A Few Hours and A Little Money Can Make A World of Difference

People focus on trivia more than they pay attention to what matters. Easy beats hard any day. Think about your career. If you are a doctor, lawyer, accountant or other professional, or a business owner, the chances are good that you will work more than 100,000 hours.

Your income will depend a lot on what you do, but $10,000,000 is not a completely crazy estimate.

Some people would say that a $10,000,000 decision that would take 100,000 hours to work out requires great care. They might believe that great care should be taken in managing both the money and the time. Based on observation, those people would be wrong. No one spends more than a few hours on the problem. In a lifetime maybe 100 hours and tiny amount of money.  At most a thousand hours. Just 1%. Sounds pretty careless when you look at like that.

Yet it works out. Why?

Because people adapt.

People who find their career is not pleasing can change or refine into some specialty that they like. Hate your job, get another. Business is not fun.  Sell it and start another. The starting skills mostly carry over. No one spends 45 years trapped by a decision they made when they were in high school.

The money? Most people live within their means. If they don’t the rest of the world conspires to help them. If you think your bank doesn’t care who you are, miss a payment or two. 

It eventually balances out.

Adaptation is usually not the most efficient plan. Neither career management nor money management by default is best, but it is often good enough.

The question you might want to know about is the one that asks how much should I value efficiency. The win is a better career fit and more income. More income means you can quit earlier if that pleases you. Good planning creates more or better options.

Usually a little thought helps. An easy step is to talk to people who have been there. Want to be a doctor, talk to doctors. High school or college guidance counselors will not help much. If you want to be a high school guidance counselor, not much point talking to doctors.

Be specific. Only those who have been there and done that, know reality.

It is never too late to begin. People become ingrown as they move through life. Talk to people outside your area of expertise. A new viewing point provides new insights.

Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario.  In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.

Please be in touch if I can help you.  don@moneyfyi.com  866-285-7772

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