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How Top Performers Never Let a Second Go to Waste

How Top Performers Never Let a Second Go to Waste

Every person on the planet is allotted the same 1440 minutes each day; it’s how we choose to use them that makes all the difference. Unfortunately, efficient time management can sometimes be a challenge. To help you make the most of the time you’ve been given, check out these 14 simple yet effective time management tips.

1. Tackle the Most Important Tasks First

This is calling Eating That Frog! Start every day by tackling your largest, scariest task first. When you do that, everything else will be simple.

I outline a system for prioritizing tasks called the ABCDE Method. In this method, A tasks always come before B tasks and B tasks before C tasks. D tasks are delegated and E tasks are eliminated entirely. By sticking to this method, you can ensure that you are always tackling the most important things first and using your time as wisely as possible.

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2. Make a To-Do List

To-do lists have a way of helping people organize their tasks. They also create a physical embodiment of the tasks’ existence, reminding you that they need to be done and providing you incentive to start checking items off. Be sure to use multiple lists to stay organized. I wrote an article about the 4 types of to-do lists to demonstrate the range of lists that can be useful for achieving all your goals.

3. Divide and Conquer

If you have a major task to get done, try to divide it up into a bunch of smaller tasks. This collection of smaller tasks will seem much less intimidating than the task seems when viewed as the whole.

4. Get the Momentum Going

Once you’ve divided your large task up into a bunch of smaller tasks, choose the smallest one in the bunch and knock it out. Getting started is often the hardest part of accomplishing something. Once you’ve got the ball rolling by finishing just one, small task, though, pushing forward will be much easier.

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5. Start with the Unpleasant

If you’re staring down the barrel of an especially unpleasant task, it’s best to get it over with and get it done. Often times, worrying about your most difficult task will take up more energy than doing it. Avoid this waste of mental energy by getting your most unpleasant task out of the way first.

6. Focus on the Negative

Fear is an excellent motivator, and, if your tasks are important, not completing them is sure to come with some negative consequences. While you don’t want to focus on these consequences so much that you allow them to work you into a worried frenzy, a little bit concern can be great for crushing procrastination.

7. Come Prepared

When you set about a task, make sure you come fully prepared with everything you need to complete it. Not only will coming prepared keep you from having to trace back and forth getting items, being prepared is a great motivator in and of itself.

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8. Take Time to Relax

A little bit of relaxation is crucial for maintaining a positive, motivated mindset. If you work constantly without taking the time to rest and gather your thoughts, you’ll quickly burn out and be unable to efficiently accomplish your tasks no matter how hard you try. My personal recommendation for relaxation time is meditation, but do whatever you find the most refreshing and peaceful.

9. Adopt a Sense of Urgency

It’s not enough to work hard – you need to work fast. Working fast is the best way to make the most of your time and accomplish as much as you can in the time you have available. Find a speed at which the quality of your work is still high and develop the sense of urgency necessary for you to maintain that speed.

10. Reward Yourself

Each time you complete a task (or a significant portion of a task) reward yourself. It doesn’t have to be anything major; step outside and stretch, get a cookie from the cabinet, check your phone, or substitute any other short yet pleasant activity that you might enjoy. So long as your rewards don’t start taking up too much of your time, they can be a powerful way to motivate you to start checking items off your to-do list.

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11. Work Smarter, Not Harder

Before you dive into a task head first, take a step back and analyze the best way to go about it. Often times, a few minutes of advanced preparation will end up saving you hours of inefficient work.

12. Delegate

The best leaders know how to properly delegate tasks. If there is work that you can afford to outsource or delegate to someone else, do it. This way, you can ensure your efforts are always focused on the tasks that are most important for you yourself to handle.

13. Eliminate the Nonessential

Some tasks don’t really belong on your to-do list. If it’s not really important that they are done and you’re pressed for time, strike them out and don’t worry about them. They’ll only distract you from your other, more essential tasks.

14. Lock the Door

Distractions are the fuel of procrastination. Sometimes, the only way to completely defeat procrastination is to lock yourself in a room and avoid all distractions. Put your phone in another room, pull the shades, and get to work until the task is finished.

Top Performers Make Every Second Count

Time is everyone’s most valuable resource and how you spend it determines how much you can accomplish in life. In order to spend your time most effectively, you must learn the right time management skills for your personality and responsibilities. The proper amounts of focus, prioritization, preparation, delegation, relaxation, and strategy are essential to maintaining a balanced approach to a productive lifestyle. When it comes down to it, time management tips such as these are among the most valuable life hacks I have ever put to use.

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Brian Tracy

CEO of Brian Tracy International

How Top Performers Never Let a Second Go to Waste

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Last Updated on August 20, 2019

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

5 Steps to Set Financial Goals

Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

1. Be Clear About the Objectives

Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

2. Keep Them Realistic

It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

4. Short Term vs Long Term

Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

More on this later when we talk about how to achieve financial goals.

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5. To Each to His Own

The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

11 Ways to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a 2 step process –

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

Ensuring Healthy Savings

Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

3. Make a Plan and Vow to Stick with It

Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Rise Again Even If You Fall

Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

5. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

If you are travelling buff, try to travel during off season. Your outlay will be much less.

If you go out for shopping, always look out for coupons and see where can you get the best deal.

So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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6. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

7. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

Making Smart Investments

Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

8. Consult a Financial Advisor

Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

9. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

Do you remember we talked about bifurcating financial goals in short term and long term?

It is here where that classification will help.

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So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

10. Compounding Is the Eighth Wonder

Einstein once remarked about compounding,

Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

Start investing early so that time is on your side to help you bear the fruits of compounding.

11. Measure, Measure, Measure

All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

The Bottom Line

This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

As you can see, all it requires is discipline. But guess that’s the most difficult part!

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Featured photo credit: rawpixel via unsplash.com

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