Decision Overload

Snip20150226_33Have you ever driven past several gas stations to get to one with a lower price? Have you ever computed the math to see if this makes sense? Technology has done nothing if not make us smarter consumers. There are even apps you can download to your cell phone that will locate where you are and direct you to the closest gas stations with the cheapest prices in your area.

But sometimes we overkill when it comes to bargain hunting. For example, if you drive a few extra miles for three cents lower gas per gallon, with a 16-gallon tank you’re only saving 48 cents. It’s worth considering whether traffic and the extra time it takes are truly worth the savings.

These days, there are numerous ways to ensure you’re getting the best value for your money. Many online retailers enable buyers to review both the products and service they received on their websites, and even allow buyers to leave detrimental comments. There are websites and phone apps that allow you to input the name of an item and instantly scan the market to find the lowest price and shipping price. When browsing in a store, you can check out websites to see if you can get a better price for the product you’re considering if you go home and order it online.

But it is possible to over think a buying decision. First of all, the lower the cost of an item, the less time you may want to spend researching its viability and the cheapest place to buy it. There have also been studies that demonstrate we experience a sort of brain drain as the day progresses. In other words, we are sharpest to make decisions earlier in the day; whereas the later it gets the more likely we are to make reckless decisions or none at all.

Click here to read “Getting Over Cold Feet: The Case for Impulse Buying”; Carl Richards; The New York Times; Jan 12, 2014.

There are a couple of strategies to help decision-making less onerous. One is to conduct the upfront due diligence needed to make a decision, and then put it on auto pilot. For example, set up certain bills and transfers to be made automatically from your accounts each month. When it comes to decisions about your wealth and retirement income planning, one strategy is to seek the guidance of a financial professional and make sure he or she understands your needs and concerns. Finding a financial professional you feel comfortable placing your trust in can help increase the confidence you have in making decisions regarding your financial future.

In this day and age of information overload, sometimes the best ways to make a good decision is to not go it alone. If we can be of any assistance to you please give us a call at 801-990-5055 or visit us at

Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm, and offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Insurance products and services offered through B.O.S.S. Retirement Solutions.

This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.

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