Investors Time Management Formula
| | Monday, March 17, 2003 @ 09:06 AM EST
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Contributed by: John Michael
John Michael Properties
Read more archived articles about Managing
Scheduling and managing time wisely are important for the investor. If you miss important appointments and deadlines you will cause complications to both your business and finances. This causes anxiety, frustration, guilt,
Then you quite and place the blame on your Real Estate Teacher/Mentor.
Get your priorities set
This is pertinent for a busy
investor's schedule
One way that I suggest is the daily do lists
Time Survey
To begin managing your time you first need a clear idea of how you use your time. This time survey will help you to estimate how much time you currently spend in typical activities. To get a more accurate estimate, you might keep track of how you spend your time for a week. This will help you get a better idea of how much time you need to prepare for each day. It will also help you identify your time wasters.
The following survey shows the amount of time you spend on various activities. When taking the survey, estimate the amount of time spent on each item. Once you have this amount, multiply it by seven. This will give you the total time spent on the activity in one week. After each item's weekly time has been calculated, add all these times for the grand total. Subtract this from 168, the total possible hours per week.
Be honest with your self!
Here We Go:
1. Number of hours of sleep each day/night _______ X 7 = _______
2. Number of hours for meals/snacks per day - include
preparation time _______ X 7 = _______
3a. Total travel time weekdays _______ X 5 = _______
3b. Total travel time weekends _______ X 2 = _______
4. Number of hours per week for regularly scheduled _______ X 7 = _______
functions (clubs, church, get-togethers, etc.)
6. Number of hours per day for chores, errands, etc _______ X 7 = _______
7. Number of hours of work per week _______ X( )= _______
8. Number of hours watching TV per week _______ X 7 = _______
Now add up the totals: _______
Subtract the above number from 168 - _______ = _______
The remaining hours are the hours you have allowed for real estate investing.
Daily Schedules - There are a variety of time schedules that can fit your life. These include engagement books, a piece of poster board tacked to a wall, or 3 x 5 cards. Once you decide upon the style, the next step is construction. It is best to allow spaces for each hour, half-hours for a busy schedule. First, put down all of the necessities; meetings, work, meals, etc.
Now block in your REI time. Schedule it for a time when you are energized. Make sure to schedule in breaks, about 10 minutes each hour. Be realistic on how many deals you take on. To succeed in REI you need to have the time to due your homework on your subject investment. If you find you don't have time you might want to consider lightening your load or better yet turn off that TV or computer!
Tips for Saving Time Now that you know how you spend most of your time, take a look at it. Think about what your most important things are. Do you have enough time? Chances are that you do not. Below are some tips on how to schedule and budget your time when it seems you just don't have enough.
Don't be a perfectionist - Trying to be a perfect person sets you up for defeat. Nobody can be perfect. Difficult tasks usually result in avoidance and procrastination. You need to set achievable goals, but they should also be challenging. There will always be people both weaker and stronger than you.
Learn to say no -You really are not interested. You want to say no, but you hate turning people down. Politely saying no should become a habit. Saying no frees up time for the things that are most important.
Learn to Prioritize - Prioritizing your responsibilities and engagements is very important. Some people do not know how to prioritize and become procrastinators. A "to do list" places items in order of importance. One method is the ABC list. This list is divided into three sections; a, b, or c. The items placed in the A section are those needed to be done that day. The items placed in the B section need completion within the week. The C section items are those things that need to be done within the month. As the B, C items become more pertinent they are bumped up to the A or B list. Try it or come up with your own method, but do it.
Turn Off your TV & Computer - The biggest time stealer today is your TV & Computer. TURN THEM OFF!
Conclusion
After scheduling becomes a habit, then you can adjust it. It's better to be precise at first. It is easier to find something to do with extra time then to find extra time to do something. Most importantly, make it work for you. A time schedule that is not personalized and honest is not a time schedule at all.
Note: John Michael is the author of many guides that can help you become more successful as an investor. See http://www.thecreativeinvestor.com/ChanPart-JohnMichael.html
Word Cloud:
items investors schedule time most hours week. _______ each number this total management formula spend will need have
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