You should see my Inbox after I’ve left it unchecked for a few days.
The sheer volume of crappy pitches, press releases, “check out my infographic” and “could you link to us?” requests would make your head explode.
I leave my Inbox untamed for 2-8 days stretches on a semi-regular basis, and when I return, I discover that my Inbox has devolved into a feral, rabid animal, foaming at the mouth with spammy solicitations.
A few years ago, in an effort to battle this wildebeest, I attended a conference presentation about Inbox management. (Yeah, I’m lots of fun at parties.) The advice I heard nearly killed me.
“Whenever somebody sends you a pitch,” the panelist said, “reply back. Start a conversation with the sender. You never know where that connection might lead.”
That’s one of the worst recommendations I’ve ever heard.
Please do me a favor.
If someone tells you to invest your two most valuable assets — time and energy — into an activity because “you never know where it might lead,” run away from the room and vomit. Then get some ice cream.
How often have you heard this advice?:
- Go to every networking event on the planet!
- Jump on every new social media platform!
- Hand out your business card to everyone!
- Reply to every email/tweet/message/comment that comes through!
The justification is always the same: “You never know where it might lead.”
Let’s rephrase that, shall we?
“You never know” is a euphemism for, “this might perhaps possibly potentially offer a tiny theoretical incidental incremental benefit. Maybe.”
Wow. What a barometer.
(Psst! You might want to raise your standards.)
Sure, if you’re trying to save money, you might benefit from melting your soap slivers in the microwave, until they recombine into a disappointing soap bar of sadness.
And sure, if you’re trying to grow an online business, you might benefit from a time-consuming attempt to tweet, pin, gram, snap and scope your way to success.
But the potential for any benefit is not a sufficient reason to devote yourself to an activity. You’re not looking for any benefit, you’re looking for 10x results.
10x thinking can catapult you from “meh” to “whoa!!” in absurdly-small increments of time. The old establishment rules of thumb — that you need to “pay your dues” or “put in your time;” that you need to spin your wheels for 10,000 hours or work in a crappy cubicle for 40 years — disappear when you embrace 10x thinking.
Imagine that you want to retire in 10 to 15 years. Should you spend your time:
- Learning how to invest?
- Doubling your income?
- Building a side business?
- Blasting your limiting beliefs?
Or should you spend your time:
- Coupon clipping?
- Saving the wax from melted candles?
- Obsessively opening/closing bank accounts for sign-up bonuses?
- Stacking rebates on top of gift cards on top of promo codes on top of cash back rewards?
- Sewing fabric scraps into holiday wreaths? (Just kill me. Please.)
Sure, coupon-clipping offers a slight marginal benefit. You’ll save $4 on a stick of butter.
But at what cost?
The ‘Any Benefit’ Fallacy
Cal Newport, the author of Deep Work (which I highly recommend) and a recent guest on my podcast (which I also recommend!), says its absurd to chase any incremental benefit. He says we need a higher bar:
“If you’re not helping me become world class, then get the hell out of my way.”
Most woodworking tools offer some benefit. You can’t buy them all. So a master craftsman doesn’t ask, “is there any benefit to buying that woodworking tool?,” Newport says. A master craftsman asks, “what few tools create outsized results?”
Farmers can’t buy every machine, he says; they carefully choose the few tools that’ll maximize results.
Likewise, office workers need to curate, not accumulate.
- Facebook?
- Snapchat?
- Checking email obsessively?
These digital distractions have hidden costs on our time and attention.
Extreme frugality can also take its toll.
- Dumpster diving?
- Cutting your internet?
- Melting your soap slivers?
Too many people apply the “any benefit” mentality to their finances. They busy themselves with penny-pinching (which offers the psychological victory of easy wins) rather than build sustainable, long-term investments. They’ll lose the war to win the battle.
One blogger wrote:
“I’d happily spend an hour or two trying out a new tactic if it meant I would spend $0.50 less a month with no additional effort.”
Seriously? Are you kidding? After two years, $0.50 per month will accumulate into $12. What league are you competing in?
If your goal is to retire at 40, wouldn’t you accelerate success by learning how to invest rather than shopping for socks at yard sales?
“But Paula, why can’t I do both? Why not clip coupons AND shop yard sales AND start the next SpaceX?”
Because life is not an endless series of “ands.” You can do anything, but not everything. Every decision is a trade-off against something else. By letting go of tiny tweaking, you leave space in your life for mind-blowing results.
Here’s a better approach, in two steps:
#1: Subtract stuff that’s unnecessary.
#2: Add stuff that’ll pose a significant benefit at a slight marginal cost.
You’re welcome.
How to Separate Worthwhile vs. Wasteful
Better questions yield better answers. So ask yourself: How can I separate what’s worthwhile vs. a waste of time?
Try this:
Step #1: Write a five-year goal. For example:
- I earn $45,000 per year in passive income.
- I run a company with $1 million in annual revenue.
- I manage a nonprofit, no-kill animal shelter with capacity for 25 dogs and 40 cats.
Four tips to help you craft this vision:
- Write in the present tense — “I earn,” “I manage,” “I run.”
- Focus your goal into one sentence.
- Shoot for specific numbers.
- Read this aloud daily (in present tense). Your mind will believe its a foregone conclusion.
Step #2: Judge every activity by a single question: “Is [X] the most important step I can take towards my 5-year goal?”
The key words are “most important.”
- If you could only do ONE thing to achieve your 5-year goal, what would it be?
- If you could only work for 30 minutes daily towards your 5-year goal, what would you do?
- Double your 5-year goal. Can [X] still drive those results?
Let’s apply this to a few examples:
Goal: “I earn $45,000 per year in passive income.”
- Yes: Building businesses and investments.
- No: Making your own laundry detergent.
Goal: “My business earns $1 million per year.”
- Yes: Hiring talented people.
- No: Handling everything yourself.
Goal: “I own five rental properties.”
- Yes: Learning how to analyze investments.
- No: Listening to Cousin Billy speculate about houses that “might go up in value!”
As you get closer to your goals, you’ll find fun, easy distractions along the way. They’ll sing the siren call of sunshine and short-term wins. They’re tempting. But they’re distractions.
Don’t say “yes” to everything. Forget about chasing ‘any benefit.’ Focus on the few actions that’ll fast-track your results.
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Nichole
Freaking awesome! Sometimes your blog completely contradicts a few other blogs I read and I need that. I need a different perspective because I am attempting to seek peace and balance along with my financial goals. I am the person melting soap slivers to save a buck. I think about how unsustainable and draining that lifestyle is. There are also so many “how to retire by 40 in 28 easy steps” out there that I lose focus. I want to leave space for my mind to be blown! Great article, thank you for the empowerment.
Counting Quarters
I completely agree with you! This is probably the best post I have read in the last few months. People spend so much time chasing pennies and have little regard for their return on investment for their time.
amanda
This is an amazing post.
Ray
Paula
I always look forward to reading your email, because you keep it real, and you do not include nonsense theoretical bullshit, but practical real world ideas, that work.
I also appreciate your sense of humor, in your writing style, which helps, especially since the topic, “Finance” can be boring to many folks. Keep the great work!
Rick
I’ve been reading afford anything for years, slowly working towards retiring early. This is easily one of the best articles to date.
Dusty
Thank you. Just straight forward reality
Jacqueline
Loving this! Thanks for laying it out there and giving me a better perspective!
Kelly
Paula,
I love love loved this post! Such a great reminder as I’m starting a new side hustle and getting bogged down in the million little things I could be focusing on… Thanks for the kick a$$ reminder.
Crystal Lewis
This post is awesome. I love your bluntness. And this is a reminder I needed. Thanks for doing you here and on your podcast, Paula!
Maria
Another great post, Paula. You’re absolutely right. It’s so easy to get mired in the petty stuff thinking that those things will somehow build wealth (or whatever your objective is). What you focus on expands (as Harv Ecker says) and you should be focusing on those actions that will “fast-track your results”. Very well put!
Mollie
The internet makes me a lot less efficient, so this post is a great reminder of how to think about my time and goals.
In defense of making my own laundry detergent: I can do it in under 10 minutes which is less time and energy than a trip to the store for me. =)
MoneyAndMovement
Or you can click a button on your computer and have it delivered to you.
Frugality vs Scale …
Scaling your business always wins.
You can’t create a million by lowering your heating bill and eating ramen.
Claire
How does this work with the 1% margin for improvement?
Just curious.
As always great article, thanks Paula.
Lou
1% *10 =10% margin of improvement.
Not time to waste with 1%.
David @ VapeHabitat
They find my infographics and ask me to share it. If it is good, they will come to you and ask
Paula Pant
Excellent question!
Short answer:
Use 10x Thinking to make decisions, then use 1% marginal gains to make daily progress.
Detailed answer:
Imagine that your goal is to earn $3,000/month in passive income in the next 5 years. There are a huge range of ways that you can journey from Point A (today) to Point B (the five-year goal).
Your options, in no particular order, include the following:
Option A: Shop for pants at three different stores until you find a pair that’s $20 cheaper. Continue doing one thing like this, every week, for the next 5 years, saving an extra $20 each time.
Time cost: 2 hrs/week
Savings: $20/week * 260 weeks = $5,200 saved over 5 years. If this is invested weekly into index funds, it’ll double to around $10k by roughly years 8-12, depending on return assumptions. So let’s say that the total value gained from this is around $10k in 10 years.
Sounds great, right? Except it comes at a time cost of 520 hours, making this an hourly rate of $19.23. It also doesn’t bring you anywhere close to the original goal, which is to create a stream of $3,000/month in passive income within the next 5 years.
While this IS a marginal improvement, it’s not a desirable one, for two reasons:
#1 — The marginal COST (time, energy) is high
#2 — The pistol isn’t pointing in the right direction (it doesn’t DIRECTLY lead to the goal). It’s focused on the peas, not the steak.
What other options are out there?
Option B: Move to a beautiful country with a rock-bottom cost-of-living, like Colombia or Indonesia. Live in a high-rise condo or tropical hut, enjoying a cost-of-living at around $1,500 per month. Continue earning $100,000 per year (take-home pay) as an online freelancer or entrepreneur, and sock everything away into index fund investments.
Time Cost: Massive. You’re making a huge life change.
Savings: $82,000 per year (the gap between your income and spending)
This is not a marginal improvement — it’s a huge groundbreaking move — and while it has a massive time/energy cost, it also produces massive results. I’d consider this a highly desirable option, but it’s not appropriate for everyone, and it’s definitely NOT a 1% marginal gain, so let’s throw this away and move to Option C.
Option C: Decide to invest in your first rental property, then take tiny steps to prepare yourself. Read one article per day. Spend one or two hours per week learning how to analyze investments, meet investors, search for properties, and choose time-efficient ways to divert funds towards your first downpayment.
Time Cost: 2 hrs/week
Savings: Substantial — if you buy one property per year, and it cash flows at $500/month, you’d have $2,500/month within five years. If you only did HALF of that — e.g. your properties cash flow at $250/month, or you purchase a property every two years — you’d still have $1,250/month in passive income within five years, plus equity gains from paying off the mortgage with the rent checks.
Shwing! This is the perfect combination of 10x thinking + 1% marginal gains. The 10x thinking prioritizes “buy investments” over “save money on pants,” while the marginal gains approach says “dedicate two hours per week to making progress,” which is more feasible than relocating to Southeast Asia.
TL;DR:
— Use 10x thinking when you’re deciding
— Create 1% marginal improvements when you’re doing
10x thinking is the “what;” 1% marginal gains are the “how.” 🙂
Claire
Wow thanks A LOT for this detailed answer. That’s some insightful advice!
This is applicable in any goal, as an employee or as an entrepreneur. I’m already thinking about how to use it for my goals.
Please shout if you ever come to London.
Claire
Troy Wolf
This reply is worthy of it’s own post. Excellent clarity and focus. Thank you!
Jason Dainter
Really good and powerful reply. Just found your content but will be subscribing from here on!
Suzette
Love it!
What would be some top priorities for those of us in the process of figuring out how to get into the game, say our first 4 plex?
Mentor or books first?
Thank you!
Paula Pant
Suzette –
First, I’d read, study and learn.
Be careful who you choose as your teacher/mentor. (That’s true in ANY field, not just real estate). Teachers and mentors have different philosophies / approaches / ideas, and you need to be selective about finding the person whose teachings align with your goals and values.
Don’t get a specific mentor until you’ve developed enough background to know who you’d like to learn from.
Ms. Montana
This is something I have really had to work on. Not that I ever melted soap. 😉 I value my time, but growing up poor I struggled to think big. I tend to think about what is the smallest dream that is still viable. I have been meaning to pick up his book, and this post is the tipping point. Thanks!
Jay A.
Thank you, once again, Paula.
I have a running discussion with my best friend that boils down to what you wrote.
He has spent countless hours reducing his monthly internet and cell phone service costs. He has spent time and money buying and setting up VPNs, Slingbox, Roku, Apple TV, NFL GamePass, and so on, instead of subscribing to a TV service. At the same time, even though he is in the process of getting a divorce, he has not moved out of their apartment because, he claims, he can’t afford to.
Not surprisingly, he is also afflicted with the same residence-purchasing disease that afflicts almost everyone where I live. Unfortunately (for them), the price-to-rent ratio here is almost always above 30. (I can rent an apartment worth about USD 400, 000 for about USD 1000/month.)
Oh, and whenever he buys, for example, a pair of shoes from abroad that cost less than what they might where we live, he proudly claims to have saved money. In fact, not surprisingly, except for forced retirement savings through his employer and salary deductions, he does not actually save or invest any money; he just buys more stuff, usually for his children.
Even though he claims not be perfectly happy to have to work for another 20 years (we’re in our mid-40s), I wish there was some way I could convince him that he would be a lot happier and increase his financial independence more quickly if he simply accepted what you wrote.
Bill
Congratulations, excellent post!!
Steve Boyko
“Soap Bar of Sadness” is my next band name.
Great post and you nailed it – don’t think incrementally, think 10X.
Marcin
This article is awesome! I can relate to so many points, both positive and negative. You’ve hit the bulls eye on this one. Well done.
Elise Xavier
Thank you so much for this post. It made my day. So fricking hilarious and so much of what should be common sense advice in here (let’s be real, no one seems to have common sense anymore) it’s refreshing.
Chad Carson
Great article, Paula. I couldn’t agree more with the idea of 10x thinking. Everyone’s busy. It’s really a question of what we’re busy with.
I’ve lived this kind of thinking for a while, and I admit it’s very effective. But one concern I have is that different seasons of life require different types of thinking. When you’re growing something awesome – like a business, an investment portfolio, etc … by all means get the most you can out of your time and energy. But one of the advantages of financial independence is the freedom and flexibility it brings. At some point, perhaps exploration for its own sake and *gasp* inefficiency could be appealing. Optimizing and peak performance has its own energy drain, after all.
Extended trips abroad and smaller detachments in between have been my outlets to balance the optimizing with the appeal of just floating around aimlessly:) I always feel more focused and ready to optimize when I get back.
Alaeddin
Paula, your line of thinking never ceases to astound me. Amazing insight and one I deeply need to apply.
EL
Mindset always wins out with providing either favorable or unfavorable results. Once you understand that hitting goals is easy, you just keep doing it, it becomes addicting. Why is Beyoncé launching a clothing line, when she is already worth 300 million dollars? Why does trump want more power, when he already managed thousands of people? Reaching 10x is a benefit and it should be everyone’s right to reach for more, but when is enough really enough to sustain happiness? ITs a fine balance to achieve in life with all the pressures to succeed.
fredericka
Your opinion really needed. Own a 4 br home outside dc in pg county, md. Retiring next yr and want to invest in rentals. Start with renting my home, paid and free and clear? Im alone and scared to try to rent. Afraid of someone trashing it. Taxes are 5,000year. Insurance 1200year, property mgmt 8 pc. Should I do it or sell and buy a smaller rental property. Paula…i would love your opinion. Im 65 and have the old mindset, its hard to think 10x. Fredericka
Melanie Sorrentino
Best quote ever “If you’re not helping me become world class, then get the hell out of my way.”!
Great article!
Danny
Funny fact: that “Blogger” was my first intro to personal finance back in late 2011… a few months later I’ve landed on affordanything.com and I never leaved; it’s now the “older” blog on my list!
But what’s curious is how much I’ve learned and evolved over these years. When I first read Trent’s blog posts and tips on savings and all that shit, I was like – “wooww, how come I never tried this before!? – then a couple of months later I (luckily) got to the very missed “Control Your Cash” and I got my eyes opened! from there I’ve acknowledge a few good blogs (yours is still my favorite) but even some of those got surpassed by those who really has something new to bring to the table, and you Paula, are definitively ahead of the great majority of financial bloggers, you’re second to no one in my opinion, so thank you for keeping shaking our worlds so the rotten preconceived ideas that flood our wantrepreneurial minds may fall, leaving space for the fresh, juicy ones that will lead us to success!
Awesome work as always.
Paula Pant
Thank you Danny! 🙂 🙂
Glenn @ The Casual Capitalist
Ties in nicely with the 80/20 principle. 80% of the results tend to derive from just 20% of the efforts/inputs!
Identify your 20% and then give it your all, (the big wins if you will), the rest will fall into place. Awesome post as always!
droppedcoin
Paula,
You have offered a very refreshing perspective. I also avoid frugality, though practice basic restraint. What you describe about the time spent saving $4 on butter with a coupon could be avoided by reviewing what is called the ‘fall thru concept’. Ie. Does it require too much effort (/revenue) for too little a saving (profit)?
Also, you & Mr. Napoleon Hill are on the same page when it comes to having a positive mentality!
Cheers, Paulie
Paula Pant
I love the description “you & Mr. Napoleon Hill are on the same page.” 🙂 🙂 Thanks!
Paulette Ross
My prayer. “What is the most important thing.” Now I can tweak with a goal! Thank you for your insights. I love reading everything you write.
Millennial Money
Woah, this is pretty refreshing, in-your-face advice. 10x results requires deep thinking and smart planning, and a lot of emotional discipline not to fall for anything that falls into your lap. Very thought provoking post.
Laura Callis
Great post. I think, though, if you recognize it (coupon cutting, Internet deal comparing, cashback hacking) as a *hobby* and schedule it as such – on par with hobbies like playing Candy Crush – there’s no harm, except maybe the same false sense of accomplishment you get from clearing a board or beating a level.
I <3 ebates, etc., the same way I heart facebook – fun in mindless moderation, but dangerous if it becomes the main course.
Laura
But this is actually good advice for everything – is reading that interesting article about teaching math in high school moving the needle on my dissertation which is about elementary math? No? Then put in the “read in the bathroom” folder.
Steven Goodwin
Fantastic advice! I need to start thinking more in terms of my goals and how to achieve them and forget the rest! What a great battle cry! Thanks for the motivation and inspiration!
Keith Schroeder
This is a real wake-up call for me now that I am writing a blog in addition to running a successful accounting firm. The demands for my time are different.Email is something needing daily attention as clients have tax issues requiring an immediate response. The blog has a lot of people who just want me to acknowledge them. Then their is the spam. I recently started a multi-layered email system to handle the situation. My regular tax clients get one email address and the blog contacts get an email address I can scan later. A lot of email gets no response.
Saying no is the hardest part for me. With so many demands for my time I slowly am learning to feel okay with not responding to emails. It is a work in progress for sure. I better learn fast as blog traffic keeps growing.
I also listened to the podcast with Cal. Certainly a quality use of time with high impact results.
Justin Pogo
Newly Subscribed! Did you get the idea of 10X thinking from Grant Cardone?
Cassie
This sounds like Grant Cardone or maybe Cardone ripped it from Paula. The thinking is high powered and focused though. I really like it, good stuff.
Xyz from Our Financial Path.
Focus is one of the least-talked about, but most useful virtue one can have. Focusing on what you do best to increase your earning potential can have much greater force than cutting your spending here and there. Great advice!
David
Are there times when 10 X thinking is a bad idea?
Say you have debt at 5% interest (to make numbers easy). You could apply your money to clearing that debt or else maybe you think you could make 10% return on your money some other way. Let’s say by going solo on the stock market or by setting up and growing a side-hustle.
Which one wins? Use your money to destroy 5% interest (with the added security that brings) or use it to try to grow by 10% with the risk that brings? Grow slowly or take a risk and hopefully grow quickly?
LB
But I’m severely in debt and started a blog to give out financial advice even though I don’t have much experience and my sole goal is to make tons of money online like the other financial bloggers who have done this for years. Oh look coupon! #frugalrules
Steve from Arkansas
As a financially independent 61 year old guy who is a happily retired millionaire next door, I have to say you may be a relative youngster but you are wise beyond your age. I love your attitude and insights. I’m in the gig economy mostly for fun now though it’s earning me six figures and as an old guy who is pursuing a millennial style of work now I enjoy learning from you and many of your peers, like Paula Pant.
Ten Factorial Rocks (TFR)
Great post, Paula. Don’t sweat the small stuff is what it all boils down to. I agree 100%. I apply this principle in my life and in my blog posts – including one I wrote on You cannot shrink your way to FI (didn’t want to link in the comment, but you can see it and others based on the same principle in my Archives page).
The concept of marginal utility is powerful to catalyze this 10X thinking. Very few do it, because the small wins are attractive to many. I am prepared to lose tactical battles to win the big war. That has served me well in my career and in life. Great stuff on this post here.
Colin @ rebelwithaplan
“Life is not an endless series of ‘and’s'” YES! I feel urged to keep this as a daily mantra to repeat to yourself whenever you’re faced with multiple directions and multiple things you want to do.
I always love hearing your thoughts on productivity and time efficiency. It’s all about what your goal is and how BEST to get there!
Sonny
Paula,
This is very nice article. Great Job. I always try to major on majors NOT major on minors. I learnt this the hard way. I apply 80/20 principle. Which actions will give the highest reward to reach my goals. I focus on them and leave the rest. I delegate, delegate and delegate. It took years to learn this. I also pay people to get things done. If I can eliminate, I do that first and then delegate. But Focus is only few handful things that gives me highest return in terms of money, time, and satisfaction.
Felicity (@FelicityFFF)
Hear, hear!
The crappy pitches get me the most – completely generic request for a guest or sponsored post that shows no indication whatsoever that they’ve actually read your blog – why??? And then they follow up with another email if you don’t reply. ..
Joel
Another great post Paula. Completely different way of thinking than the norm.
Edward
“You never know where it might lead,” (with anything other than exploring during travel), is lottery ticket thinking! Drives me crazy. How many times has a lotto fanatic said something to you like, “You *never* know! Someone has to win.”? …Ersh. My reply to the initial question, “Really? How about I focus my time and attention on something I know leads somewhere beneficial instead of squandering on chance and hope?” (An idea which may possibly have sunk into my mind years ago from your article, “Why Hope is Not a Financial Plan”?)
A big part of me does now want to try and make a disappointing soap bar of sadness. It has to be multicolor though. …And look sort of like Jabba-the-Hut. I’ll use my 2 minutes of hope there instead of Internet solicitations, thanks–at least it will lead to *something*. (Queue broken microwave and melted soap all over kitchen floor .)
Dividend Diplomats
Agree with the premise completely. Basically, figure out what matters the most and focus your attention there. This hits home because I was thinking about it this week actually. I’ve spent countless hours in the past chasing around meaningless means for additional income. I’ve tried flipping video games earning $5 per game while spending hours accomplish this (But the return was over 50%). In hindsight, I should have been placing all my energy into our blog/website. Those three hours could have spend engaging with others, writing a few articles, etc.
Also, another one that just hit me. Should you spend the time couponing to support your current meal plan OR should you be trying to devise a healthier meal plan that creates tasty food on a budget?
Thanks for the great read as usual!
Bert, One of the Dividend Diplomats
Freedom 40 Guy
Great post Paula! As always – you have a great ability to dispense practical advice.
I can certainly speak to a couple of the points you make in your post regarding learning how to invest and determining how to double your income. When I first entered the working world and started making a salary, one of the first things I did was learn how to Invest. I read books, and online information, and most importantly I started actually investing on my own in a small brokerage account. The next thing I did was work my butt off to make myself more valuable to my company and soon I had doubled my income, and then doubled it again. Now I’m under 40 and getting close to “retiring”.
I’ve never clipped a coupon in my life – and I don’t believe I ever will.
Hulu
Love this concept. Like when I told a mentor that I had $30k in passive income and he said, “that’s great! Now put a zero behind it!”.
Think I’ll try 10x dating next. I figure going online, focusing and tilting more extraverted will do the trick. Being single helps too 🙂
Finance Nize
This is something which I found interesting today on the internet, and I seriously love to be on your mailing list because you are very much active and does a lot of interesting sharings, rather than some non senes and crappy offers which many other blogs do. And the main reason why I visit your site too often is because I love your style of writing, Finance is actually a boring or headache for many peeps but not anymore when you find such amazing articles.
Sanjib Saha
Separating the worthwhile vs wasteful is what we all need to start doing from today. The concept of “Any Benefit” stands in today’s generation, but we do need to recognize what we actually need for happiness and success. Sometimes we must follow our own intuitions instead of following what is being told to us or what the majority is doing. Thank You for inspiring all to do that with this post.
Ian
Great perspective! I used to waste so much time being a penny pincher trying to save a few dollars. You can’t save your way into wealth, you have to create it. Your insights that everything is trade-off, whether time or money, make perfect sense. That really got me thinking. It changes how I think about my long-term goals.
Elizabeth C
Great article! It seems to be similar to a book I borrowed from the library (though I’ve just read a few pages so I could be proven wrong) called The One Thing. It’s about focusing on the one thing that will get you results. I still clip coupons out of habit but my focus is on activities that will earn/save me real money.
Amanda @ AJ Money Matters
This is such an important concept to highlight I think! I’ll admit I’ve spent a little bit of time replying to pitches, as curiosity does get the better of me sometimes. But majority of the time, those people never actually reply back! Or they take 2 weeks to reply back. If they were serious, they’d reply within 24hrs. I think you just have to follow your gut instinct and what you truly believe you should be focusing on and set your goals around that.
Great post!
Young and Finance
Just listened to Grant Cardone discuss 10x thinking today. Have the book on the to read list! Definitely looking to learn more on this subject
Kahina
I can’t thank you enough for this article.
Chintan @ Alpha Trading
The stock market created $32 trillion in wealth over 90 years but more than half of that came from 86 stocks out of nearly 26,000. It is rightly said for getting the right return it is important to have the right debt and stock blend. Learning the right thing in the right way.
Jorma J Tontti
We have to plan carefully how to spend our time and energy. Especially if you run a one-man company, those two are very valuable ones. I have used my attitude to conduct me to the right information sources. It is vital to guarantee that the information source is reliable. This attitude will leave quite many sources away from the list, but on the other hand it will guarantee the quality.
Paul B.
Along the same lines, I often hear that one should do something because, “It can’t hurt.”
Yes, it can hurt, if my time was better spent doing something else. Many of us juggle multiple priorities and every minute spent on one task is a minute I’m ignoring another need.
Katie Camel
YES! Thank you! These are exactly the words I needed to hear, er, read. I’ve realized I’m wasting too much time with scattered projects instead of narrowing my focus, so this confirms what I’ve suspected. I love how you’ve streamlined the necessary thought process to help me decide where to focus and what to forget. However, I am one of those people who has started opening bank accounts for the bonuses because it’s easier to earn a little extra cash that way instead of more overtime at work — same end goal for less time away from home. So, yeah, thanks! This post is much appreciated!
Btw, I started listening to some of your podcasts this past weekend and loved them! I finished the Michelle Singletary interview this morning and loved it! She’s wonderful!
Leeric
I believe the phrase is “Penny wise, pound foolish?” It’s like driving to lunch with a $1-off coupon in your leased BMW 7-series. There’s an easier way to make a big impact on your finances. I say, pay full price for the lunch but drive a more-modest car.