Decide where a lossy copy is acceptable
FLAC stores audio losslessly; MP3 reduces size by discarding information based on perceptual encoding. For casual listening on portable devices, that tradeoff can be practical. For editing, archiving, or future format changes, retain FLAC as the source.
A higher bitrate can reduce audible changes but does not make MP3 lossless. Compare settings using the kind of listening and equipment that matter to you. Avoid selecting a number solely because it is the largest available; file size and use case should guide the choice.