One of the more valuable exercises we can perform in our lives is to challenge the Default Settings around us. To examine the toggled positions of switches around us. To ask why things are done the way they are.
There could very well be a good reason why things are done a certain way. But just because something Is, doesn’t necessarily mean it should Be.
And when I say “challenge” – I don’t necessarily mean the punk-rock mentality of disrupting everything for the purpose of disruption alone. I mean carefully seeking to understand why our surroundings have set things up a certain way.
This is as applicable as a financial advisor and an entrepreneur as it is a spouse, an employee, a parent, or a friend.
The surroundings we find ourselves in – whether that’s our family, our business, our industry, or our culture as a whole – programs, deliberately or not, certain default settings.
The toggle, so to say, is pressed one way.
And I think we should challenge those settings. At the very least, seek to understand why it’s positioned that way. Because again, maybe there’s good and sound reasoning behind it.
But maybe there’s not.
As a financial advisor, I find myself immersed in an industry that’s obsessed with growth. Growth of clients. Growth of assets under management. Growth of employee headcount. Growth of revenue. The vast majority of our training and education and conferences – both early on and throughout our careers – is catered around this idea of More.
I don’t think there’s anything wrong with Growth, in and of itself. It’s not a Good or a Bad thing, in my perspective. But it does seem to be the Default setting.
As an entrepreneur, there seems to be this default setting of Grinding. That in order to succeed, you have to grit your teeth and work absurd hours to really Make It. You have to be on every social media platform. You have to push content every day. Taking days off or resting is for those who don’t Want It and don’t have what it takes.
As a parent, there seems to be a default setting of Activity. That in order for our kids to have any shot of success in life (whatever that means), they need to be involved in multiple sports, taking advanced placement classes, volunteering 10 hours a week, and getting into the best pre-K school in the state.
And on and on.
We need to read 50 books a year.
Optimal portfolio rebalancing is only done annually.
Running is the best path towards cardio health.
Everyone should maximize Roth contributions and conversions.
Adult men shouldn’t talk about their emotions.
Everyone needs to buy a house.
That a 60/40 portfolio is best for retirees.
To be clear, I’m not saying any of these examples above are wrong – but they seem to be the Default setting. And I think we should challenge them, to seek to understand them, and to arrive at a decision that is our own, not someone else’s.
As an employee earlier in my career, I wish I would have done this more. Why did we operate in some ways as we did? What was the reasoning behind this process? Why did we construct portfolios the way that we did? Why did we choose the compensation method that we use?
In that setting, an inquiring employee can actually bring a ton of value to the firm, assuming the inquiring is done out of respect and not arrogance. Inertia is a powerful force, and it might take an outside or newer voice to break free from it and do things differently and better. On the flip side, seeking to understand how things are done can help educate and build experience for not just the inquirer, but for all the team members.
Regardless of context or specific roles, we all have scripts of sorts that have influenced us. These could be social, economic, political, religious, or anything else. We’ve been influenced and programmed in countless ways over our years, and we continue to be programmed and formed in countless ways today. I’m no expert on this, but my guess is that the vast majority of this programming is done without us really knowing it.
So I think it’s vital to pause every once in a while and just ask Why do we do the things that we do? Why is this Default setting programmed the way that it is? Is this toggle switch flipped to the way that I want it to be, or did someone else flip it this way for me? Do I need to change it?
Challenge. Seek to understand. Question.
Maybe the setting or toggle is right for you. But make that decision yourself. Don’t let someone else make it for you.