Penny-Wise and Pound-Foolish
|Avoid the Money-Pit.|
I have a lot of baseball cards.
I've seen the penny wise/pound foolish phenomenon played out on a larger scale as well. People find their "dream house" for an incredible price, only to discover it's actually a nightmare money pit. High school grads choose to jump into the workforce rather than go to college because they can be making $12 an hour instead of paying to sit in class… 20 years later they wonder why they are only making $12.25 and hour.
Undoubtedly, we can all look back at decisions we've made which have seemed "penny-wise" at the time, only to learn later that they were certainly "pound-foolish."
4x6 Decision MakingOne of the most important things you can do whenever you make an important decision is to consider the consequences not just in the near future, but also the distant future. I like to call this the 4x6 method of decision making. Before you make any significant decision, consider the potential consequences in:
Then… decide which of those potential consequences is most important, and press foward.
- 6 minutes
- 6 weeks
- 6 months
- 6 years