PENNY WISE AND POUNDS FOOLISH

Like most people, we 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 truths 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 assets. They do not spend
their capital carelessly or foolishly but they do recognize
and seize opportunities when they present themselves.
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 the
population. They use drive time to listen to educational
or motivational audio programs. They use their exercise
time, even time in the shower, to keep on learning and
expanding their skills. A colleague listens to tapes while
he shaves and says it is often the most valuable time of
his day.
This week I read of a client who writes a large number of reports
he invested $10,000 in a used, 1995 limousine. He
has one of his staff (usually a volunteer) 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, effective, and if it
hadn't worked out he could 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 talk
about that being "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 can do the most good.
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 8 hours
to find that "deal". That's about $5 per hour! 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? Of course not.
The difference in cost won't always be worthwhile, but when
I have work to do, or need to be fresh, sharp and "ready"
when I arrive, first class can be a great investment.
Sometimes, flying "cattle class' to save a few dollars is
simply not a real savings.
This week, review your habits and investment patterns.
Where are you spending your 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!