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Making Decisions | How to Think Clearly, Act Intentionally, and Live by Your Values
46 Plays1 month ago
Jim Crider and Cade Grimm unpack how faith, psychology, and intentional planning shape better decisions. From confidence and bias to biblical wisdom and daily habits, discover how to think clearly, act intentionally, and align every choice with what truly matters.
What if the hardest part of making a good decision is realizing there’s a decision to be made?
In this episode of Intentional Living, Jim Crider and Cade Grimm dive deep into the art and psychology of decision-making — through the lens of faith, values, and practical wisdom. They explore how most people make choices without realizing it, how bias and emotion shape our thinking, and how aligning decisions with your values leads to clarity and peace.
Drawing on research from Daniel Kahneman, Annie Duke, and Proverbs’ call for wise counsel, Jim and Cade uncover how to recognize blind spots, manage decision fatigue, and use tools like premortems and Stop–Start–Continue to create more thoughtful action.
Whether you’re leading a business, planning your finances, or navigating life’s daily choices, this conversation will help you think clearly, act intentionally, and live with purpose.
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Transcript
Intro
Introduction to Decision-Making Framework
00:00:11
Jim Crider
Hey Cade, thanks for joining me again today as we dive into another great conversation.
00:00:18
Cade Grimm
Yeah, happy to do it.
00:00:20
Jim Crider
Well, today we'll be discussing the process of making decisions. And this is this is part of that that framework. so Obviously, you're aware of this, but a framework that we we follow at Intentional Living, our financial planning company, is this this framework of values, goals, decisions, and actions. And we try to address things through that through that lens of first establishing values, what is thematically important, and then from there, allowing that to then inform goals.
00:00:50
Jim Crider
Once we've understood goals, then we can navigate the decisions that are probably going to arise and hopefully preemptively understand how we will, respond to those decisions when they do come up.
00:01:02
Jim Crider
And then lastly, if we've done a good job of those first three establishing, like clarifying our values, establishing goals, uh, understanding the decisions and the trade-offs and, uh,
00:01:13
Jim Crider
opportunity cost, then we can take action with conviction and clarity and we can be more resourceful with that, efficient and effective with our actions. So today's conversation will be focusing in on the decision process.
00:01:28
Jim Crider
So you're in for a good one.
00:01:34
Jim Crider
Well, let's Let's start off with, and I i will note that i've I've spent a good amount of time doing some research on this over over over the last few years. it's the last eight or nine years reading and listening and setting up on the, uh,
00:01:52
Jim Crider
the actual like study of decision-making and I've the last few days I've refreshed myself on some of
Influence of Literature on Decision-Making
00:01:57
Jim Crider
these resources. So I'll be referencing some books. So there's a book called thinking fat, thinking fast and slow by Daniel Kahneman, uh, decisive by Dan and Chip Heath, how to decide by any Duke nudge by Rick or Richard Thaler, a handful of other just studies that I've, I've come across.
00:02:13
Jim Crider
So this would be a lot of, a lot of other people's work that I'm, I'm bringing in to help me understand how we make decisions as well. but Let's start off with talking through
00:02:27
Jim Crider
decisions themselves. Like how do we tend to decide and address options?
Entrepreneurial Confidence vs. Business Failure
00:02:35
Jim Crider
Here's an interesting statistic I came across. This was as of, this is an Ernst & Young study 2025.
00:02:40
Jim Crider
into twenty twenty five It said that businesses fail in the first five years Okay. Now consider that they're, they're, they're also, their equivalent finding is so 90% of businesses fail in the first five years, but they also found that 95% of entrepreneurs believe that they will succeed.
00:02:49
Cade Grimm
I've heard that.
00:03:02
Jim Crider
So obviously there's some sort of disconnect there between, how we're viewing outcomes and how thus obviously how we make decisions. If you believe that you will fail and you fall into that 90% of a failure rate, you would probably make a decision to not go ahead and try things.
00:03:18
Jim Crider
thought it was interesting. do you have any he thoughts there, Cade?
00:03:22
Cade Grimm
Yeah, I've heard i've heard that 90% of businesses fail in the first five years. I've not heard the specific stat about 95% think they will succeed, but it makes sense. Like most entrepreneurs, I feel like a lot of people have ideas, but they are too afraid to pursue them.
00:03:41
Cade Grimm
So even if it's a great idea, they're they they fear failing and probably because they've read about the 90% of businesses fail. But entrepreneurs, like a big a big A big part of that is just being willing to to take a chance and try something. And so you have to have confidence in your ability to succeed. to succeed But my I would assume it's it has something, there's just maybe a lack of planning. Like, yeah, I i have this idea. i'm very confident that I can succeed.
00:04:11
Cade Grimm
And maybe, you know, you and I talk about this a lot. I feel like people have a tendency to just jump straight to action versus really spending a lot of time planning through how how they're going arrive at the actions they're actually going to take.
00:04:24
Cade Grimm
i would guess that there's a breakdown somewhere in there.
00:04:27
Jim Crider
Yeah, I don't want to make it sound like arrogance is necessary. Obviously, I don't i don't like arrogance. But if you think, if you're going to start a business, that means that you probably assume that there's something that you can do better than someone else can do, at least in your area or to the people you're going to serve.
00:04:45
Cade Grimm
Mm-hmm.
00:04:47
Jim Crider
So it almost, in a sense, requires some degree of arrogance or
00:04:48
Cade Grimm
Mm-hmm.
00:04:55
Jim Crider
or don't know, high view of self. So that, would that would go hand in hand with, yes, yeah despite having a 90% chance of failing statistically, 95% of people think they're going to you know be successful.
00:04:59
Cade Grimm
Mm-hmm.
00:05:08
Jim Crider
That probably has some part to play in their, uh, their view of self. And it's important to have a high, not an overly high view of self, but you need to have confidence. if you start a business thing, you're going to fail. We'll talk about this in a bit. Like how do you assess failure and everything?
00:05:21
Jim Crider
you know you you probably want to start off with with competence. Now, it's assuming you have... reasonable and founded confidence. I think some of those statistics as far as business failures are sort of skewed by goofy businesses that never have should have shouldve started.
00:05:35
Cade Grimm
Truly, yeah.
00:05:35
Jim Crider
It's like, hey, we make we make shoes for goats. It's like, dude, that you're you are directly contributing to that stat. Like you're drawing the 95% the 90% stat up, man. And no one told him.
00:05:46
Jim Crider
So that guy thinks that guy is part of the 95% that he thinks is going to win. But yet he is directly contributing to the 90% failure rate. Watch, i'm going to find there's some like wildly successful goat shoe company out there that just totally made me mad words.
00:05:59
Jim Crider
But you get the point.
00:06:00
Jim Crider
That's i think that's part of it is, you know, understanding.
00:06:00
Cade Grimm
really
00:06:01
Cade Grimm
yeah
00:06:04
Jim Crider
having having good insight to this, the decisions you're making. And you know there's a, there's a book in the Bible. It's book of Proverbs. And there's a pro one of the
Mindlessness and Decision-Making Temptations
00:06:15
Jim Crider
like little Proverbs in there. It talks about having a multitude of wise counsel.
00:06:19
Jim Crider
So maybe if in my head shoes for goats is a good idea. Maybe I should go to a multitude of counsel and get their thoughts before I, you know, I need to check my hubris before I just run with this thing.
00:06:31
Jim Crider
Just a thought.
00:06:32
Cade Grimm
Yeah, I think that's
00:06:33
Jim Crider
here's okay Here's another interesting one with decision-making is temptation and also mindlessness. so so i was thinking about this last night. i was laying in bed. was i was thinking about how we sometimes mindlessly make decisions that oftentimes comes up with with with points of temptation.
00:06:54
Jim Crider
where what i Where my head went with this was, I'm sure you've done this, or at least I have. You ever sit down with a group of friends and there's maybe a bowl of chips or bag of chips in front of you and you just keep eating them and you're not even really hungry. Maybe you're ruining your dinner. You're supposed to have in a bit and you just eat chips over and over.
00:07:11
Jim Crider
Then finally someone comes, they take the chips away and you turn to them and say, thank you for taking that away.
00:07:18
Cade Grimm
yep
00:07:18
Jim Crider
logically that makes no sense because you had the ability to make a decision of, am I going eat a couple of chips? Am I not going any chips or am I just going to eat them all? But we are mindless oftentimes, especially when a, you know, a tasty temptation is in front of us.
00:07:34
Jim Crider
That's we have, we have removed our, uh, our intentionality with making a decision. We have removed ourselves from there and we moved to the default and that default. If it's, if it's something that's tempting is to go out and participate or take in that.
00:07:48
Cade Grimm
Interesting. Yeah, I i can definitely relate to that. we Actually, last night, Bethany I were watching a show, and I had chips and gu guac. i saw that I wasn't even hungry, just like you said.
00:08:03
Cade Grimm
went to the fridge to get a drink. i was going to sit and just drink some water and watch the show and saw the guac sitting there. was like, oh. That looks really good. And yeah, I sat there and and snacked on chips and guac. And after I had already eaten dinner, I wasn't hungry at all. Just there it was.
00:08:20
Jim Crider
Yeah. And if Bethany had came and taken them away, you would probably have said, Hey, thank you. I would have eaten that whole thing, but you would have made the decision eat the whole thing.
00:08:25
Cade Grimm
Yep. Yep.
00:08:27
Jim Crider
You could still make the decision at that point. You could still make the decision. You're an adult. You can decide to stand up and grab the chips out of her hand and continue eating.
00:08:32
Cade Grimm
Mm-hmm.
00:08:34
Jim Crider
But it is the mindlessness of, default And we'll we'll go into that deeper. i think i think it's really interesting. And a point that came out probably in one of those books, I'd like to think that it was my own thought, but it's probably not, was sometimes the hardest part of making a good decision is realizing that there's a decision to be made.
00:08:45
Cade Grimm
Thank
00:08:52
Jim Crider
So is that stopping and assessing? And that's something I've realized in the last decade or so of working with people regarding their money is most people skip the values and goals.
00:09:05
Jim Crider
And frankly, they're not really even making decisions or at least they don't think they are. They're just taking action. not
Opportunity Costs and Decision Perception
00:09:11
Jim Crider
recognizing that with everything you do, there is a decision that that is made, be it by following the status quo or making decision your split second.
00:09:11
Cade Grimm
you.
00:09:20
Jim Crider
You are deciding something. you are Anytime you choose something, you are choosing to give up something else. There's opportunity to cost with everything you do.
00:09:26
Cade Grimm
Thank you.
00:09:28
Jim Crider
And yeah, recognizing that you actually have the ability to make a decision, there is a decision to be made in that moment is... I would say is pretty high on the priority list.
00:09:39
Jim Crider
Otherwise you'll feel like that you are a victim of circumstances versus the culmination culmination of decisions that you have made and your ability to continue making decisions.
00:09:50
Cade Grimm
Yeah, I think it it probably just snowballs, right? Because it would sound goofy to if you're at a party, like you mentioned, and you're snacking on chips. It's goofy to to think that I need to pause and and evaluate the opportunity cost of continuing to eat these chips.
00:10:06
Cade Grimm
But those are really small decisions that you are like subconsciously making. And I think... That just leads into bigger and bigger decisions, you you mirroring those same habits or that same lack of pausing.
00:10:23
Jim Crider
Yeah. i mean, if you were, let's say you're going out to your favorite dinner, like my, my favorite meal is, I like an old fashioned with maybe some sort of appetizer, uh, maybe like a cheese and prosciutto, something like that.
00:10:35
Jim Crider
And then, a, a medium rare filet. with mac and cheese and some sort of green, followed by some sort of like chocolate dessert. And while I'm having my my steak and everything, a glass of red wine, maybe Brunello, something like that.
00:10:50
Jim Crider
So if I have that, my evening date night with Kendra is leading up to this meal and someone offers me some chips, if I pause and think, wait, no, I have my favorite meal tonight and I won't be able to finish that. I won't be able to enjoy that meal as much because I ate these chips.
00:11:07
Jim Crider
I'm not going to have these chips. So it's a matter of stopping and thinking through, okay, if I take this chip, what are the implications later on? And that's easier. Maybe if, this is interesting.
00:11:18
Jim Crider
If we're sitting at a table, that table, it's dinner that night. And I have my, my steak, my Mac and cheese, all that sitting stuff in front of me. And I had the bowl of chips on my left and everything else is in front of me.
00:11:30
Jim Crider
I'm not going to touch those chips, but if it's an hour before, even if I know that those chips will impact my meal, but I'm not considering it, I'll probably grab a few chips at least. So it's this framing of how will this decision impact other things, my ability to do other things later on and pausing and reflecting on that.
00:11:40
Cade Grimm
Yeah.
00:11:49
Cade Grimm
Yep. Makes sense.
00:11:51
Jim Crider
Hey, uh,
00:11:52
Cade Grimm
i'm just I just think that people people don't do it because that happens oftentimes with very simple decisions that you think it's this isn't worth considering the opportunity costs. And then that just leads into you make those you you do you make that same choice with other decisions.
00:12:09
Cade Grimm
It's probably, I don't know. I'm not the expert on that, but...
00:12:13
Jim Crider
we're We're about to talk through some often like common common pitfalls and problems with decision making. But I want to maybe bring up one last point before we go there. So, Cade, I will offer you the opportunity to take a bet.
00:12:25
Jim Crider
you can You can take this bet if you'd like. You don't have to if you don't want to. But i will I will flip a coin. And if if it's heads, you win X amount of dollars. You can decide.
00:12:37
Jim Crider
Okay. But if you if it's tails, you lose $100. Okay. How much money do you need to win in order for you to take that bet?
00:12:48
Cade Grimm
Oh my gosh.
00:12:48
Jim Crider
So tails, you lose a hundred dollars.
00:12:48
Cade Grimm
you Okay.
00:12:50
Jim Crider
How much do you need to take that bet?
00:12:51
Cade Grimm
And heads what? What happens on heads again?
00:12:54
Jim Crider
Heads, heads you win, but yeah how much money do you need to take heads for, for you to take that bet?
00:12:57
Cade Grimm
Okay.
00:13:01
Cade Grimm
I'm by no means a a betting person. So this might be a simple answer, but it's going over my head. i have no idea. I'll say hundred bucks.
00:13:11
Jim Crider
So you would do it for, so tails, you lose a hundred dollars. You would take that bet right now.
00:13:18
Cade Grimm
Sure.
00:13:19
Jim Crider
Okay. Well, maybe you're, maybe you're a savant. Most people in that situation, from what I've learned, most people tend to overweight losing by twice as much as the opportunity of winning.
00:13:31
Jim Crider
So the average response to that question is, I would need i would need X to be $200 because that thought of losing that $100 is more painful than the thought of winning $100. So they have to double up.
00:13:43
Cade Grimm
Yeah.
00:13:44
Jim Crider
It's roughly two times as painful to lose as to gain. So again, that's just a
00:13:49
Cade Grimm
Yeah.
00:13:49
Jim Crider
You're a bad example. I guess you're too smart for me. But that is that is another example of our a mental framework issue that most people have when it comes to decision making.
00:13:59
Jim Crider
buts Let's talk through, so this might be a little dull, but let's just...
00:13:59
Cade Grimm
Yeah.
00:14:03
Jim Crider
we can go over some of these like common problems when it comes to making decisions. So a big one, and this is something we run into all the time is what's called, they call narrow framing.
00:14:13
Jim Crider
So it's asking a question, the sense of a, this or that versus opening it up to more creative options. And I observe this in what we do all, you know, daily.
00:14:21
Cade Grimm
Thank you.
00:14:23
Jim Crider
So you and I, obviously we're, we work with people in financial planning. So we have come to, we have people come to us, regularly and say, Hey, Jim Cade team, we are considering doing X. We're considering buying this business or selling our business or buying this real estate property.
00:14:39
Jim Crider
Do we buy the real estate or not? And generally what I've observed is when they ask that question, they're asking that question with probably three other points of consideration in their mind.
00:14:54
Cade Grimm
Mm-hmm.
00:14:54
Jim Crider
They're considering, if they want to buy, let's say they want to buy a rental property, they're considering they're they're considering how much will it cost, what will be the cash flow, and should they put it into an LLC or not?
00:14:54
Cade Grimm
Mm-hmm.
00:15:08
Jim Crider
That's probably as far as they're they're going. Versus, well, how much will you put down and what's the opportunity cost of putting that money down towards something else? What will be your monthly mortgage payment and what will be opportunity cost of that mortgage?
00:15:19
Jim Crider
What are the tax implications? So a lot of our job is helping people take people from this narrow framing. Do I do this in this vacuum way of seeing things and saying, well, when you see this decision, you see it in light of these factors.
00:15:32
Jim Crider
But here is everything else that needs to go into making this decision. And where where I regularly go back to in this scenario is a large part of our job is like helping people work puzzles. First part of a puzzle is you, you know, you, uh,
00:15:45
Jim Crider
You get the, if you're working a puzzle, you're going dump it all the pieces. You're going to, at least I do. I set the box up where I can see it and reference it throughout my puzzle building. So you want to take a good look of what is the thing that we are trying to build towards.
00:15:58
Jim Crider
You get all the pieces laid out. You don't want to start with just a few pieces. we You'll, there's not enough to work with.
00:16:03
Cade Grimm
Thank you.
00:16:03
Jim Crider
You want all the pieces on the table. You get them all face up and you start sorting them out. Then you can start building and designing from there until you build this picture. And a lot of our job is people come to us and they think that, hey, I'm making this decision.
00:16:16
Jim Crider
Here's four puzzle pieces. And all of our job is to say, well, here's 30 other puzzle pieces that are going are going to impact this puzzle, as this picture you're building as well. Oh, and hey, if the IRS makes the change and they throw in nine new pieces, how will that impact things?
00:16:32
Jim Crider
So yeah, I thought that was pretty interesting. just I would say that's probably one of the biggest culprits here is narrow framing, or at least what I see is this this lack of, I guess our our lack of ability to view things in a bigger way. And that that can stifle in our ability to be able to be more creative, consider alternative options.
00:16:55
Cade Grimm
Yeah, again, I think it that just comes down to most a lot of people's tendency to be reactive and make a decision and not taking the time to fully evaluate everything that's going to that decision is going to impact.
00:17:12
Cade Grimm
thanks
Confirmation Bias in Decisions
00:17:12
Cade Grimm
I think just having having that realization is all it takes. And then obviously the the expertise to to connect the dots and understand everything and that decision actually will impact.
00:17:25
Jim Crider
Yeah, another this is a bias that you hear about a lot, or at least I do. is confirmation bias. I feel like that's sort of an en vogue thing to talk about now. Maybe it is in a nerdy area. I don't know.
00:17:36
Jim Crider
But confirmation bias is basically the tendency to look at, look for information that validates what you already believe. So what it comes down to is people, we tend to seek reassurance about what you all what we are already believe versus tending to seek truth.
00:17:46
Cade Grimm
Mm-hmm.
00:17:58
Jim Crider
So we need to make sure that when we're looking for things, we're not seeking just validation and what we hope to find, but rather are we what we're seeking truth and goodness out of this.
00:18:08
Jim Crider
So not succumbing to confirmation bias. us And the the flip side to confirmation bias is called disconfirmation bias. So disconfirmation bias is our tendency to have a higher standard of critique for data that disproves what we already believe.
00:18:23
Jim Crider
So if you think that... I don't know that investing in individual stocks is really bad. Maybe that's right or wrong, but a disconfirmation bias would, you would look for reports and studies that show suboptimal performance returns.
00:18:42
Jim Crider
And then you're going to use that to build your case without looking at the total picture here. So again, confirmation bias, then also if you're trying, if you're, if you're trying to quote unquote, do your due diligence, are you really, are you just trying to build a straw man?
00:18:55
Cade Grimm
Yeah.
00:18:59
Jim Crider
Uh, what else we got other common problems, overconf overconfidence bias. Uh, so it's, it's easy for us to, uh, have overconfidence about what we've overlooked or don't know.
00:19:11
Jim Crider
i see this a ton. I, I feel like people look at us sometimes in a way that's sort of, you would not expect your financial planners to, to, to admit, because I regularly tell our clients, I don't know.
00:19:26
Jim Crider
You know people come to us, hey, Jim, should I buy this stock? What will the stock market look like in a year? What will this real estate piece look like in a couple of years?
00:19:39
Jim Crider
I could pretend that I'm outrageously smart enough crystal ball, or I could be honest and say, I don't know, recognizing that the factors that I'm considering are probably more broad than the factors that they were considering on their own.
00:19:49
Jim Crider
of I don't know any more than they do, but at least the, the considerations that I'll bring up are probably more than the considerations they're bringing up.
00:19:51
Cade Grimm
Mm-hmm.
00:19:56
Jim Crider
Going back to what we discussed earlier with, you know, broadening, uh, your, your options versus limiting them. Uh, but yeah, make sure you don't, succumb to overconfidence bias where you pretend that you know everything and then to get stuck in this vacuum of the confirmation bias of, well, you already know. So therefore, why, why should you be looking for, for more information and more data points?
00:20:21
Cade Grimm
Yeah, I think you you have to you have to approach a decision recognizing that you might not have all of the information relevant necessary to make that decision or that the information you have could be wrong. So you have to be open-minded enough to to so go out and gather that extra information that you'd need to make a decision.
00:20:42
Jim Crider
Here's one that I see Kendra, my wife, do a lot. i Sorry, babe, is is availability bias and recency bias. So those, I'm going to lump them together because they're pretty similar. I guess like a real scientist would say they're not, but I'm a pseudoscientist.
00:20:56
Jim Crider
So availability and recency bias, essentially it's overweighting, easily recalled or vivid events, and also believing that recent events are more likely to occur than they actually are.
00:20:57
Cade Grimm
but
00:21:06
Jim Crider
So, for instance, if so, after 9-11, people were worried about terrorist attacks at a heightened rate.
00:21:11
Cade Grimm
Yeah.
00:21:13
Jim Crider
Or if you witness a if you hear about a plane crash regularly on the news, you're going to think that flying is dangerous, but driving the car is fine. I have to remind where Kendra thinks about this often is, you know, oh I'm worried about the kids.
00:21:28
Jim Crider
in XYZ. And I have to remind her statistically, it's more likely that we get in a car wreck driving to that thing that is for than it is for something to go bad at that thing.
00:21:41
Jim Crider
Let's say we're going to a barbecue at the park and Kendra's concerned that someone's going to come up with a gun and and shoot everybody or something like that.
00:21:42
Cade Grimm
Yeah. Mm-hmm.
00:21:47
Jim Crider
It's terrible. She considers that without considering what if on the way to the park we're sideswiped and get this terrible car wreck. Statistically, that happens way more often than showing someone showing up to the barbecue and and shoot people.
00:22:01
Jim Crider
But it's this this availability and sort of recency bias that that we can succumb to pretty easily.
00:22:08
Cade Grimm
Yeah, I've i've heard the the plane crash versus car crash scenario before, but and I could be making this up. But I think that's also lumped in sometimes to some kind of a control bias of like, yeah I have no control. I'm not the one piloting this plane. So I view that as more risky than I'm behind the wheel. I'm controlling my destiny here.
Illusion of Control in Decision Outcomes
00:22:31
Jim Crider
Yeah, dude, that's actually so another bias is our illusion of control. We over we tend to overweight our ability to control a situation and not accrediting on the good side and the bad side accrediting outside factors.
00:22:35
Cade Grimm
Yeah. Yeah.
00:22:42
Jim Crider
We call it luck or other people's actions to our success or failures.
00:22:48
Cade Grimm
Yeah, but that's that's what I was thinking of.
00:22:52
Jim Crider
We'll touch on some other falsies in bit. I would just browbeat though. So let's, we'll come back to these and actually how to, how, how do we recognize these issues and how do we try to avoid succumbing to them? yeah There's, there's a, there's a couple of funny things you come across. So don't know. Have you ever heard of a, have you ever heard of about the gorilla suit experiment?
00:23:15
Cade Grimm
I don't think so. Just based off of that, no.
00:23:17
Jim Crider
Okay. Okay. Yeah. you
00:23:20
Cade Grimm
so
00:23:20
Jim Crider
That didn't come to mind. So there's, there's a pretty famous, uh, psychology study done. I think it was at a university, like in the seventies, probably making it up again. Like I think 76% of statistics are made up on the spot. So just keep that in mind.
00:23:33
Jim Crider
so there's a study that was done. they they had a group of people say, Hey, focus on, Anytime you see a a square go past the screen, you click a button or something like that.
00:23:45
Jim Crider
They had them super focused on a particular thing.
00:23:46
Cade Grimm
Yes.
00:23:50
Jim Crider
And like, let's say a study was 90 seconds long at like the 22nd mark. Someone walks across the camera right in front of you with a gorilla suit and starts like dancing around and then walks off and almost no participants in this study notice the gorilla suit person.
00:24:02
Cade Grimm
Yes.
00:24:07
Jim Crider
Because they were so focused they had their attention so focused on a particular thing that they were blind to what was obviously in front of them. So we that's another problem we can have is is this, I don't know, becoming myopic?
00:24:14
Cade Grimm
Mm-hmm.
00:24:22
Jim Crider
to what we're trying to see. And then forgetting to zoom out and recognizing everything around us. The other implications, you know, you're you're told, hey, focus on this thing. So you're going to, your brain is only going to register so much versus being able to step back and see everything else going on that could impact. like Obviously the the gorilla did not impact a square coming on the screen, but if this is real life and you're looking for squares and a gorilla runs in front of you, I think it's going to tear your arms off.
00:24:46
Jim Crider
Like you need to be aware of your surroundings and implications of other circumstances arising.
00:24:47
Cade Grimm
Yeah.
00:24:52
Cade Grimm
Yeah, I have seen, or at least a similar one. I think the one that that I saw was a group of people tossing a ball and you had to count how many times the ball was tossed between.
00:25:00
Jim Crider
that's it yeah yeah
00:25:02
Cade Grimm
And then, yeah, the gorilla goes across and then you watch the video and it's like, did you see the gorilla, the dancing gorilla? And i'm like there's no way there was a dancing gorilla in this video. And sure enough, you rewind it and it was there the whole time.
00:25:15
Cade Grimm
that That is crazy.
00:25:16
Jim Crider
yeah it's like wait a second is that the same video I just watched yeah
00:25:19
Cade Grimm
Yeah. Yeah.
00:25:22
Cade Grimm
That's funny.
00:25:25
Jim Crider
I know I mentioned this earlier is like our, our fear of loss.
00:25:27
Cade Grimm
Mm-hmm.
00:25:30
Jim Crider
There's a, again, studies show that generally speaking, we tend to fear loss about twice as much as we enjoy gains.
00:25:40
Jim Crider
And then typically we we tend to gamble in order to avoid pain. So for instance, an example of loss aversion I came across is you you're if you're given the option for a sure gain of $500 or 50% chance $1,000, which do think you take?
00:25:54
Jim Crider
chance at a thousand dollars which one which one do you think you would take I can give you a 500 bucks right now, or you can have a 50% chance of getting a thousand or 50% chance of zero. Which one do you take?
00:26:04
Cade Grimm
Yeah, I tend to give me give me the 500 that I don't already have. Give me the sheer wind.
00:26:09
Jim Crider
Okay. Okay. Now, Cade, I'm going by force, take $500 from you, or I'll, I'll toss this coin. You have a 50, 50 chance of losing a thousand or keeping your money.
00:26:23
Jim Crider
Which one do you take? Do you give me the 500 or do you flip the coin?
00:26:27
Cade Grimm
Do I give you the five? Is it the 500 that you just gave me or is it my own 500?
00:26:30
Jim Crider
No, starting and fresh.
00:26:32
Cade Grimm
Okay. So you will either take 500 bucks from me that I've not won from you or you'll, you'll coin toss and i can 50 50 that I'll lose a thousand.
00:26:44
Jim Crider
Yeah, but yeah, which one you taking?
00:26:46
Cade Grimm
Okay. My, my, my, uh, my genuine thought here and it might break the the scenario, but I would, no, you know, I'm thinking through this in real time. never, never thought about this before.
00:27:03
Cade Grimm
If I know I'm gonna lose. Yeah, I guess, I guess I would take the chance on not losing a thousand.
00:27:11
Jim Crider
you succumb. See, you you you outsmarted the first one, but not this time.
00:27:13
Cade Grimm
Yeah.
00:27:16
Cade Grimm
Yeah.
00:27:16
Jim Crider
That's a.
00:27:17
Cade Grimm
I was, I started to say, I'll just lose 500 because that's better than losing a thousand. but I was like, no, actually. And I know that's probably, that was the answer that breaks it, but. I think I probably would take my chances and and not risk losing anything.
00:27:30
Jim Crider
Yeah, that's our that's our tendency. we We like to have a sure win, but we tend to gamble if we're trying to avoid a loss.
00:27:37
Cade Grimm
Yeah.
00:27:37
Jim Crider
Really interesting. know what you can do with that fact, but just you know put put that in your back pocket and remember, just recognizing, knowing these things, recognize like, why did I make that decision?
00:27:38
Cade Grimm
Yeah, it is. yeah
00:27:46
Jim Crider
What's causing that? think it's really important.
00:27:48
Cade Grimm
Mm-hmm.
00:27:50
Jim Crider
Okay. other Other issues that we can come across. There's other or planning fallacies. So...
00:27:57
Jim Crider
There is, ooh, I see this all the time. so this is a planning fallacy. And what that is, it's the plans and forecast are generally unrealistically close to the best case scenario while ignoring statistical norms.
00:28:11
Jim Crider
So for instance, where I see this constantly, two places I see this all the time is...
00:28:12
Cade Grimm
Mm-hmm. Mm-hmm. Mm-hmm.
00:28:18
Jim Crider
spending habits. When we ask someone, hey, roughly how much do you spend on a monthly annual or annual basis? People, i don't know if this falls directly into planning policy, but we'll we'll talk about anyways.
00:28:28
Jim Crider
People undershoot how much they spend by about 35% almost every time. Like if someone tells me how much they think they spend, I can with pretty high degree of confidence, take that at 35% and that's actually what they're spending.
00:28:41
Jim Crider
Now, where I see this on actual planning scale come in, is with people who are doing home remodels or home builds. This is we forecast how long it'll take us because we're looking at best case scenario while ignoring statistical norms.
00:28:55
Jim Crider
And again, that those numbers come up to, well,
00:28:55
Cade Grimm
Mm-hmm.
00:28:59
Jim Crider
you know We think we could get it done in the next three months at $100,000. But in reality, what I've seen time after time is you need to budget in about 30% more build time and 30% more cost than what you're expecting.
00:29:17
Jim Crider
Because we're where you're you're expecting for the best, not looking at statistical norms.
00:29:22
Cade Grimm
Yeah, yeah the that actually came up yesterday or the day before. Somebody was asking us about house flipping. And i was I was looking into some of the some of the statistics there. And I think most of those projects fail when someone overestimates how much they think they're going to be able to sell the house for after they've done the remodel. And they underestimate how much it's going to cost to make the fixes and underestimate how long it's going to take to potentially sell the house. So That's a real world example that I guess just came up a couple days ago
00:29:53
Jim Crider
is we We tend to trust our story and our circumstance more than we trust statistics. you know and Goodness, what's the word I'm looking for, Cade? Where it's like one scenario, oh, that's just an anecdote.
00:30:07
Jim Crider
Maybe I'm wrong here, but aren't statistics just a whole bunch of anecdotes put together? Maybe not.
00:30:14
Cade Grimm
Yeah.
00:30:14
Jim Crider
maybe Maybe right now I'm an absolute idiot.
00:30:15
Cade Grimm
Yeah.
00:30:16
Jim Crider
But I would think that's how the statistics are like a thousand anecdotes.
00:30:17
Cade Grimm
yeah
00:30:20
Jim Crider
So in it go we look at ourselves and we tend to favor that.
00:30:20
Cade Grimm
Thank
00:30:22
Jim Crider
Oh, well, I'm a best case scenario because X, Y, Z. But I'm pretty sure going back to those other people, the 90% business failures, but the 95% chances like of thought of success, like these are anecdotes in themselves without zooming out looking at statistic probabilities.
00:30:35
Jim Crider
Again, it's it's good to have a positive outlook. I started a business and I was pretty high confident it would work out. But, you know, considering, there's that classic saying like what hope for or plan for the worst hope for the best.
Preparation and Tools for Decision-Making
00:30:50
Cade Grimm
Yeah.
00:30:50
Jim Crider
I don't know. Okay. So.
00:30:53
Cade Grimm
Yeah. You you've done, you've done more, i would say research and reading on this than most people. So like you went into it thinking through all of these things and, and having a clear plan and, and thinking about, you know, all of the, opportunity costs and the impacts. And if, if this happens, how do i need to be prepared? So you, you were very well thought out and how you approached it.
00:31:19
Jim Crider
true.
00:31:19
Cade Grimm
I think most people don't do that.
00:31:19
Jim Crider
I already did. so like these, this, these, these tools that we're about to talk through in a second, I went, I already had these in my back pocket. Whenever I made the decision to start this business, I i had the preparation ready to go.
00:31:27
Cade Grimm
Mm-hmm.
00:31:33
Jim Crider
Right. Quick, a few places on. Okay. If we're looking at the planning fallacy, okay. The planning fallacy again is our, our tendency to trust our story and our circumstance more than we trust trust statistical norms. Okay.
00:31:48
Jim Crider
So a good normal example that I run into constantly is a house remodel or a house build taking 30 to 40% more time than they expected and costing 30 to 40% more than they expected it to. That happens like constantly.
00:32:04
Jim Crider
I tell our clients, you be aware it's going to take this much more time and money.
00:32:05
Cade Grimm
Yes.
00:32:08
Jim Crider
So how do we help navigate that? So there's an order of of doing this. One, you wanna start off with identifying the reference point. So the reference point being that statistical norm, okay? So don't allow your best case scenario to be the anchor, allow the norm to be the anchor.
00:32:26
Jim Crider
Like, all right, on average, a house remodel of this type takes nine months. Okay. So, right, that will be the reference point. And then you take your plan and adjust from there. It's like oh, well, my contractor is the best and my wife and I are super decisive and we have the unlimited budget to make it happen.
00:32:47
Jim Crider
So I think you'll we know it's going to happen in six months. So again, the planning fallacy would say it's going to happen in six months. When the way to address is to say nine months is average,
00:32:58
Jim Crider
That's our base case. And then you use your plan, your circumstance to adjust from there. So you think it's going to take less time, start at nine, an inch closer to the six. So you can go down from there.
00:33:09
Jim Crider
And then the last piece to this, and we do this all the time, is running what's called a premortem.
00:33:09
Cade Grimm
Thank you.
00:33:14
Jim Crider
And a premortem will probably bring that up again later on. But a premortem is essentially deliberately imagining a failure or worst case scenario. And the what that does, this that uncovers hidden risks and helps you improve decisions.
00:33:28
Jim Crider
So it's like, all right, we're going to remodel our house. Gosh, I think it's going to take us six months. Well, it takes average person nine months. I think we'll go faster. So instead of nine, I'll bump that down to probably eight months as well. It'll take our family.
00:33:41
Jim Crider
Okay, well, I would like it to happen in six. Why would it not happen in six months? Why would it even not happen in nine? Oh, well, if we had, we got do new roof. What if it rained for months on end just constantly? So you couldn't get the work done.
00:33:54
Jim Crider
What if they found out their electrical, electrical issues they weren't what ready to address?
00:33:55
Cade Grimm
Thank you.
00:33:58
Jim Crider
Or it turns out the, the foundation was off. So you start tasting, taking these scenarios as primordial and bring that in. So you can start thinking, all right, why would this fail?
00:34:09
Jim Crider
Why would this not happen successfully? Why would not happen in the timeframe? I want it to, why would this not happen in the budget? Or even like, Hey, what would need to happen in order, what would happen for me to totally abandon this idea?
00:34:22
Jim Crider
So we go break ground on the house remodel and we realize the foundation is off by three feet. At that point, are you going to continue are you going say, all right, this is too bad. I'm not going to try to put a guest bedroom on this. We've just got to abandon ship and probably move houses.
00:34:39
Jim Crider
So it's assessing what going forward in time, saying, all right, what will happen in order for this to go bad or even for me to change change our plan?
00:34:53
Cade Grimm
Yeah, it's important. I think just going through that exercise well will force you to think through think beyond the the best case scenario that you might be might have outlined in your head that you're making this decision off of. So that's super valuable.
00:35:09
Jim Crider
Another way, another issue that people run into, they call it, it's called substitution heuristics. So substitution heuristics is, it's essentially, it's a lazy way of answering the question that's posed.
00:35:26
Jim Crider
by not actually answering the question that was given to you, but substituting it with another question and answering that new question. So Cade, what... I'm trying to think of a big big question.
00:35:39
Jim Crider
I don't know. What would...
00:35:45
Jim Crider
What would be and ideal summer? And then you come in like, oh, I would...
00:35:54
Jim Crider
or Yeah. Oh, I would like to do this. I don't i can't think of one on the top of my head. I'm sorry. But.
00:36:00
Cade Grimm
like Or you asked me what would be an ideal summer, and that's a big question, so I just immediately respond with, well, I really like to play golf.
00:36:07
Jim Crider
Yes.
00:36:07
Cade Grimm
Like...
00:36:08
Jim Crider
So you instead asked instead of answering what's an ideal summer, you're answering what's an activity that I enjoy. The problem with that, well, the the quote unquote good thing is it's fast and you're confident about your answer.
00:36:14
Cade Grimm
Yeah.
00:36:20
Jim Crider
The problem is you're often wrong.
00:36:21
Cade Grimm
Mm-hmm.
00:36:23
Jim Crider
Oh, hey, when do you want what would you like to do when you retire? I like to golf. Okay. So you think you're going go off forever. You're probably wrong. You probably, you are substituting the question that I asked with another question that you can answer quickly.
00:36:39
Jim Crider
But the conclusion you're coming to is well I'm going to retire. Then I guess I'll just golf a bunch. Cause I enjoy golf. I didn't ask you what you, what's something, a a, thing that you enjoy doing occasionally, but rather, why do you want to retire?
00:36:51
Cade Grimm
Thank
00:36:51
Jim Crider
you your at, you're answering the wrong question. You're substituting the, a different question in,
00:36:54
Cade Grimm
you.
00:36:57
Jim Crider
And I mean, we see this all the time with, again, that's sort of, that can, that can get intertwined with going back to those like recency biased and and things like that. It's like,
00:37:09
Jim Crider
oh, is plane travel dangerous? Oh yeah, super dangerous. There was a plane crash yesterday. It's like, oh, you you're answering, was there a recent crash? Not, is this dangerous? Again, it's, it's, we were, our brains are looking for these mental shortcuts and that's what thinking the book, thinking fast and slow by Daniel Kahneman.
00:37:19
Cade Grimm
Yeah.
00:37:26
Jim Crider
talks about these two parts of our brain, the fast brain and slow brain. And it's, it's pretty interesting stuff, but our, our, our brains desire to find these little mental shortcuts and there's nothing wrong with those per se, as long as you recognize when they're being used and how to use them and what, what times you use these shortcuts versus you shouldn't, you need a stop and pause and actually like, okay, let's take a moment and really noodle on this versus shoot from the hip.
00:37:52
Jim Crider
Okay, let's start talking through what is, how do we make better decisions?
00:38:04
Jim Crider
let's Let's pair this in with, think we're good to pair this in with crossing that bridge of like just beating up on decision-making. And start giving some hope.
00:38:15
Jim Crider
So one thing that's often found is that we have we have issues with making choices or there's choice issues often come up when choices and consequences are separated by large gaps of time.
00:38:15
Cade Grimm
you
00:38:34
Jim Crider
And the larger the gap, generally the larger the disparity in the quality of our choice. So don't know. the the world's its with Right now it's the World Series. And a few nights ago, the World Series went to 18 innings.
00:38:45
Cade Grimm
Mm-hmm.
00:38:47
Jim Crider
It was 1 or 2 a.m. in Central time. So a a decision... that could arise then is, hey, I'm going to stay up late, watch the World Series. I'm having good time.
00:39:01
Jim Crider
The next morning, you're groggy. You don't want to get out of bed. We made this this decision without considering the impact it'll have in the morning. In the morning, you're like, oh, why did I stay up so late?
00:39:14
Jim Crider
Or maybe it's worth it. But if you were that tired at that moment, would you have made that decision? Now you compound that on your your personal self,
00:39:21
Cade Grimm
Mm-hmm.
00:39:25
Jim Crider
And the decisions you make for 40 years out when it comes to retirement planning, like, oh, well, I want to, I want to do X, Y, Z. Well, I want to live my life now. Okay. Well, that future you is still you.
00:39:36
Jim Crider
Let's make decisions in light of the long-term context rather than just being myopic to, to today.
00:39:43
Cade Grimm
Yeah, but that that makes sense. The more time there is, obviously, the bigger the bigger the the impact that will be, like your example of watching the World Series. You don't think about how you're going to feel that next morning, much less because you started work the next day and you were exhausted.
00:39:58
Cade Grimm
You weren't super productive and that just snowballs. And by the time the end of the week rolls around, that one decision of staying up late, Now you're so far behind this week because of that one single decision.
00:40:10
Cade Grimm
And if if you're not careful, that can snowball into next week. And yeah, you amplify that by a larger decision that impacts retirement 40 years from now. And that's, that can be pretty drastic.
00:40:23
Jim Crider
And it's it's been taking into consideration, well, this is, let's say you and... your close friend or your spouse or kids stayed up and watched that and you made a memory.
00:40:33
Jim Crider
It's like, Hey, you know what? I was tired the next day, but in 30 years, I'll look back and man, we watched the world series walk off home run bottom, the 18th inning. And it was awesome. You're not going to remember like, Oh, and yeah, i was groggy at lunch at work the next day. And I had to sleep in my car during my lunch.
00:40:48
Jim Crider
You're doing my lunch break or something like, so consider what are the impacts you, there are opportunity costs is the opportunity to cost worth, The decision you made just that's all we're saying is take these considerations as you make decisions.
00:40:58
Cade Grimm
Mm-hmm.
00:41:03
Jim Crider
I guess what what this comes down to is but one.
Attention Scarcity and Decision Focus
00:41:08
Jim Crider
When you make decisions, you are using.
00:41:12
Jim Crider
you have to you're You're giving your attention to something or you're not.
00:41:13
Cade Grimm
Mm-hmm.
00:41:16
Jim Crider
Maybe you make a decision by taking the status quo. okay So your decision is, i will do the default. Or you can stop and intentionally make a decision.
00:41:29
Jim Crider
The problem is attention itself is a scarce and costly resource. So like you have you have a limited budget of attention to give. Okay. And again, like the, the book thinking fast and slow, it partially is out to a, uh, system one and system two. So system one is automatic and intuitive.
00:41:47
Jim Crider
So it loses, it uses way less energy. and system two is logical and deliberate. So it uses a lot more energy. Another problem is decision energy. So the the, the, the, that scarce resource that we use to make decisions, we'll call it decision, decision energy.
00:42:04
Jim Crider
It has a limited amount of fuel. And that fuel is really costly. Maybe it's eaten up more quickly when you're tired or the task is unpleasant.
00:42:16
Jim Crider
Okay. That's why, you know, maybe it's, it can be more dangerous to the classic is it can be more dangerous to go to the grocery store when you're hungry because you have limited energy. So you are making less logical and deliberate purchasing decisions in that moment.
00:42:31
Jim Crider
Or maybe you're doing a task that you actually absolutely despise. You are, you're filing your taxes or for me, it's doing like around the house chores. Okay.
00:42:42
Jim Crider
Those decisions drain me mentally are draining. So they're especially costly when you're task when you're tired or the task itself is unpleasant for you.
00:42:55
Cade Grimm
Yeah, and that's you will be less thoughtful and and more more apt to just jumping straight to some kind of an action and not really thinking through the implications because you don't want to spend your limited energy on this terrible task.
00:43:11
Cade Grimm
It makes sense.
00:43:11
Jim Crider
Yeah. Well, even like self-control and,
00:43:15
Cade Grimm
Mm-hmm.
00:43:15
Jim Crider
and deliberate thinking draw from the same resource so there's a lot of studies to show like if you uh if you are doing a simple task and you're given like carrots or chocolate you're probably going to take the carrots but if you attack if you do a task that's really mind you know mind numbing exercise and you're you're exhausted afterwards you're going to be more prone to take the chocolate Because you have depleted that willpower because your self-control and that that deliberate thinking are drawing from the same pool of energy.
00:43:46
Cade Grimm
Thank you.
00:43:51
Jim Crider
So just again, I'm not saying don't eat chocolate. I'm just considering why are you in the circumstance to make the decision you are? That's where even like, heck, even priming can come in. So priming is like the the the order of which you make decisions can impact what decision you make.
00:44:06
Jim Crider
Okay, so you could be primed to make a good decision or primed to to make a bad decision based off the leading circumstance that led to the decision, the circumstance you're in now. Thus, giving you a better opportunity, a worse opportunity to make a decision.
00:44:18
Jim Crider
You know how often, maybe you're maybe you get frustrated in traffic. But, and you, you honk at the guy. And for me, if I'm frustrated in traffic, it's probably because like, I'm like listening to a book on like three X speed while trying to drive. And maybe like the kids just annoyed me i left, I left the house. The kids were hollering at me I get on the road. I'm like, and then someone cuts me off in a hawk versus if like, I'm just in a chill mood and someone cuts me off. It's like, Hey, you know what? That guy's probably, there's probably something going on.
00:44:47
Jim Crider
Like, I'm not mad. So it wasn't that itself. I was primed by other factors that led to this, uh, to then make a bad decision.
00:44:58
Cade Grimm
Yeah. the In that example, the the guy that cuts you off when you're in a chill mode is it's probably the guy that just left his house because kids were screaming at him and he's trying to listen to an audiobook on 3X.
00:45:11
Jim Crider
Yep. Yeah. he He was probably me in that situation.
00:45:14
Cade Grimm
Exactly.
00:45:17
Jim Crider
Let's talk through. So when you make a decision, it can be tough to make good decisions. Again, going back to making bad decisions is easier if we don't recognize the impact of said decision for a long time. Okay.
00:45:34
Jim Crider
Now with with that said, a means of making better decisions could be to try to get quicker feedback from two to get quicker feedback to the decisions you're making.
00:45:50
Jim Crider
So for instance, you're at the ice cream shop, and okay? And they have 10 types of ice cream and you wanna know which ice cream do I actually wanna get a scoop of? Well, you can just try a bunch, okay? It's like, hey, give me give me the strawberry.
00:46:02
Jim Crider
You get a small scoop or you get a spoon, you taste it, you know, right then, do I like that? Do I want to get a whole scoop on that and you know eat that for the next 15 minutes?
00:46:10
Cade Grimm
Yeah. yeah
00:46:13
Jim Crider
You have instant, clear and immediate feedback. So if we can try to get feedback more quickly on our decisions, even if that's small pieces of feedback,
00:46:23
Jim Crider
I think that'd be really helpful. and that's where, again, seeking counsel from other people, looking at other studies, dipping your toe into things, learning about yourself and learning about other opportunities allows for feedback, both on how you respond to things and what's available out there.
00:46:47
Jim Crider
Another thing that you know can be impactful for decision-making is, you know we talked about earlier is running a pre-mortem. So again, a pre-mortem is essentially you you are asking, hey, what would cause this to fail or for me to meet for me to need to change directions on this?
00:47:02
Cade Grimm
Bye.
00:47:05
Jim Crider
Essentially, it's a way of uncovering blind spots. Like, okay, I think it's gonna work out. Well, why wouldn't it work out? Let's go take let's go one year in the future. You started this business for goat shoes And hey, it actually turns out that your goat shoe store is, you had to close the doors.
00:47:21
Jim Crider
Why is that? Well, I guess I couldn't find enough people to buy the goat shoes. Okay. Why couldn't you find them? Because my marketing failed. Okay. Why did your marketing fail? And you start pulling on those and you recognize, well, what what are the issues?
00:47:33
Jim Crider
So thus, what are some issues I need to start addressing preemptively? So it's it's addressing your blind spots that probably already, there's a good chance these blind buts blind spots exist already and you can preemptively address them.
00:47:46
Cade Grimm
Yeah, again, it it just forces you to think through, have more deeper thought and planning around whatever this endeavor is, whether it's selling goat shoes or something different. But yeah, it just forces you to pause and think, okay, I'm probably assuming the best case scenario here.
00:48:04
Cade Grimm
If this fails, why why would that be? And then, yeah, like you said, now you've gotten a head start on, I guess, getting ahead of of something happening ahead of time.
00:48:14
Jim Crider
Yeah. All
00:48:18
Jim Crider
right. So what are things, what are things that we can do to make better decisions? And again, we'll, I guess we'll sort of continue going down. Like, okay, what are things that led to like, some of these can go both ways.
Positive Defaults in Decision-Making
00:48:33
Jim Crider
So for instance, status quo bias, we have, we, this goes back to the chips. If you have chips in front of you,
00:48:42
Cade Grimm
Mm-hmm.
00:48:43
Jim Crider
you most likely will fall into inertia of eating chips. Status quo is, well, there's food in front of me and I like that food, therefore I'll eat it. That default is eating the chip.
00:48:54
Jim Crider
Well, you can also turn this, you can turn this bias, this status quo bias into something good. If you're just going to do status quo, again, you're making a decision. For instance, auto enrollment in your 401k.
00:49:06
Jim Crider
So a lot of 401k plans, they found that people weren't contributing to at a high enough rate or even participating it at all. So a lot of 401k plans a while back started doing auto enrollment at 3%. three percent And participation jumped to the roof because people were defaulted to enroll at X percent.
00:49:22
Cade Grimm
Hmm.
00:49:23
Jim Crider
And if you wanted to opt out, you would go through and say, I don't want to participate versus the default being zero and having to, you know, overcome the inertia of zero and go in and make a decision to do something.
00:49:34
Jim Crider
So if we could orient ourselves to where even if I quote unquote, don't make a decision, our decision is passivity, where that decision itself is optimizing. And that's where,
00:49:45
Jim Crider
automated savings can be good. Or I know it personally, like when it comes to my fitness, I'll go through these phases where me going to the gym and working out and stretching and eating well is the default where I, I, it's hard for me to imagine not exercising.
00:50:00
Cade Grimm
Mm-hmm.
00:50:02
Jim Crider
It's like, wow, I can't imagine not going to the gym and eating well. I would feel gross because that becomes my default. My inertia is to continue doing that. But then after a handful of times of not doing that, I lose that inertia.
00:50:16
Jim Crider
And then suddenly the inertia builds towards, I can work a little bit longer. i can go home, eat some snacks. And suddenly I have my status quo is a sedentary, yucky lifestyle.
00:50:27
Jim Crider
So allowing our defaults to orient us to actually making good decisions, even if our decisions seem like they're passive.
00:50:35
Cade Grimm
Yeah, and if you if you tend to fall into defaults, like I'm thinking specifically on 401k, it's like, okay, it was easier for me to contribute to my 401k because that was the default. I didn't have to do anything, even though, like you said, being passive is a decision in itself.
00:50:52
Cade Grimm
But since i was I was auto-enrolled, if I want to unenroll from that, now I actually i have to be more active in my decision-making. And and most people, I would say, once Once that has started, they're not going to go in and unwind it because they tend to be passive to begin with, I would say.
00:51:10
Jim Crider
Yeah. i know Part of sort of related to this would be having anchors. So like anchoring your your circumstance or your proclivities into something that's positive. I've reckon you probably recognize this as well. This is not a you know beat up on anyone who's overweight, but generally people are overweight.
00:51:27
Jim Crider
Their friends are also overweight and their family's overweight. Because you you're, you're anchored to a, that is normal. And therefore you go into that as a default where if you're, your anchors are something else, uh, that could be a nudge.
00:51:41
Jim Crider
So again, there's a book called nudge by Richard Thaler. I might be saying his name wrong, but, uh, that maybe Maybe you surround yourself yourself with people who have a lifestyle or habits that are what you would like to emulate. And then those, just that circumstance can start nudging you towards changing your habits.
00:52:03
Jim Crider
So yeah, allowing those those small things to be your sort of default.
00:52:03
Cade Grimm
Mm-hmm.
00:52:09
Jim Crider
i've I've had to do it myself is, you know, hey, I don't... you know, I'm, I'm, I'm 35 years old and it's easy to say, well, at 35, you're going to start putting on some pounds and feeling old and blah, blah, blah.
00:52:21
Jim Crider
well, I have remind myself, well, Hey, if my anchor is a lazy 35 year old, who's quote unquote too busy to take care of myself because I've got a bunch of kids and things to do, that is my default.
00:52:33
Jim Crider
And suddenly my, so my actions will allow that to dictate how I respond to situations.
00:52:34
Cade Grimm
Oh.
00:52:38
Jim Crider
versus a couple of years ago, Bobby, Bobby and i were at the gym and I was trying to, I was still getting after it. And Bobby kept saying, Oh, you know, Jim, we're getting old. It's going to tough. And I told him one day, said, you know what, Bobby?
00:52:50
Jim Crider
Brad Pitt was 40 years old when he filmed, that when he filmed Troy. So that was my anchor. My anchor was this nudge of like, Hey, get after it. You're not too old. You can still get in great shape.
00:53:00
Jim Crider
So how you orient yourself and what you're, what you're anchoring your decisions on, allowing that to then nudge you in the direction, whether direction you want to go versus not and know sort of like, what is your status quo?
00:53:10
Jim Crider
Where are you going towards this?
00:53:12
Cade Grimm
Yeah, it remind it reminds me of like, you know, if you're sad and having a bad day and then you go turn on sad, depressing music, it's just going to make it even worse versus if you just make the decision to listen to something happy or go watch a comedy and force yourself to laugh, like how much that can change you because you're you're removing that or you're changing that default. Yeah.
00:53:35
Cade Grimm
From I'm sad, I'm going listen to something that is also sad to, I'm going to change this. going to change my anchor here to something happy.
00:53:44
Jim Crider
Yeah. Again, I'm so as a Christian, there's a few things that I go back to regularly. There's a few but verses in the Bible that are around this. It's like, this is the day the Lord has made. i will rejoice and be glad in it.
00:53:54
Jim Crider
Another one says, bless the Lord.
00:53:55
Cade Grimm
Okay.
00:53:56
Jim Crider
Oh, my soul. Let all that's in but within me praise his holy name. You know, this is the day the Lord's made. I will rejoice and be glad in it. That is not the default is I will like I as an act of my will. I'm going to rejoice and be glad in it. Bless the Lord. Oh, my soul. All that's within me. Praise his holy name. That's a command like, Hey,
00:54:11
Jim Crider
Hey, Jim, bless the Lord.
00:54:12
Cade Grimm
Yeah.
00:54:13
Jim Crider
Oh, my soul. Like, even if you feel downcast, even if you're frustrated, upset, you feel like you're a victim. No, this is the day the Lord's made. I will rejoice and be glad in it. So I'm making decision.
00:54:23
Cade Grimm
Yeah.
00:54:23
Jim Crider
I'm commanding myself. Do this. So yeah, having like, where you are you going to allow your yourself to be a victim?
00:54:26
Cade Grimm
Okay.
00:54:29
Jim Crider
Are you going allow yourself to just passively go and like, oh, well, I'm sad. So therefore my my decisions and my emotions and everything else will also fall in line with that. Like, no, I'm not, don't do that.
00:54:41
Cade Grimm
Yeah, that's good.
00:54:43
Jim Crider
Other things we could be doing, to again, trying to help make better decisions. Consider opportunity cost. Again, going going back earlier, just the impact of like even the thought of making decisions. If you're going to do status quo or if you're making decision, I have to go left or right. Okay. Well, goodness, even on that, how much, if you're driving cross country, most of your trip is going to be a straight line.
00:55:05
Jim Crider
But where you end up is largely dictated by those little turns you make. A few years ago, it's probably like a decade or ago or so, and some friends and I, we were road tripping from Texas to Colorado, and it was like 10 degrees out and insanely icy.
00:55:10
Cade Grimm
Mm-hmm. Mm-hmm.
00:55:22
Jim Crider
I mean, the whole way from... Yeah. All the way from Dallas up to Colorado, we were driving on a two lane highway. And the only way we could tell where the road was, was by the, uh, the power line poles.
00:55:39
Jim Crider
the The road was totally iced over. We were doing a controlled swerve for like 14 hours straight. It was sort of funny. You couldn't, you couldn't tell where the road ended because it just went into a ditch that was also covered in ice.
00:55:51
Jim Crider
And, uh, so we had my car and then a buddy of mine was following behind. And we went straight. The road was 281 or 287. I can't remember. But you take it all the way from Dallas, Fort Worth up to Denver, essentially. And there's like one turn.
00:56:05
Jim Crider
So my buddy Chris is following behind us, going 14 miles an hour in this controlled swerve for like hours. I would say 14 hours we were going. It was straight.
00:56:16
Jim Crider
And then Chris, it was it was amazing. At this one point of being bored, he decides that he would think it'd be funny to pass us up and be the leader.
00:56:21
Cade Grimm
Hmm.
00:56:25
Jim Crider
Well, when we're getting run a two lane road, when he decides to pass that point, he didn't realize it, but that was the one time there was a fork in the road. And i mean, we're talking going straight for 14 hours and he goes around and he goes left at the fork and we go right.
00:56:41
Jim Crider
It was incredible. The look on our face of what are the chances you make that decision that point? So where you end up is largely dependent upon how you make those decisions.
00:56:52
Jim Crider
And again, The decisions you make can be active, but sometimes are're passive. I think I tech went on that with with with our buddy following behind us. We technically kept going straight. We didn't make a choice, quote quote unquote, make a choice.
00:57:06
Jim Crider
He made a choice that went off the road. He stayed on the road.
00:57:09
Cade Grimm
Thank you.
00:57:10
Jim Crider
Don't worry. He went to a different road. But the default was to keep going this direction. just just consider there are opportunity costs. I am making a decision. If I'm doing X, what will this impact?
00:57:21
Jim Crider
Another, this is a really good question. I love this exercise. And I try this routinely when I remember, and to start making a better habit. I want to say this is probably a Jim Collins idea.
00:57:31
Jim Crider
Maybe not. But it's a, it's the start, stop, or stop, start, continue. Are you familiar with that?
00:57:39
Cade Grimm
I've heard it, but I don't recall the specifics.
00:57:42
Jim Crider
Okay. So the the questions are essentially, okay, what do I need to stop doing? AKA, what are we doing that's wasting time and energy?
00:57:49
Cade Grimm
Mm-hmm.
00:57:49
Jim Crider
then what do I need to start doing? What should we start? Uh, what should we be doing that we're not doing right now? And then lastly, what do we continue? What's working that we should keep or amplify and just taking, you could do that for your business, for your work, for your school, for your family.
00:58:03
Cade Grimm
Mm-hmm.
00:58:09
Jim Crider
Okay. As a family during our time together as a summer, what should we stop? What are we doing? That's wasting time. Oh, well we are, We're spending too much time watching TV and that's not good for us because it's not leading anything like building our building the closest family.
00:58:19
Cade Grimm
Thank you.
00:58:26
Jim Crider
Okay, what are we not doing? What should we doing that we're not doing right now? Oh, well, we're not reading books together. And I think that'd be good for our family. What's working if you keep doing? Man, I love that we go on a vacation. Maybe we should do that for an extra two days in the summer.
00:58:40
Jim Crider
So again, taking inventory. And again, that's that's calling to mind the benefit of being intentional with decisions versus falling into the status quo but bias, you know, like, all right, you're doing things right now.
00:58:54
Jim Crider
What are those?
00:58:55
Cade Grimm
Yeah, yeah.
00:58:55
Jim Crider
Should you keep doing them? Should you stop doing those things? What are things that I could substitute in or I should bring in as well? I think it's a fantastic exercise.
00:59:05
Cade Grimm
Yeah, it's a lot of value would come out of that. Again, so much of this comes down to like, guess, knowing these different tools that exist to help with making decisions.
00:59:16
Cade Grimm
But then once you're aware of these tools, actually taking the time to to use them, be so beneficial.
00:59:24
Jim Crider
Yeah. Other, other little questions like this is more so with business. I think, I guess you could apply it to life if you wanted to, but a question would be, what would my successor do?
Substitution Heuristics in Decision-Making
00:59:33
Jim Crider
So for instance, someone, someone acquires my financial planning company and they, they come in and they're able to make it wildly more successful.
00:59:38
Cade Grimm
Mm-hmm.
00:59:45
Jim Crider
What did they do? So you're taking this outside view of, well, someone else has stepped in and did it well. Why were they? So it's almost, it's sort of like running a pre-mortem. It's similar to taking like, to taking an outside view.
00:59:57
Jim Crider
If this wasn't me, if someone else was doing that, what would I do with them? So maybe like, all right, Cade, you and and Bethany and and and kids are our kids are great and you're doing a great job.
01:00:10
Jim Crider
But if you stepped in and said, hey, what can I do to make this better? And you're not Cade living the day-to-day of being the husband and dad and provider all that stuff. but Instead, you're the outside person coming in. What would I do to optimize? So taking this outside point of view, what, what can you do to optimize this? What would you change and, you know, bring this, this outside perspective? I think it's lot of sort of a lot of our job. Like we have a lot of clients who are a lot smarter than we are, but just this, it's taking this outside perspective, uh, on their, on their, on their circumstance.
01:00:41
Cade Grimm
Yeah, most the time I feel like the the outsider sees things that you don't see, whether it's you're intentionally not seeing them or things you just genuinely never thought about. It could be super valuable.
01:00:53
Jim Crider
and Some of these will be repetitive. So I mentioned earlier, like opening up the question. So instead of saying, do I this, do I do this or that? Hey, do I go to, should we save for our kids college in a five 29? Yes or no.
01:01:06
Jim Crider
That's a fair question, but I would argue the better question is should we save for our kids? And if so, in what capacity?
01:01:14
Cade Grimm
Thank you.
01:01:14
Jim Crider
What would I like for our kids to be able to do given all circumstances? What should they do? And then it opens up the thought like, well, I was assuming they would go to college and I was asking how do we save for their college? But instead the question maybe is, do we want our kids go to school?
01:01:29
Jim Crider
Or should they do we want them to have the ability to do something else? So you're opening the question up, which is then reframing. even That even allows for more tools to come in. So over there, it's like, do I put money in a 529?
01:01:40
Jim Crider
Maybe you're you're asking do i do that you're assuming they're going to go to college. And therefore, should you save in 529 or not? Well, you considering it? We get asked that. I bet we're asked that question a few times a week.
01:01:52
Cade Grimm
Mm-hmm.
01:01:52
Jim Crider
And usually when we when we take three steps back, Most of our clients at least end up not even using a 529 or at least using a 529 in a way smaller capacity than they initially thought they would.
01:02:07
Jim Crider
Because they realize once they reframe the question, they recognize that they actually were being too myopic on on college versus what they want.
01:02:17
Jim Crider
They don't want their kids to go to school per se. They want their kids to have options and opportunities. That's the better question.
01:02:23
Cade Grimm
Yeah.
01:02:25
Jim Crider
what opportunities do I want my kids to have and how do I help them fund those opportunities? And you're asking, how do I fund a 529, which is a means of funding an option and opportunity.
01:02:32
Cade Grimm
yeah
01:02:38
Jim Crider
But the better question is, do I want to, what option, what opportunities do want I want them to help have or help them have exposure to? okay So you're broadening it up and that can bring in a lot more resources and tools.
01:02:53
Cade Grimm
Yeah, I think 529, that's what you hear about so often is like I'm going to save for my kids so they don't have to have college debt one day. So 529, in a sense, I would say is kind of the default.
01:03:04
Cade Grimm
And so you have to take a step back and consider what else is out there and what am I really trying to accomplish? And maybe the 529 is the best fit for what you're trying to accomplish, but let's consider these other things and the opportunity costs.
01:03:17
Jim Crider
Other, again, like we mentioned this earlier, is maybe make for a better default, thus allowing for inertia to work for you.
01:03:23
Cade Grimm
you.
01:03:26
Jim Crider
So instead of your default being eating a bag of chips, your default is to Eat carrots. Like my kids, my kids have never had a like regular candy bar.
01:03:38
Jim Crider
Like when they go to the fridge, like my kids regularly walk around the house with a carrot or celery, things like that. That is their default. You know, like maybe we'll get an apple. That's their default. Now, of course, if we train them and allow them to, their default would become like chips and ice cream and stuff. And that's more of my default.
01:03:55
Jim Crider
and That's because I've trained it. And what if what if we trained ourselves with the default of these? And then, heck, we could we could prime ourselves to make better decisions. So my default could more easily become eating a carrot if I stocked my fridge with carrots and didn't have chips and ice cream.
01:04:10
Cade Grimm
Mm-hmm.
01:04:12
Jim Crider
Thus... disallowing myself to make that, that decision. That's sort of like, uh, Oh goodness. What's the book. It's with, uh, was it Ulysses when he's about to sail across where the, uh, where the sirens are, the siren song, you know, and Hey, if you hear the siren song, you get drawn into the island, and your boat's going to crash.
01:04:29
Jim Crider
man, I should know this. So what Ulysses did, he wanted to hear the siren song, but didn't want to succumb to their temptation. So before he was, uh, before it was available, he had his ship crew tie him to the mast.
01:04:44
Jim Crider
That way he could hear the siren song, but he couldn't succumb to it. So maybe that's what we need to do in our lives sometimes is like, man, I'm going to be really tempted to eat this ice cream. I'm going be tempted to stop going to the gym.
01:04:55
Jim Crider
I'm going to be tempted to not save for my future. I'm going to be tempted for x y and Z. Okay. How do I set myself up circumstantially before I'm in that situation where I will respond to the way that I want myself to when I am sober, when I'm sober minded.
01:05:09
Cade Grimm
Yeah.
01:05:12
Jim Crider
Remember, remember Ulysses and the siren song before, before it sings.
01:05:12
Cade Grimm
Yeah.
01:05:16
Jim Crider
Okay.
01:05:21
Jim Crider
complex decisions. There are some decisions like, dude, you have a thousand options here. Like I I've been looking at, I know it's super early on, but I've been looking at what we want to do for our summer plans for this coming summer.
01:05:34
Jim Crider
And that's like, I don't know eight months out. nine months out, but I'm looking at, all right, I'd love to take my family to Colorado for an extended period of time.
01:05:39
Cade Grimm
Yeah.
01:05:43
Jim Crider
Okay. How many rental houses are in Colorado? So I can't just, that's, that's overwhelming. So then start considering, all right, how many bedrooms do I want to have? How many bathrooms do i want to have? How easy of access do I want it to be to hiking trails? Do I want it in town and out of town?
01:05:56
Jim Crider
So eliminating, uh, eliminating aspects to eliminate the amount of factors and decisions and decisions I have to make. So instead of deciding out of 10,000 options, I can say, i want a house that's at least four bed and three bath.
01:06:12
Jim Crider
Bam. Of the 10,000, now there's 2,000.
01:06:13
Cade Grimm
Yeah.
01:06:15
Jim Crider
That made my decision a lot easier. I want it to be near a town, but not in a busy town. Okay. Now we're down to 1,500. I want it to be within walking distance to hiking trails.
01:06:25
Jim Crider
Okay. Now we're at 500 houses. Uh, I would like it to have a ping pong table.
01:06:27
Cade Grimm
Yeah.
01:06:29
Jim Crider
Now we have 300 houses. I just went from 10,000 to 300 houses. So just, uh, eliminating aspects can also help making, make the decisions a little bit easier.
01:06:33
Cade Grimm
yeah
01:06:37
Jim Crider
So we're looking for shortcuts. Again, there are times that making shortcuts are fine. There's, it's just times we have to recognize when it's healthy to have shortcuts and when it's not healthy to have shortcuts is your shortcut. Uh,
01:06:48
Jim Crider
Again, eliminating houses so you can actually identify what's important to you. Are you taking inventory? Are you stopping and pausing? Hey, what do I value in this? I value time with family. I dev value spending time outside.
01:06:59
Jim Crider
I want a place to gather for our family and others to come. Okay, well, if I value others to be able to come here as well, I'd need more room than just my family. I need four bedrooms. And i want make sure they're comfortable. so I need three bathrooms and I want to be outside because that's important for time with our family.
01:07:13
Jim Crider
So I'm allowing these values to influence the decisions. And i am I'm removing factors that don't fall in line with our values.
Values as Decision-Making Guides
01:07:20
Jim Crider
i i If I said, you know what? Summer is just another time. i want to i want to get through and make as much money as possible. I wouldn't go to, I wouldn't take my kids on vacation.
01:07:30
Jim Crider
But i start off with, well, spending time making memories and moments in my family is important.
01:07:30
Cade Grimm
Yeah.
01:07:34
Jim Crider
Bam, that's a value. Okay, if we're going to do that, how do I want that to look? prolonged, good, intense time with our family, with others to, to spend time, uh, making memories outdoors, uh, minimal time in the car, minimal time with electronics.
01:07:39
Cade Grimm
yeah
01:07:51
Jim Crider
Okay. What does that look like? Then you start assessing, okay, well, what's, what's the goal here? What decisions are you make? How do I make this decision easier without looking at 10,000 houses? So you're starting to eliminate options by,
01:08:05
Jim Crider
I forgot who it was. there's There's a few years ago was reading a book and it said that planning, man, something along the lines of like planning doesn't
01:08:17
Jim Crider
eliminate your options. it It makes you aware of options that are important to you. I just totally butchered what that guy said. But it's it's it's not it's not a way of confining. It's a way of identifying what's important to you and giving yourself more time and resources to a lot towards what you actually value.
01:08:35
Cade Grimm
Yeah, it's it's essential to start with that. i'm i emma I'm the type of person that will, if if I don't interject, I will try to overanalyze everything before making a decision. So if I don't narrow my decision down from 10,000 houses to 300 houses, then I'm probably just never going to make a decision because it's too much.
01:08:58
Cade Grimm
So yeah, i have I have to go back to, okay, yeah.
01:08:59
Jim Crider
thus making You just made a decision to not go on vacation.
01:09:03
Cade Grimm
Exactly. Yeah. So in order to avoid that decision, I have to go back to, okay, what are what are my, what are our values? What are we trying to get out of this so that I can narrow down? What, what is the best option that will serve us in the way that, that I want or that we want?
01:09:20
Jim Crider
For more like quantifiable decisions, it's like, all right, do you what do you you're going to start a business. What do you think the chances are that your business can do well? Oh, I think I've got a good chance of business working out.
01:09:31
Jim Crider
Those circumstances, try to answer was more of a try to answer with a percentage. So, okay, i statistically, i have a 10% chance of being successful.
01:09:37
Cade Grimm
Thank you.
01:09:42
Jim Crider
But because of X, Y, and Z, I think I have a 40% chance of success. What would cause me... Okay, then we do a premortem. What would cause it to not work out? Boom, boom, boom.
01:09:53
Jim Crider
So again, try to get a bit more concrete concrete answer through a percentage rather than just, I do well or I don't do well. And then again, following that framework we described earlier with what's normal, what's your situation, run premortem to allow hopefully to inch closer to your your ideal versus just norms.
Resulting: Evaluating Decision Quality vs. Outcome
01:10:15
Jim Crider
couple last things. This is, this is really interesting. There's a book by Annie Duke that I was reading. She has a couple, there's one called thinking in bets. Uh, there's another one, how to, I think hers is how to decide.
01:10:26
Jim Crider
she, she made a really good point. That's I read one of her books a few years ago and it stuck with me. And it's essentially is, uh, she calls it resulting and resulting is the impacts of decisions.
01:10:40
Jim Crider
Uh, and what she's getting at here is resulting, using resulting as a means of assessing past past decisions. So outcomes themselves don't necessarily indicate the quality of decision that led to an outcome.
01:10:55
Jim Crider
So you need to look at the quality of a decision versus the quality of an outcome. And a very obvious thing here is you run a you run a red light, Cade. Okay. You run the red light, you make it through unscathed, and now you're two minutes earlier to where you were going to go.
01:11:05
Cade Grimm
Yeah.
01:11:09
Jim Crider
Was that a good decision? No, stupid. You shouldn't have done that. Despite the outcome being good. That's things you have to, I want to teach my kids that. Oh, well I did that and i was just fine. Look, I, I threw that knife up in the air and I caught it and I didn't cut myself.
01:11:25
Jim Crider
Still a bad decision despite the good outcome.
Reflecting on Decision Sources
01:11:28
Jim Crider
So understanding,
01:11:29
Cade Grimm
yeah
01:11:30
Jim Crider
That could be sobering as well. was that Were you successful in that endeavor because of yourself? Again, that's wanting to ascribe this bias to like our own abilities versus considering the lack of considering outside factors.
01:11:39
Cade Grimm
Okay.
01:11:43
Jim Crider
Was I successful? was i maybe Maybe it didn't earn end up well. Was that because of me or something else? So considering the resulting... you know Is resulting the equivalent of the decision? So don't don't confuse decision quality with outcome quality.
01:11:57
Jim Crider
But you do want to... assess these in in themselves and allow that you can
Recognizing Decision Points
01:12:01
Jim Crider
learn. If you look at the decision quality and outcome quality in their own, you can start learning about yourself and how to make better decisions. So I guess the, the biggest part after all all of this, an hour and 15 minute conversation on making decisions I'll, I'll, I'll end this with this. I know we always ask our two silly questions or one, one, one decent question and one, one silly question.
01:12:24
Jim Crider
So my, my answer to the first good question is, Hey, you know, Kate, I'll, you'll, I'll ask myself, all right, Jim, if we had to end this on one closing thought, what would it be? My closing thought is this.
01:12:34
Cade Grimm
Mm-hmm.
01:12:35
Jim Crider
Sometimes the hardest part of making a good decision is realizing that there's a decision to be made. So stop and recognize, okay, you're making a decision. Like Kate said earlier,
01:12:46
Jim Crider
You know, I have 300, have 10,000 houses to choose from in Colorado. That's overwhelming. Therefore, I won't make a decision. No, you just decided not go on vacation with your family. That's what you decided. So there's a decision to be made.
01:12:56
Cade Grimm
Mm-hmm.
01:12:57
Jim Crider
Stop and realize that, take inventory, and then make this decision intentionally.
01:13:03
Jim Crider
Cade,
'Stop, Start, Continue' Evaluation Tool
01:13:03
Cade Grimm
Yeah, that's good.
01:13:03
Jim Crider
what would be your closing thought after this outrageously long conversation on decisions?
01:13:06
Cade Grimm
Mine,
01:13:09
Cade Grimm
I think my takeaway will be a a tool that people should use. and And the one that stood out the most to me was Stop, Start, Continue.
01:13:19
Cade Grimm
I feel that's something that can apply to a lot of areas, whether you're a business owner or just in your personal life with your family, whatever. Again, evaluating what but things are not working that we should stop.
01:13:30
Cade Grimm
What are we not doing, but should begin doing? So that's what what we're going to start and what's working well that we need to continue. Stopping to evaluate those things. I think it'd be really helpful for a lot of people.
Hypothetical Questions on Exploration
01:13:45
Jim Crider
All right, Kate, now we've got our silly questions. do you have a silly question ready for the day?
01:13:54
Cade Grimm
Let me think here. If you could, started trying to make a list of just random things to ask you. i came up with a lot of would you rathers. Would you rather, would you rather explore space, like go to the moon or something like that, or go to the depths of the oceans?
01:14:14
Jim Crider
Honestly, neither of those are appealing at all. If I knew I was going to be totally safe in them.
01:14:18
Cade Grimm
let's Let's say that. You know you'll be safe because I'm the same way.
01:14:23
Jim Crider
I guess space. Honestly, just like hiking in the Swiss Alps seems way more appealing than either of those, even if I was safe.
01:14:32
Cade Grimm
Yeah, that's fair.
01:14:33
Jim Crider
But I guess space would be neat, especially if I go to like deep space.
01:14:34
Cade Grimm
That's fair.
01:14:36
Jim Crider
That'd be pretty wild. There's a lot of things you could see. What about you?
01:14:41
Cade Grimm
Yeah, I think have to agree. I think... i'd have to agree i think uh, experiencing zero gravity in space. i know you can experience that through, different things here, but, uh, zero gravity and just what it looks like.
01:15:02
Cade Grimm
I think that would be, that'd be really cool.
Choosing a Lifetime Drink
01:15:08
Jim Crider
If, uh,
01:15:11
Jim Crider
right. If you had to drink one thing for the rest of your life and it would it fulfill, it would fill all of your nourishment. so you to worry about being water because hydration whatever. If you could only drink one more thing for the rest of your life, what would it be?
01:15:26
Cade Grimm
Oh man, I think I alluded to this in a, you asked me something about coffee or something. I don't know. I'm, I'm very boring. Like I pretty much drink water and maybe some iced coffee or milk.
01:15:40
Cade Grimm
if I, if I had to get creative, you know, I love a good chocolate shake, like a chocolate milkshake from Brahms.
01:15:51
Cade Grimm
i almost I very rarely drink a chocolate milkshake and don't come out of that even happier than I was before. So yeah, maybe chocolate shakes. Or when i do when I make protein shakes, I'll make like chocolate, peanut butter, and banana.
01:16:06
Cade Grimm
Those are amazing. So let let me switch to that on the
Personal Story on Milkshake Solution
01:16:09
Cade Grimm
on the fly. A chocolate, banana, and peanut butter shake or of some kind.
01:16:17
Jim Crider
When I was in college, we used to go to a Whataburger lot late night.
01:16:21
Cade Grimm
Mm-hmm.
01:16:21
Jim Crider
It's a classic Texas college thing to do
01:16:22
Cade Grimm
Mm-hmm.
01:16:23
Jim Crider
And I would always get – Whataburger has these shakes that are giant.
01:16:24
Cade Grimm
Mm-hmm.
01:16:26
Jim Crider
They're like 44 ounces or something huge.
01:16:27
Cade Grimm
who
01:16:28
Jim Crider
Too big. Way more shake than you should anyone should be drinking. And i would I was frustrated because we would get our food and drinks and we'd go home to eat. But every time I'd get home, my 44-ounce chocolate shake was already gone.
01:16:42
Jim Crider
So i had I had to make a decision and be like, I was like Ulysses. So I could not succumb to the the siren song. But instead of tying my shake up or giving it to someone else to to hold ransom until we got home, my my means of overcoming this problem was to buy two shakes.
01:16:59
Jim Crider
So I would buy two 44 ounce chocolate shakes.
01:17:00
Cade Grimm
oh
01:17:02
Jim Crider
I would have one for my car ride home. And there we are, the the sirens waiting for me on the beach as I landed with a bellyache to come. So that that was my that was my decision framework with that, overcoming that issue.
01:17:14
Cade Grimm
that's That is one way to solve that. Absolutely.
Coffee and Fries Preference
01:17:17
Cade Grimm
You can't go, it's hard to go wrong with, I love, I think Whataburger fries are probably the best fries. Whataburger fries and a chocolate shake.
01:17:25
Cade Grimm
Hmm.
01:17:27
Jim Crider
I guess to answer the question, I would have to do coffee. Each coffee you can have, you can have hot coffee, you can do iced ice lattes, Americanos, cold brew. would definitely do coffee. Even having iced coffee after after like running around getting sweaty, that sounds better than like, you know like oh, a glass of wine.
01:17:45
Jim Crider
It's like, dude, there's no way I'm drinking a glass of wine after I just ran around and like got a workout in.
01:17:49
Cade Grimm
Yeah, yeah
01:17:49
Jim Crider
That would feel terrible. So I think I would go with with coffee of different sorts. It's versatile and tasty.
01:17:54
Cade Grimm
that's yeah that's a really good answer.
Casual Farewell and Coffee Mention
01:17:58
Jim Crider
Speaking of coffee, it was good chat. I go drink some coffee now.
01:18:02
Cade Grimm
Okay. Yeah. yeah enjoyed it. Yep.
01:18:04
Jim Crider
Thanks, kid.