https://www.youtube.com/watch?v=7YMjZgr7sHM

1 00:00:00.000 --\> 00:05:00.000 in the past nine months i've had to
make a number of decisions that had a nine-figure ramification on my
personal net worth and what i want to walk you through is the actual
decision-making framework or process that i used to create those and so
if you're new to the channel my name is doctor mosey i own
acquisition.com it's a portfolio of companies that does about 85 million
a year and i have nothing to sell you all right i make these videos
because a lot of people broke and i don't want you going on all right so
one of the important i mean the most important things that we have in
our lives are our decisions right and one of the things that i live by
is that we're one decision away from changing our life forever right
you're one decision away from drinking and getting killed in a car car
accident you're one decision away from you know cheating on your spouse
and destroying your marriage you know you're one one terrible comment
away from destroying your child right and you're also one decision away
from destroying your business if you so chose so decisions are the
wellspring of life or at least the the train track uh splits uh of where
we're going to end up all right learning to make the decisions is an
important concept but believe it or not for this video what i want to
focus on is actually the environment under which to make the decision
during this process one of the things that was very frustrating for me
um and this decision took me about 12 months to make and i'll make i'll
explain what the decision wasn't in another video in the future but it's
safe to say like it was it was a hugely impactful decision in my life
financially and otherwise one of the difficulties that i was having is
that the information that i had was not changing and yet my decision of
which way to go continue to falter all right so i kept ping-ponging back
and forth and back and forth and back and forth and so i was like it's
not my decision-making process right and the data that i have to make
this decision is unchanging and yet at different days i would have
different outcomes which to me is big red flag danger alert in terms of
like the the um a leading indicator of a bad decision mind you as a
quick caveat to this this is not how you need to make all the decisions
in your life i would say that you should find and use this process for
the most important decisions you make in your life who are you going to
marry where are you going to live what are you going to work on right
what are you going like those are the decisions are we gonna make this
big strategic change in our business those are big irreversible
decisions and that's the key for me is that if a decision is
irreversible comma and has downstream consequences then those are the
ones that i take more time to analyze all right now here's the here's
the the piece that i was missing in my equation for making these
decisions which i want to share with you all right one of the key pieces
of how we decide is the brain chemistry that is going on so whether you
have lots of dopamine lots of serotonin that are circling around in your
brain will ultimately affect how you make decisions believe it or not we
are 100 emotional decision makers the thing is is what we want to do is
control the extent to which the emotions control our decisions all right
that's the key point here if you don't acknowledge that emotions weigh
into all of your decisions even your quote rational ones you are lost
all right what you can do is first identify when you are feeling
emotional and a lot of guys feel like this this is like a a fufu turn if
you're angry it's emotional if you're insecure that's emotional like
there are other emotions besides being a pansy if you have emotions it
decreases the speed with that you make decisions and mistakes love a
rushed decision you can say it with me mistakes love a rush decision
it's one of the credos that layla and i live by the environment under
which we make this decision is important now we have to acknowledge the
biases that we have here is where emotions get even worse you have two
biases that you have to fight against one is confirmation bias which is
your emotional soup in your brain is going to say this is what i want
because this is how i feel safe then your logical brain will search out
reasons or data to support that thing right it's like making an argument
to yourself the problem is you may change your argument but it's not
going to change reality which means that the decision can be good or bad
based on the soup that we started as the previous position towards how
we're going to gather data second is conviction bias which is how
convicted am i in this thing or this decision the more you believe in it
or the more you want the positive outcome to occur the more you will
purposefully blind yourself because you want to save your ego and how
you feel about yourself because you it makes you feel good to think
about this positive outcome but it does not affect the percentage likely
that it actually occurs in the real world which is why you see other
people because you can be rational about others you see other people
make these terrible decisions and you think yourself why on god's earth
would they make those decisions when in reality that person is you and
it's other people who are looking at you this is how i have learned to
help mitigate or decrease the emotional impact or the impact that my
emotions have on my decision-making process so that i can at least be as
rational as i can possibly be and operate from the stance that will
benefit my self in the highest degree in the long run so here's what it
is number one is that i make sure that i am well rested when i make the
decision so if i

2 00:05:00.000 --\> 00:10:00.000 didn't have like a really good night's
sleep like everybody knows like there's like normal sleep there's bad
sleep there's like decent sleep but i'm talking like you wake up like a
newborn child i recognize those days and i joke with layla about it
cause i'm like man i slept like a like a cherub last night like if
you've got so many big decisions i'm like let's let's make them now
because i feel completely clear all right so number one very very good
sleep number two and this may sound \[ \_\_ \] obvious but people don't
do this right number two is to be well fed all right when we are well
fed our serotonin levels our dopamine levels etc all get elevated in our
body all right like you feel better after you eat and here's a fun one
for you your body interprets stress both physical and emotional the same
way it's a cortisol response and so you in a very real way when you eat
more are more stress tolerant it's why people do it it's why people
stress you because you do cope and make yourself more resilient to
stress when you eat more so i'm not saying you do this all the time but
if you're going to make a big decision you want to make sure that you
are well fed and well rested all right and what we're doing here is
we're trying to decrease the anxieties and the stressors and the noise
that normally will confound the decision decision-making process because
they'll start triggering emotions that will then force you to start
finding and nitpicking different data points to then make a supposedly
rational decision that is wrong and that it's there to protect your ego
rather than what is going to serve you best in the long run and the
third piece of the environment that i try and create is if i can i try
and get space away from the day-to-day activities that i have so be that
a vacation or literally just removing yourself from the normal space
where you operate and because those spaces have anchors in your mind
that you have made decisions in the past you have you have emotional
occurrences that have happened in the room or at the desk that you work
at and so you have these anchorings that are around you and you want to
remove yourself from those things so that you can have as few outside
influences on the decision as you possibly can now here's the trick is
that once you ex once you create this environment right you want to make
the decision from a place of needing nothing and so the definition of
abundance is having everything you need which the corollary or the
reverse of that is to need nothing else is to have enough and so when
you have enough you will not need this decision to get you anything at
all and so the key to make as rational of a decision as you possibly can
is to not care about the outcome either way and to realize that you
already have everything you need or want and so if you have everything
you want and you're well rested and you're well fed and you're
surrounded by the people that you love and you realize the things that
are important in life all of a sudden it will approach it will help you
appropriately weigh the decision that you were trying to make and so i
don't know if anyone here who is listening to this has an important
decision that they must make but these are the four steps number one
rest number two eat number three separate number four operate from a
place of needing nothing and when you have those four frames that are
stacked on top of each other they can disinhibit to a great degree the
extent to which your emotions will influence your decisions they still
will but ideally secondarily so or at a at a lower percentage of
influence and so it gives us just enough room to peak our heads again
above our emotional cloud and make a decision that's truly rational and
when we make more rational decisions we might we live a much easier life
all right i'll say that firsthand a lot of the decisions i made in my
past that were based on emotions ended up really butting me in the ass
especially when i had lots of emotions and i acted really quickly in
large ways against irreversible decisions great recipe for a terrible
life so the opposite of that if we're trying to use charlie munger's
inversion process is how would i make a terrible decision i wouldn't be
real rested i'd be hungry i would be rushed right i'd be i'd be i'd be
anchored around all the things that stressed me out and i would make
sure that i was operating from place of having to have the thing so we
look at those things and we reverse them all to stack in our favor so
that we can have the best possible decision and so mostly nation i love
you all keep being awesome and i'll see you guys in the next video bye
