All Things Money
dilemma. We are often blinded by the particulars of the situation and can be caught in the grip of visceral emotion — anger, lust, greed or anxiety.
While such emotion fades, the consequences of our decisions don’t. This is what lies beneath the wisdom that when making important decisions, we should sleep on it.
I can appreciate the benefit of applying the 10-10-10 rule to both personal and investment decisions.
In fact, I think I probably already apply a version of it. When discussing tattoos with my daughters, I’ve always cautioned them about the second-order consequences — how will it look when you’re my age? Will you still love it when it detracts from a beautiful outfit?
I’m sure I applied the 10-10-10 rule in my younger days when I decided to work immediately after university rather than travelling on overseas adventures. While the idea of OE was tempting then, I know with hindsight that longer-term thinking paid off.
I can now travel whenever I like,
It is often hard to maintain perspective when facing a thorny dilemma.
and enjoy experiences of a standard I could not otherwise have afforded.
Similarly, in my investment decisions, I have applied a variation of the 10-10-10 rule, though I think this idea is superior.