Life Kit A Business-Minded Way To Make Tough Family Decisions
Aug 9, 2021
Economist Emily Oster, author of "The Family Firm," shares her data-driven insights on making tough family decisions. She emphasizes a structured approach to parenting choices, offering tools that prioritize systematic evaluation over gut feelings. Navigating the complexities of technology use in children, like smartphone decisions, she stresses the need for thoughtful consideration. Oster also discusses how the pandemic has reshaped family dynamics, highlighting the value of strategy during crises and the importance of aligning decisions with family values.
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Deliberate Parenting
- Use digital tools to track obligations and streamline family life.
- Shift from reactive, gut-feeling decisions to a more structured, deliberate approach, especially for complex issues.
Stakeholder Alignment
- Engage all household stakeholders in decision-making, considering both long-term values and daily routines.
- Be mindful of small choices accumulating into larger commitments that may conflict with priorities.
The Four Fs
- Use the "Four Fs" framework: Frame the question specifically, Fact-find relevant data, make a Final decision, and Follow-up to reassess.
- Avoid vague questions; clearly define the specific choice, considering context and individual needs.
