Decision Paralysis: What It Means and What We Can Do About It

I was reading an interesting book the other day about improving personal finances when this term "decision paralysis" kept popping up. It goes by many names: analysis paralysis, decision paralysis, and information overload to name a few. It basically means we can become overloaded by too much information and end up doing nothing. In other words, instead of more information helping us make better decisions faster, we become overwhelmed and end up making no decision at all. Barry Schwartz writes about this in The Paradox of Choice: Why More Is Less:

As the number of mutual funds in a 401(k) plan offered to employees goes up, the likelihood that they will choose a fund (any fund) goes down. For every 10 funds added to the array of options, the rate of participation drops 2 percent. And for those who do invest, added fund options increase the chances that employees will invest in ultraconservative money market funds.

I found it thought provoking that in a culture and society where we believe having more information to make the best decisions is imperative, the exact opposite is actually true. It is no wonder we find ourselves staring down grocery store aisles in sheer terror trying to figure out what toothpaste to buy or cereal to eat.

The Cleveland Clinic, suggest tips to help overcome decision paralysis which include:

• simplifying small decisions for yourself

• reassure yourself with big decisions

• don't over-consult your options

• find peace with uncertainty

• take a break from deciding -- and breathe

They go on to address there could be a time when indecision and decision paralysis reach high enough levels that you should seek professional help.

In a world full of endless decisions and information, let us help you cut through the bull when it comes to security and unlocking your full potential as an individual or business.