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20 changes: 10 additions & 10 deletions _mental_models/10-10-10.md
Original file line number Diff line number Diff line change
Expand Up @@ -10,26 +10,26 @@ prerequisites:

The 10/10/10 is the framing of the outcome of a decision across three timeframes:

- How will the user feel about the outcome 10 minutes from now?
- How will you feel about the outcome 10 minutes from now?
- How about 10 months from now?
- How about 10 years from now?
- Or 10 years from now?

The answers to these questions provide a different perspective and usually help the user to find the correct answer without being misguided by circumstances at the time of making the decision.
By answering these questions, you gain a broader perspective that helps you make the right choice without being swayed by immediate emotions or temporary circumstances.

#### Practice

1. Think of a decision you're going to make.
2. Write down how you feel for after
1. Think of a decision you are about to make.
2. Write down how you expect to feel at these three intervals:
- 10 minutes from now
- 10 months from now
- 10 years from now


#### [Example-1](https://medium.com/the-mission/why-warren-buffetts-10-10-10-rule-will-help-you-make-smarter-decisions-43d63d5ea124)

When I was 22, I had just moved to NYC, and I was trying to start my career by landing an interview on Wall Street. Of course, it was imperative for me to dress the part to land the job. With a rapidly evaporating savings account, I knew for a fact that I couldnt afford a new suit.
When I was 22, I had just moved to NYC, and I was trying to start my career by landing an interview on Wall Street. Of course, it was imperative for me to dress the part to land the job. With rapidly dwindling savings, I knew I couldn't afford a new suit.

I was presented with a dilemma: I could stay in every weekend and start saving up enough to buy the suit… or I could buy the suit by getting a credit card (while enjoying the city life), and hope to pay it off eventually.
I faced a dilemma: I could stay in every weekend to save up for it, or I could buy the suit on credit—continuing to enjoy the city lifeand hope to pay it off eventually.

Here’s how the 10:10:10 method played out when I thought about buying on credit:

Expand All @@ -43,12 +43,12 @@ If I land a job by then, I’ll be glad I got to enjoy my weekends! But if I don

- How will I feel 10 years after buying on credit?

Either way, I’ll (hopefully!) have a job by then. If it takes me a while to land a job, though, I know that credit card debt can snowball very quickly, and I could end up regretting pilling on debt for years to come.
Either way, I’ll (hopefully!) have a job by then. However, if it takes a while to land a position, I know that credit card debt can snowball quickly. I could end up regretting piling on debt for years to come.

Sure enough, I lived very frugally for a while and saved up to buy the suit, and although I did land a job fairly quickly, I avoided going into debt in the process. And, as I learned, job security on Wall Street isn’t the best, so I was very happy about the extra cash cushion I had built up in case the job didnt pan out.
I chose to live frugally for a while to save for the suit. Although I landed a job quickly, I was glad I avoided debt. As I later learned, job security on Wall Street can be volatile, so I was grateful for the cash cushion I had built in case the position didn't pan out.

#### Resources

https://www.businessinsider.com/i-tried-the-101010-method-inspired-by-warren-buffett-and-ray-dalio-2017-10

https://medium.com/the-mission/why-warren-buffetts-10-10-10-rule-will-help-you-make-smarter-decisions-43d63d5ea124
https://medium.com/the-mission/why-warren-buffetts-10-10-10-rule-will-help-you-make-smarter-decisions-43d63d5ea124