LE Podcast Episode 008: Time Management with Rory Vaden
In This Episode:
- Understanding the myth about Time Management
- The Focus Funnel
- Permission to procrastinate on purpose
- Free Book Giveaway
Three Types of Procrastination:
- Classic Procrastination- consciously delaying what we know we should be doing
- Creative Avoidance – busy being busy with lots of tasks.
- Priority Dilution- the chronic over-achievers procrastination, as people become more successful there are more opportunities and challenges to keep up with. That is what the book Procrastinate on Purpose is about.
What is the biggest myth that most people have in understanding time management?
There is no such thing as time management.
There is only self-management. You cannot start time or stop time or pause time, so the reality is that you can only manage yourself. This perspective helps you avoid saying “I’m so busy”, it’s a very un-empowered place to be talking from. It makes it seem like the world is happening to you and you are out of control.
You need to move from that place of “I’m a victim and the world is happening to me” to “I’m a leader and I am in charge of how I use my time.”
Evolution of Time Management Theory
One Dimensional Time Management Thinking– developed in the 50’s and 60’s, about the industrial revolution of the time, all about efficiency and getting things done quickly. But efficiency has a point of diminishing return.
Prioritizing Your Time Thinking– developed in the late 80’s, came from Stephen Couvey in 7 Habits of Highly Effective People, created two-dimensional time management thinking, and combined efficiency with urgency. Prioritizing does not create any more time.
The world is a different place now. What we have noticed is that you can’t solve today’s time management problems with yesterday’s time management thinking.
What is the difference between importance, urgency, and significance?
This is the third-dimension, or multiplying your time. It adds significance to the other ways of thinking.
Importance is how much something matters, urgency is how soon does something matter, and significance is how long does something matter.
“How can I use my time today that creates more time tomorrow?” That is the significance calculation and that is what will multiply your time.
The way that you multiply your time is by giving yourself the permission to spend time on things today that will create more time tomorrow.
Significance is the remedy. It helps you create more time and helps you to not fall victim to the tyranny of the urgent and never doing the more strategic things.
The Focus Funnel
A visual depiction of the thought process a multiplier must go through to evaluate how to spend their time.
This gives you permission to procrastinate on purpose.
We cannot be focused on the volume of tasks we accomplish, but the significance of tasks accomplished.
There are three types of people when it comes to money.
- Lower-middle class thinking- do I want the $5 coffee? If the answer is yes they will do anything to get it. Beg, steal, buy on credit- they are completely controlled by their emotions. Short-term calculations.
- Average wealth- do I want the $5 coffee? Their response would be, do I have $5?
- Wealthy- Do I want the $5 coffee? They evaluate is differently. They take into account the opportunity cost. It’s not just $5; it’s what you could do with the $5 to make more money in the long term.
This is a classic example of the significance factor. How wealthy people think about money is exactly how multipliers think about time. Automation is to your time exactly what compound interest is to your money.
Connect with Rory Vaden and find out more about his books here.