2: Researching a Purchase
People often use information for making purchases. Researching what cellphone model to buy feels concrete: you know what to look for, and the information is relatively easy to find. Career decisions, by contrast, can feel less clear and more overwhelming.
Every day, we make decisions using a blend of formal information, informal input, experience, and instinct. Large purchases such as appliances, phones, cars, and trips offer a relatable way to examine our decision-making patterns.
When considering the purchase of a home, for example, there are multiple places a prospective buyer often turns to gather information.
Formal Information
Formal information provides factual data to assist with the decision. For example:
- Past sale dates and sale prices of the home and similar homes in the neighbourhood
- The property’s proximity to local schools, parks, transportation, and amenities
- The crime rate for the local neighbourhood
Informal Information
- Testimonials from others who live or have lived in that neighbourhood
- Stories from parents about their and their children’s experiences of the local school
- Observations about the neighbourhood culture from walking through the area’s sidewalks, parks, and local shops
Think about the last time you purchased something significant (e.g. a vacation, an appliance, a car, a house) that took a bit of time to decide – something that was an investment financially and/or emotionally for you.
The Impact of Information
Purchase decisions made with considered information generally help people feel more grounded and less anxious about their choices. Thinking about the inputs we seek in making purchase decisions also reveals two important truths about information:
- We are all capable of collecting, evaluating, and applying formal information like consumer reports and informal information like testimonials for decision-making.
- We often don’t use these same skills when thinking about careers – even though career decisions usually have bigger consequences than purchases.
