Why you should balance your inner maximizer and satisficer
Credit to Author: Ricky Publico| Date: Wed, 11 Dec 2019 16:19:09 +0000
Are you a maximizer or a satisficer? You probably don’t know what I’m talking about, so let’s put everything into context. Have you ever wanted something, let’s say a smartphone, so bad that you put a lot of effort researching and scouring the best deal for it for days or weeks? Then congratulations, your shopper persona is a maximizer. Go get your prize.
But if you’re the complete opposite of a maximizer that you barely care about the things you buy and just go for the one that suits your bare minimum, then you are a satisficer.
Take note, it doesn’t mean you are easily satisfied. Both decision-making methods are not without its flaws. It’s always best to have a balance of your maximizer and satisficer side.
As Barry Schwartz pointed out in his book The Paradox of Choice, maximizers tend to agonize over their choice despite planning their purchase, while satisficers tend to make poor financial decisions for having a “good enough” mentality. Here’s why you should keep these two contradicting methods in the middle.
Maximizing can be extremely stressful
Let’s stick with smartphone shopping for all the examples. Have you noticed that there are a lot of YouTube channels dedicated to reviewing phones and gadgets? Because they are catering to maximizers who spend sleepless nights researching and weighing all their options. But once they make the purchase, they’ll just end up regretting it when a new model arrives.
It’s actually good that maximizers look before they leap, but there’s always what we call moderation. Stressing over your purchase will prevent you from enjoying them. Dial back your maximizing tendencies by using it on important matters. How about extensively researching the best place to buy a house? But not to the point of losing sleep, of course.
Satisficing can lead to even more expenses
Satisficing may be less stressful, but it can also be a lot more expensive. For example, you bought a smartphone just because it’s cheap and it’s the most popular model without doing even a little research. You will either end up with a subpar phone that will last you months or with you breaking your phone accidentally because you didn’t know its limitations.
It will then prompt you to make another purchase when you could’ve saved that money instead. It’s not always good to avoid getting stressed, especially for big-ticket purchases.
Channel your inner maximizer by doing some research on the things you buy. Making choices is a necessary evil to ensure that you won’t waste another peso on low quality items and services.
Maximizing can cultivate dissatisfaction
Because maximizers want the ideal version of anything, they end up not appreciating the things they have because they have this paralyzing thought that a better version will come out in the future. As a maximizer, you should be more grateful for what you already have.
Take a break from pining over your future purchase and instead focus on building your wealth.
Satisficing can lead to financial laziness
Satisficing is basically refusing to face financial responsibilities like an adult. Complacency has its time and place, and managing your finances is never the right time for it. Exert more effort in making better decisions like choosing what mutual fund to open or choosing where to open a savings account. Don’t half-ass your way to a better future.
Having a little too much of either decision-making personas can lead to your financial ruin.
Always practice balance in every aspect of your life. In this case, work hard on strategizing your every purchase. Do you need to think twice or thrice before you purchase something or do you need to just buy it? The wise answer is both yes and no, depending on the situation.
Ricky Publico is a content writer at Moneymax. Save money on car insurance, credit cards, and loans when you compare and apply at www.moneymax.ph! Visit their website to know more.