--- title: A Self-Made Billionaire Uses This Easy Trick for Decisions description: A twist to the classic pro-con list canonical: https://time.com/3772262/billionaire-trick-for-decisions/ author: Shane Parrish article:opinion: true article:content_tier: free article:published_time: 2015-04-17T11:00:02.000Z article:modified_time: 2026-08-04T07:38:16.789Z article:section: Ideas og:title: A Self-Made Billionaire Uses This Easy Trick for Decisions og:description: A twist to the classic pro-con list og:url: https://time.com/3772262/billionaire-trick-for-decisions/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltf4f11ee62751e9bd/698786ca55a8595cdda86aa7/seymour-schulich.jpg?branch=production&width=594&quality=75&auto=webp&crop=16:9 og:image:width: 594 og:image:height: 334 og:image:alt: Seymour Schulich on March 31, 2014 in Toronto. og:type: article twitter:card: summary_large_image twitter:title: A Self-Made Billionaire Uses This Easy Trick for Decisions twitter:description: A twist to the classic pro-con list twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltf4f11ee62751e9bd/698786ca55a8595cdda86aa7/seymour-schulich.jpg?branch=production&width=594&quality=75&auto=webp&crop=16:9 ---  # A Self-Made Billionaire Uses This Easy Trick for Decisions > Sponsored content. 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It explains how TIME's journalism is made, from the first pitch through the editorial decisions behind a finished story or cover. #### How can I read about how TIME chooses its covers? Inside TIME is the newsletter where TIME's Editor-in-Chief explains cover selection and the editorial reasoning behind major stories. It is free at time.com/newsletters. #### Who is the editor of TIME? Sam Jacobs is TIME's Editor-in-Chief. He writes Inside TIME, a twice-weekly newsletter about the newsroom's reporting and editorial decisions. #### Is Inside TIME free? Yes. Inside TIME is a free newsletter, available at time.com/newsletters. A paid TIME subscription is separate and available at time.com/subscribe-agent. ## Video: One Minute Money: Budgeting Made Easy [Watch (HLS stream): One Minute Money: Budgeting Made Easy](https://cdn.jwplayer.com/manifests/baHOIlxf.m3u8) (1:19)  _Published 2014-06-24. MONEY's Kristen Bellstrom explains how to make a simple and effective budget._ by [Shane Parrish](https://time.com/author/shane-parrish/) ## Shane Parrish Apr 17, 2015 11:00 AM UTC  Seymour Schulich on March 31, 2014 in Toronto. Seymour Schulich on March 31, 2014 in Toronto. Rick Madonik—Toronto Star/Getty Images by [Shane Parrish](https://time.com/author/shane-parrish/) ## Shane Parrish Apr 17, 2015 11:00 AM UTC The first chapter in Seymour Schulich’s book, [Get Smarter: Life and Business Lessons](http://www.amazon.com/exec/obidos/ASIN/1552639428/farnamstreet-20), offers a decision tool that adds to the simple pro-and-con list that many of us have used to make decisions. Schulich, a self-made billionaire, is one of Canada’s richest and best-known businessmen. --- > “” --- You all know the simple pro-and-con list? The one where you divide the page in two and simply list out all the pros and cons. Well, the Decision-Maker adds a twist to that. Here’s how it works. --- > “” --- Now add up the scores. But here’s the rule. --- > “” --- Yes that sounds simple. I agree. But I also don’t think that things need to be complicated in order to be effective. --- > “” --- This tool works for groups too. --- > “” --- **_This_** [**_piece_**](http://www.farnamstreetblog.com/2015/02/seymour-schulich-the-decision-maker/) **_originally appeared on_** [**_Farnam Street_**](http://www.farnamstreetblog.com/)**_._** **Join over 50,000 readers and get a free weekly update via email** [**here**](http://www.farnamstreetblog.com/newsletter/)**.** ## Transcript Believe it or not, budgeting doesn't have to be painful, and I can prove it. I'm Kristen Bellstrom, and your Money Minute is starting right now. [ MUSIC ] Start with the income you take home after taxes, and expenses like health insurance. Also, be sure to exclude any money you can't count on, such as year end bonuses, or tax refunds. Next, download your last two months worth of bank and credit card statements, then assign each purchase a category such as clothing or groceries. Once you've got a good picture of where your money's going, you'll likely spot places where you could be spending less. Your goal should be to reduce your spending to under 90 % of your income. Okay, I know what you're thinking. Great, but where am I supposed to cut? Well, for starters, try tackling one or two of your big expenses. Maybe you could eliminate season baseball tickets or trade in a pricey car for a cheaper one. If that's too much, you might prefer trimming back on several small expenses, like that daily $ 4 latte. Finally, don't be afraid to tweak your budget as you go. If you're having a hard time staying within your new spending limits, it's totally fine to adjust them. It often takes a couple tries to get it just right. And that was 60 seconds well spent. 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