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At a restaurant do you order what you know is great, or do you try something new? Do you make what you know will sell or try something new? Do you keep dating new folks or try to commit to someone you already met? The optimal balance for exploring new things vs exploiting them once found is: 1/3. Spend 1/3 of your time on exploring and 2/3 time on deepening. It is harder to devote time to exploring as you age because it seems unproductive, but aim for 1/3.
For the best results with your children, spend only half the money you think you should, but double the time with them.
Getting cheated occasionally is the small price for trusting the best of everyone, because when you trust the best in others, they generally treat you best.