When Warren lectures at business schools, he says,
“I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches—representing all the investments that you got to make in a lifetime. And once you’d punched through the card, you couldn’t make any more investments at all.”
He says, “Under those rules, you’d really think carefully about what you did and you’d be forced to load up on what you’d really thought about. So you’d do so much better.”
This is also a great process for how you make decisions in life. I used to be in the habit of constantly making new decisions.
When you put constraints around your decision making it gives you a freedom very few people ever get to experience because you develop the habit of committing to your decisions vs. being wishy washy.
Listen on the podcast here.