The 10/10/10 is the framing of the outcome of a decision across three timeframes:
By answering these questions, you gain a broader perspective that helps you make the right choice without being swayed by immediate emotions or temporary circumstances.
When I was 22, I had just moved to NYC, and I was trying to start my career by landing an interview on Wall Street. Of course, it was imperative for me to dress the part to land the job. With rapidly dwindling savings, I knew I couldn't afford a new suit.
I faced a dilemma: I could stay in every weekend to save up for it, or I could buy the suit on credit—continuing to enjoy the city life—and hope to pay it off eventually.
Here’s how the 10:10:10 method played out when I thought about buying on credit:
How will I feel 10 minutes after buying the suit with a credit card?
How will I feel 10 months after buying on credit?
How will I feel 10 years after buying on credit?
I chose to live frugally for a while to save for the suit. Although I landed a job quickly, I was glad I avoided debt. As I later learned, job security on Wall Street can be volatile, so I was grateful for the cash cushion I had built in case the position didn't pan out.