Lazy Man and Money

Five Thoughts To My Future Children…

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I got the latest edition of Money Magazine yesterday, and Pat Regnier in his The Bottom Line column used the letter to his children as a literary device. It’s not unique (I’ve even written a letter to my high school self in the past), but nonetheless, I thought the idea was worth stealing flattering Mr. Regnier with my own letter to my own children. [Note: I probably wouldn’t use bullets and bolding in a real letter to my children, but I think you’ll find it easier to read.]

Dear Xetra and Dax,

  • Your Names – Sorry about the names. They seemed cool at the time. I didn’t think your mom would take my bet. Even so, Matt Cassel himself didn’t expect to win the Super Bowl.
  • Your Education – I’ve seen a lot of specialists make a lot of money. I was a specialist myself – one of a dozen or so people in the United States who could program a computer in a very propietary computer language. However, like me, a lot of specialists lose their jobs when that specialty goes away and have nothing to fall back on. There’s something to said about doing one thing and doing it well, but there’s also a lot to be said for networking well, writing well, speaking well, and knowing technology well. There are a lot of other valuable skills as well, but that’s a fine start.
  • Your Time – It’s the most valuable commodity you have. Right now, you probably view it as an infinite resource. It gets more finite with each passing minute. Look for ways to do something well once instead of having to do repetitive work. Many mistake your Dad as Lazy, but it’s more about being efficient with your time.
  • Your Money – If you haven’t learned it by reading Dad’s website by now, money is important. It buys you freedom from doing things that you don’t want to do. It buys you freedom to do the things that you do want to do. It also buys you the ability to help friends and family in time of trouble.
  • Your Happiness – I don’t have it quite perfected yet, but I’ve been working on a recipe for this. Beyond that, I’ve found four factors of focus: family, friends, freedoms, and fitness.

Are Your Resources Swallowed Up By Parkinson’s Law?

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parkinsons-law-crowding.jpgEvery time I’ve heard about Parkinson’s it’s been in the context of the debilitating medical condition that my grandmother died of. Recently I’ve read about a different kind of Parkinson’s – Parkinson’s Law. Even if you don’t recognize the name, I’m betting that you’ve come across the phenomenon. Wikipedia’s definition is very brief, Parkinson’s Law is the adage that “work expands to fill the time available.”

Three Ways I’ve Been Impacted by Parkinson’s Law

If you read a little more into the Wikipedia definition, you’ll see that a more general definition is “the demand upon a resource tends to expand to match the supply of the resource.” I’ve found this to be true of nearly every project I’ve tried to accomplish in life. Specifically it applies to at least three areas, work, space, and money.

Parkinson’s Law of Work/Time

This was the base case mentioned from the outset. Have you ever had that book report that you put off until the last minute? I always choked it up to procrastination, but maybe it was Parkinson’s Law. In my years as a software engineer, I’ve rarely seen a project finish under the projected time allotted for the work. This is theme that’s prevalent in Frederick Brook’s Mythical Man-Month.

Sadly, I find that this continues with my writing today. In fact, it’s several times worse, because I have some long term projects that have no definitive due date on them. When there is no due date, the work expands infinitely. I need to work on this. One idea I’m thinking of is enlisting my wife as a project manager. I’d explain to her each week what I’m looking to accomplish. At the end of the week, we’d go through and make sure that I have it – instant accountability!

Parkinson’s Law of Space

Do you have a problem with clutter? Ever think that if you just had more space, you’d be magically organized? Maybe it works for you. It doesn’t work well for me. If I have a really big desk, I will use up every inch of that space with stuff. I think I rationalize it as, “I still have more space before I have start to clean.”

Maybe it’s not your desk, but your clothes closet. Or maybe it’s a McMansion that you need to fill with furniture. Or maybe it’s crowded kitchen counters.

Parkinson’s Law of Money

Have you ever gotten a tax refund or raise? Was your first thought in your mind that you can now buy that pair of Jimmy Choo shoes or a plasma television? Yeah, I’ve never had those thoughts either ;-). That’s probably because you are reading this site and likely have read other personal finance sites.

The average person does think like this and some call it lifestyle inflation. If you make more money, the demand for your money rises.

Possible Solutions for Parkinson’s Law

While there are many solutions here are a couple that I’ve found help me.

  • Time – I stay on track when I work at home with a kitchen timer. I divide my tasks into smaller, manageable pieces. I then give myself 10-15 minutes to finish the task and move on to the next one.
  • Space – My wife and I live in a 1100 sq. ft. apartment. We could probably squeeze into an 800 sq. ft. place with a little spring cleaning. I like to focus a little more on thinking small and doing more with less space. Maybe that means having a Wii instead of a pool table.
  • Money – I pay myself first. If I don’t see the money in my checking account I can’t spend it. If I can get it in a tax-advantaged retirement account, I’m sure I’m not going to spend it frivolously.

Do you have a problem with Parkinson’s Law? How do you solve the problems that can arise from it? Let me know in the comments…

Photo Credit: Guacamole Goalie