What is the 10/10/10 rule and how can it improve decision-making?

In life, we are faced with many different situations that require us to make decisions. Sometimes these decisions are easy to make, and we are confident in our choices, but there are also many times where we struggle to make a decision. It can be difficult to know what the best course of action is, especially when we are emotional or in a stressful situation. That is where the 10/10/10 rule comes in. In this article, we will explore what the 10/10/10 rule is and how it can improve decision-making in various situations.

What is the 10/10/10 rule?

The 10/10/10 rule is a decision-making tool that was introduced by Suzy Welch, a former editor of the Harvard Business Review. The rule suggests that when faced with a decision, we should consider the consequences of our decision in three timeframes – 10 minutes, 10 months, and 10 years. By doing this, we can gain perspective on the potential outcomes of our decision and make a more informed choice.

The first timeframe, 10 minutes, is focused on the present. We consider how the decision will impact us immediately and how we will feel in the short term after making the decision. This timeframe is especially important if we are feeling emotional or stressed because we tend to be more focused on the immediate consequences of our decisions rather than considering the long-term effects.

The second timeframe, 10 months, requires us to think more long-term. We consider how the decision will impact us in the medium-term, such as how it might affect our finances or our relationships. This timeframe helps us to consider the bigger picture and avoid making decisions that may seem beneficial in the short-term but will have negative consequences later on.

The third and final timeframe, 10 years, requires us to think even further into the future. We consider how the decision will impact us in the long-term, such as how it might affect our career progression or our mental health. This timeframe helps us to look beyond our immediate circumstances and consider the potential consequences of our choices in the distant future.

How can the 10/10/10 rule improve decision-making?

The 10/10/10 rule can help us make better decisions in a variety of situations. Let’s look at some examples of how the rule can be applied to different scenarios.

Example 1: Deciding whether to quit your job

Imagine you are unhappy in your current job and are considering quitting. You are feeling stressed and overwhelmed and are not sure what the best course of action is. Here is how you could apply the 10/10/10 rule:

• 10 minutes: If you quit your job, how will you feel in the short-term? Will you feel relieved or stressed? Will you be able to manage financially until you find a new job?
• 10 months: How will quitting your job impact you in the medium-term? Will you be able to find a new job that you are happy in? Will quitting your job affect your finances or your relationships?
• 10 years: How will quitting your job impact you in the long-term? Will it affect your career progression, retirement savings, or future job opportunities?

By considering the decision in three timeframes, you can gain perspective on how it might impact you over time. This can help you make a more informed decision and avoid making a choice that may have negative consequences in the long-term.

Example 2: Deciding whether to make a risky investment

Imagine you are considering investing a large sum of money in a risky business venture. You are feeling excited about the potential returns, but you are also aware that there is a significant chance of losing your investment. Here is how you could apply the 10/10/10 rule:

• 10 minutes: If you invest in the business venture, how will you feel in the short-term? Will you be excited and optimistic or anxious and stressed? Will losing the investment cause you financial stress or impact your emotional well-being?
• 10 months: How will the investment impact you in the medium-term? Will losing the investment affect your savings or your ability to pay bills? Will the potential returns be enough to justify the risk?
• 10 years: How will the investment impact you in the long-term? Will losing the investment have a significant impact on your financial goals or your retirement plans? Will you regret not investing in a less risky opportunity?

By considering the potential outcomes of the investment in three timeframes, you can make a more informed decision about whether or not to take the risk. This can help you avoid making rash decisions that may have negative consequences in the long-term.

Example 3: Deciding whether to end a relationship

Imagine you are in a long-term relationship that has been going through a rough patch. You are feeling unhappy and are considering ending the relationship. Here is how you could apply the 10/10/10 rule:

• 10 minutes: If you end the relationship, how will you feel in the short-term? Will you feel relieved or sad? Will you be able to handle the emotional stress that comes with ending a long-term relationship?
• 10 months: How will ending the relationship impact you in the medium-term? Will you be able to adjust to life without your partner? Will you experience financial or logistical challenges, such as finding a new place to live or dividing assets?
• 10 years: How will ending the relationship impact you in the long-term? Will you be able to form new relationships or move on emotionally? Will you regret ending the relationship or be glad that you did?

By considering the potential outcomes of ending the relationship in three timeframes, you can evaluate whether or not it is the right decision for you. This can help you make a more informed choice and avoid making a decision that may have negative consequences in the long-term.

Conclusion:

The 10/10/10 rule is a valuable decision-making tool that can help us make better choices in a variety of situations. By considering the potential outcomes of a decision in three timeframes – 10 minutes, 10 months, and 10 years – we can gain perspective on how it might impact us over time. This can help us avoid making impulsive decisions that may have negative consequences in the long-term and make choices that align with our values and goals. Whether you are facing a difficult decision at work, in your personal life, or in your finances, the 10/10/10 rule can help you approach the situation in a more thoughtful and informed way.