Using the Good/Better/Best Method to Make Great Money Decisions

Today’s discussion is an interactive exercise that is quick and fun! 😁

Only try this if you want to make better money decisions. If you know everything you need to know about money, then don’t keep reading. If you are perfectly adhering to your best possible financial plan, then you don’t need this information. If you’ve already achieved the financial results you want… then definitely don’t keep reading, go drink that pina colada down on that private beach of yours! 🍹🏖

For the rest of us, though, the Good, Better, Best Decision-Making Method is the best way to make better decisions in the future. The cool thing about this method is that you can improve your decision-making whether you feel like you already make pretty good decisions- or if you feel like you currently make terrible decisions! 😁/😖

For today’s activity, all you’ll need is a piece of paper, a pencil, and the memory of a decision you recently made or something you’re currently facing 🙄

The G-B-B Method is a one-size-fits-all approach, and here’s how to use it:

Step 1. Fold a sheet of paper into 3 sections, like you’re sending a letter. (Gen Z-ers, ask your parents for help!) ✉️

Step 2. In the top section, describe the problem that occurred. Use as few words as possible, and don’t use adjectives. Example: The car broke down 🚗🔧

Step 3. In the middle section, write down 4 or more ideas for how to solve the problem. Your ideas should range from being absurd, to being practical. Trust me on this! Some examples might be, Run away to Antarctica so I never have to worry about something dumb like a car, ever again. Throw a temper tantrum until the mechanic fixes it for free. Hm… good, joking makes me feel less stressed, let me start thinking of real solutions now. Ask Aunt Pat for a loan. Trade in the car for something more reliable. Pay for the repair with a credit card 💡💡💡

Step 4. In the bottom section, write Terrible at the top of the section; write Good below Terrible; Better below that; and Best below that. (I mean it, start with Terrible!) 😖

Step 4. Write in 1 of your ideas for each word (Terrible, Good, Better, Best). Your Terrible idea is not likely to solve the problem. Your Good idea will solve the problem, but has some drawbacks. Aunt Pat would help, but she’d be irritated with me. Your Better idea will solve the problem well with few or no drawbacks, and your Best idea is somewhat better than your Better idea

Your Better idea might have been, I can trade in my car, but I can’t really afford a higher monthly payment unless I cut back on something else. And your Best idea might be to use your credit card, and to also start saving $X per month in an emergency fund so you can pay for another repair in the future 💳💰

Step 5. Always solve the problem using your Better or Best idea 🏅🥇

Use the Good/Better/Best Method for all your big decisions; a fun bonus is that you can practice using Good/Better/Best Method when you’re making small decisions, like choosing what fruit to eat for lunch. (Terrible: travel to Costa Rica to pick a banana. Best: eat an apple- it’s inexpensive, not messy, and I have one at home already) ✈️ 🍌 🍎

Why does this method work?

It works for a lot of reasons, and here are my favorites:

• Coming up with absurd solutions- even if the problem is not funny at all- helps you to think creatively, and reduces stress 😂

• You learn to list things out, instead of having multiple thoughts whirl around in your head 😊

• You don’t second-guess yourself after the decision is made. Since you evaluated several different options, you know that you made the best decision possible, at that time, with the information you had 👨🏾‍🏫

• You evaluate things more logically when you compare pros & cons of different ideas ⚖️

• You never get stuck thinking that there’s only one way- or only one “right” way- to solve a problem 👍

• When you can think about multiple ways to solve a small problem, you will also think creatively when you have to solve a serious problem 😃

• The best part, though, is that when you have more than one solution for a problem, you will always feel like you are proactively making a choice. You will never again feel that you are “forced” into a decision, or that you are stuck between a rock and a hard place 😅

Just like changing any habit, it will take practice to learn to use the Good/Better/Best Decision-Making Method. It will be well worth it, though, when you see that you are making better decisions, and you feel better about those decisions too! 😁💚

Now That’s Smart Money 🧐