Friday, February 24, 2012

Financial Headline News for Friday 2/24

Phil's Financial Tip of the Day:

Time is Money

The only thing you and I and everyone all have in common is that we all get 24 hours a day and 168 hours a week to accomplish our dreams, goals, tasks at work, etc.

An average person will allocate that 168 hours by:

Sleeping=56
Working=45
Commuting=10
Hygiene and Eating=15

This leaves us with only 42 hours a week to spend with family, pursue hobbies, run errands, etc.

Laura Vanderkam wrote an excellent article on Time Management in The Wall Street Journal on Wednesday February 22nd. In it she recommends to write down a full accounting of how we use our precious time.

Here's how to do it:
Keep a time log. If you've ever tried to lose weight, you may have tried keeping a food journal. Sure, you're eating grilled chicken for dinner, but the eight M&Ms you grab from the receptionist's candy jar add up, too.

Like tracking meals, tracking time keeps us from spending it mindlessly or lying to ourselves about what we do with it. Write down what you're doing as often as you remember for at least a week. Add up the totals. Checking Facebook five times a day at six minutes a pop adds up to two-and-a-half hours in a workweek -- curiously, the exact amount of time the Centers for Disease Control and Prevention recommends we exercise

To read the rest of the article:
http://online.wsj.com/article/SB10001424052970203358704577237603853394654.html?mod=wsj_share_tweet

Here are some Common Sense Time Management Tips:

}  Do two things from your daily to do list at the same time.(Ex. Run the Treadmill while watching your favorite TV program).

}  Leave your keys in the same place every time. (Ex. Keys jar by the door).

}  Determine your peak performance time each day and block out that time to do creative things that require maximum mind power. (Ex. Write, read, and study during your most alert time of the day).

}  Use your non-peak performance time to do routine matters. (Ex. Making copies, filing, organizing your desk, cleaning up junk mail).

}  Use commuting time to learn. (Ex. Audiobooks).

}  Fill up gas tank each time-despite the high cost right now. (Ex. Filling up once a week will save you at least one additional trip per week to the gas station. At an average of 10 minutes per gas trip multiplied by 52 weeks comes out to 520 minutes which is 8.67 hours a year saved at the pump).


Quote of the Day from Dave Ramsey.com:
Within each of us is a hidden store of determination. Determination to keep us in the race when all seems lost. — Roger Dawson

Starting Monday February 27th, please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST on Dave Ramsey.com

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