals and read more. It was so tough previously when there were just newspapers….)
6) Free your head and focus on one thing at a time. (Actually when it comes to investments, good to know a bit more because every investment would have its pros and cons and there’s no such thing as high return, low risk. If there are, all of us would already be billionaires and no one would have to work anymore. Oops… stop dreaming)
written on 15 Feb 2016
Next suggested article: Let’s ACE our 2016, shall we?


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *