Are you a Maximiser or a Satisficer?

10 Nov 2020

Do you spend as much time researching which hiking shorts to buy as you do when you buy a car? Do you suffer from decision paralysis in fear of making the wrong choice?

You could be a “maximiser”. When it comes to making decisions about finances or spending, we all want a good deal, but maximisers take it to the extreme searching for the perfect deal.

“No one wants to waste money, but some of us go overboard trying to get the best possible deal”

Maximisers are determined to make the optimal choice, but in the process, often procrastinate out of fear of buying the wrong item or suffer from severe anxiety and stress because of too many choices available. 

Satisficers (combination of satisfy and suffice) have more modest standards for making choices. They may research, but only to find an option that achieves their goal. They're generally pleased with their choices and don't worry that there might have been a better one.

Obviously, Maximisers tend to be more successful and achieve more because of their fussiness and higher standards, but often miss out on a good deal because they take too long to decide. 

How do maximisers get some balance finding the right deal and acting upon it in time?

  • Take a page from the Satisficers’ play book. Any action is better than no action at all. It is good to do research to find best deal, but you do need to commit and make a decision.
  • Try to wean yourself off too much procrastination when it comes to small purchases and decisions. The world will not end if you did not buy the perfect hiking shorts. 
  • Introducing this habit of decisive action in small matters will hopefully filter over into larger decisions.
  • Find a filtering system that will narrow down your choices. Don’t look at all hiking shorts on the market. Determine what your exact requirements are and filter according to that, for example, quick dry hiking shorts because you are going hiking in a tropical rainforest and will cross many rivers. 
  • Understand the why – ask yourself why you think you need to make the perfect choice. Did a previous purchase go wrong or you were cheated, or perhaps you feel you can’t make mistakes lest others judge you.
  • Find a few trustworthy resources – this will give you reassurance on your choices.

“Focus on all of the things that are good about making this decision,” Archuleta suggests. “And focus only on those things.” gulfnews.com - Kristy Archuleta financial therapist and financial planning professor

Decisions on financial advice need not be as daunting. deVere Acuma is one of the largest independent financial advice companies in the world and is located across the globe. With many years of international experience and highly skilled advisers, you can rest assured that you are getting the best service, advise and products. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.