Don't Ask the Barber Whether You Need a Haircut
3 Practical Ways to Outsmart Self-Serving Advice and Make Smarter Decisions
I kept falling for the same trap.
Ever since my two sons were young, a cherished tradition of ours was the monthly pilgrimage to our local barbershop. The place was always bustling, with rows of chairs filled by customers and experienced barbers who never seemed to slow down. I enjoyed the steady rhythm of clippers and the constant snip of scissors. It was truly mesmerizing.
We would find three seats and wait our turn patiently. Inevitably, we would hear those magic words from the barber: “Who’s next?”
"Gino, the kids need a haircut—they start school next week," I would say.
"No problem. What about you?" he would ask in a cheerful Italian accent.
“You think I need one?" I'd reply, a little uncertain.
"Come on, I'll clean it up" he'd say, as if the decision had already been made for me.
It was almost automatic to trust the expert in front of me, even though their advice was influenced by the fact that they had something to gain.
Cui bono? (Latin), in English "to whom is it a benefit?”
Who do you go to for advice?
When it comes to seeking advice, the source matters just as much as the advice itself.
Don’t ask the barber whether you need a haircut.
- Warren Buffett
Buffett and his partner Charlie Munger have long emphasized the importance of establishing your own opinion rather than relying solely on the advice of so-called “experts.”
Why? The quality of advice often reflects the motivations of the advisor. When choosing who to listen to, consider not only their expertise but also their potential biases. This approach helps ensure that the guidance you receive is truly in your best interest.
3 Practical Ways to Outsmart Self-Serving Advice and Make Smarter Decisions
Navigating advice can be tricky.
To ensure you’re making the best decision, you need to critically evaluate the advice you receive. Here are 3 practical ways to outsmart self-serving fox and make smarter decisions:
Look for Hidden Agendas (aka incentives)
Pay attention to whether the advisor stands to gain from their recommendation. Ask yourself if their advice serves their interests more than yours.
Example: If a salesperson is pushing a product that benefits them financially but isn’t what you really need, their recommendation might be more about their bottom line than your best interests.
Check if It Aligns with Your Goals
Ensure that the advice aligns with your own personal or professional objectives. Self-serving advice often focuses on what benefits the advisor rather than what’s best for you.
Example: A consultant recommending an investment strategy that doesn’t align with your strategic goal of perserving capital during retirement.
Seek Multiple Perspectives and Do Your Own Homework
Avoid relying on a single source of advice. Getting opinions from various trusted sources (e.g mentors, spouse, friends) can offer a more balanced view.
Example: If you’re considering a new purchase, consult with your circle of trusted advisors and read reviews before making a decision.
Take-home message:
🦉Be careful who you ask for advice.
By understanding their motivations, ensuring advice aligns with your goals, and seeking multiple viewpoints, you can make better decisions that truly benefit you.
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About the Author:
Nick is passionate about enabling people and businesses to reach their full potential.
He taps into over 25+ years of truly diverse leadership experience, challenging the status quo - to ultimately define a clear strategic path forward and propel success.
Thought Leader | Board member | Founder of Aktina Group Consulting | Proud Father