PENNY WISE POUND FOOLISH

Like most people don't fly first-class very often, and
I think that's a mistake we're going to change. The
difference in productivity, comfort, convenience and energy
made it a great investment.
One of the key things about extremely successful people is
that they use their time, talents, and money differently
than everyone else. Highly successful people know where,
when and how to focus their activities. They do not spend
their capital foolishly but they do recognize and seize
opportunities when they can.
Their use of time is perhaps the best and most obvious
example.
Highly successful people invest time wisely. They always
think about their return on investment, and they watch less
television (and different programs) than the rest of us.
They use their daily commute to listen to educational or
motivational audio programs. They use their exercise time,
even time in the shower, to learn and expand their skills.
A colleague listens to CD's while he shaves and says it is
often the most valuable time of his day.
Recently, a client who writes a large number of reports
told me he invested $10,000 in an old, 1995 limousine.
Members of his staff do the driving, while he writes in the
back. At first he said he was embarrassed about it, but
noted that he has added almost 8 hours, or nearly 40% (!)
to his weekly "office" time. He identified it as one of the
most productive investments he's ever made.
I love that! It's creative, fun, and effective. He arrives
for meetings in an old but well-polished limo (impressive!)
and if it doesn't work out he can sell the limo and still
have a great story to tell. That's a winner all the way
around!
Most of us waste our nickels and dimes, while failing to
invest dollars in our future. My mother used to say
that was "penny wise and pound foolish," which meant that
most people waste their time, money, energy and
intelligence on the "small" things in life and have nothing
left for the "big" things.
Most of us work hard and go from early morning until night,
and the question is not whether we "work hard," but whether
or not we are truly productive.
Highly productive people don't waste time. They don't waste
money on impulse purchases, or get rich quick schemes. They
don't waste their emotional and intellectual capital on
things that are over and done with. Instead, they focus on
the future and invest their time and energy where they will
get the best return.
Recently, I talked with a man who bragged about saving $40
by making a purchase on the Internet, and at first, I was
impressed. Then I learned that it took him almost eight
hours (!) to find that deal with a company he'd never heard
of before. Given his earning potential, I questioned
whether that was the best use of his time, and thought it
was a great example of "penny wise and pound foolish."
Will I always fly first class from now on? No. The
difference in cost won't always be worthwhile, but when I
have work to do, or need to be sharp and "ready" when I
arrive, first class can be a great investment.
Review your habits and investment patterns. Where are you
spending time, money, energy or emotions on the "small"
things of life? Where could you make an adjustment that
would pay huge dividends? Remember the limo story, and look
for opportunities to increase your productivity, reap the
rewards and have fun doing it. That's a true win-win-win!