Schwartz notes

the magic of thinking big chapter 5 summary

We would be better off if the decisions we made were non-reversible. Students who think they're in the right school get far more out of it than the students who don't.

paradox of choice essay

Think little goals and expect little achievements. Some cultures have constraints in oppresive abundance, while ours has eliminated as many constraints as possible. Many people persist in troubled relationships because of the effort they've already put in.

Schwartz notes

We would be better off seeking what is "good enough" instead of seeking the best. People who have started their own business are more likely to invest in expanding them than people who have purchased their business. When the option you actually settle on proves disappointing, you regret not having chosen more wisely. Losing the thing will hurt worse than gaining the thing will give pleasure. For someone who feels overwhelmed by choices, apply the satisficing strategy more often, letting go of the expectation that "the best" is attainable. Curtail Social Comparison The group picked 11 out of 12 winners correctly, while the average individual only picked 5 out of 12 correctly, and even the best individual only picked 9. Podcast Episode Click here to listen to a podcast based on these book notes Summary Notes The majority of people want more control over their lives, but they also want to simplify their lives. This is why companies can afford to offer money-back guarantees. As novelty wears off, pleasure is replaced by comfort.

The downside of abundant choice is that each new option adds to the list of trade-offs. The quality of any given option can not be assessed in isolation from its alternatives. They didn't sell many of the expensive ones, but sales of the less expensive one doubled!

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The Magic of Thinking Big by David Schwartz: Summary