A decision making theory: you don’t need more than one reason to do a certain decision. Also, you don’t need more than one benefit. Avoid people and organizations who tout too many benefits, and also, beware people who offer too many reasons to do something and features.
Let me give you example when it comes to investing, I don’t think you need more than one good reason to invest in something. Also, cryptocurrency‘s or crypto coins which promise more than one benefit seem wise to avoid.
For example, bitcoin isn’t the fastest or the “best“ cryptocurrency, but, it does offer one big benefit: number one brand recognition. And that is all it needs.
If you’re interested in investing in cryptocurrency, just one big reason to invest in it is regarding counterfeiting. You cannot counterfeit cryptocurrency, you cannot counterfeit bitcoin.
“run faster, jump higher!”
“ Man, I won’t let you poison me so I threw it to the ground!” (Lonely Island through it to the ground song)
There is this very funny YouTube video, SNL sketch in which there is a random guy selling energy drinks, who says that the energy drinks can make you smarter, run faster, jump higher, etc. If he wanted to do better marketing, he should only stress one benefit.
Another example about college: the only good reason I think about going to college is potentially meeting your future life partner, your future husband or wife. When I was an undergraduate, that is how I met Cindy, my soulmate. I doubt I would have been able to meet Cindy online nowadays via online dating, as the algorithm would have never matched us. This is my critique of online dating— it matches people with mutual interests, and lifestyles. But, I think there is a hidden charm randomly meeting people who are very very different from you, people who you would never expect to click. For example, me and Cindy were seen as polar opposite in college, and when people found out that I was dating Cindy, everyone was so shocked.
“ Cindy‘s dating you????”
My response—
”I know… right??”
In college, Cindy was a sophisticated, suave, intelligent and deep one. I was seen as the joker, the unserious guy, and the guy who only chased pretty girls. But ultimately what found us together was this one really big thing: both of us are interested in growth. That one reason is sufficient into itself.
Don’t buy it if you need more than one reason to convince yourself to buy it
This is one idea I got from Nassim Taleb: you never need more than one reason to buy something, otherwise you’re just trying to trick yourself into buying something you don’t really need.
Well, if you’re thinking about upgrading or buying a new iPhone, you don’t need more than one reason. One good reason to buy a new iPhone is this: I broke my old iPhone. Or, my old iPhone is too slow now.
One should not upgrade the iPhone if one needs a cadre of multiple reasons: it is faster, has a better camera, has better battery life, and will help me become more productive.
When you need to conjure up multiple reasons to do something, you probably don’t really need to do it.
How to tell whether somebody is lying
You can tell if somebody is lying if they give you more than one excuse. If they give you multiple excuses for why they didn’t do something, or why they didn’t show up, or what they were doing, it is most likely a lie. A true excuse simply needs to just be one: I forgot, or I was doing this.
Just one.