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Unlimited Spending Cripples Families, as Well as Nations

Sustained deficit spending eventually erodes your ability to prepare for the future and, perhaps worse, to capitalize on current opportunities.

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Joe Biden and company, supported by the U.S Senate, including 19 turncoat GOP senators, is delusional when it come to spending money. A couple trillion dollars here, and a couple trillion dollars there, and soon enough you are condemning future generations to live a life of servitude to the Chinese.

American society in general is predisposed to conditioning us to consume more than we need and to spend more than we make. This kind of recklessness is a guaranteed recipe for disaster. Taking back control of your finances can help you to be more in control of your life.

Think back to your high school and college history classes: can you recall a nation in the history of the earth that accumulated huge deficits over a prolonged period of time, lacked a concerted effort towards reducing these deficits, yet was able to sustain economic prosperity for its citizens?

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Can a nation, in debt for trillions annually, or a person – namely you – consistently run up huge deficits and expect no consequences?  For decades, tens of millions of Americans have accumulated personal debt via credit cards, loans, and other forms of financing. It’s likely that you have some financial debts.

Silent Servitude

Sustained deficit spending eventually erodes your ability to prepare for the future, and worse, to capitalize on current opportunities. The more you owe, the more enslaved you are! In The Overspent American, Dr. Juliet Schor notes that you’ve likely been taught to consume more than you need.

Right now, how would it feel if all your credit cards were paid off? How would it feel if you paid your monthly rent or mortgage several months in advance? How would it feel if your car loan was paid off? How would it feel if you were actually able to pay some of your utility bills for months in advance? For most people it would feel great. You’d feel in control of your time.

We all know the arguments about losing the (minuscule) amount of interest you could have earned if you let your money sit in the bank instead of paying the electric bill three months in advance. Ah, but wait. A month after you’ve paid your electric bill three months in advance, you receive the next month’s bill. Guess what? It shows that you have a huge credit and that nothing is due – you’ll smile when you see these kinds of bills!

Halt the Spending

To reduce your personal debts, place a moratorium on optional spending, regardless of what items entice you, until your credit cards have zero balances.

Let’s not confuse issues, however. There is value in paying others to do that which you don’t like to do. These are separate issues. Paying for something that frees up your time is a life benefit. Paying for material things which you don’t need, and certainly don’t save your time, might be satisfying, but ultimately can be draining.

Here are some useful exercises for controlling your checkbook, and hence reclaiming your life:

1. Write out checks to pay bills in advance of their due dates. Then, keep an advance file with a folder for each day of the month. Place the check in a sealed, addressed, and stamped envelope. Then put the envelope in the folder of the day it’s to be mailed. This way the money is allocated in advance in your checkbook, and your bills are paid on time. If your checking account pays interest, you don’t lose interest.

2. Occasionally, overpay the balance on your continuing accounts, or pay early. This gives you the aforementioned psychological boost when you see a credit on your next statement, and gives you a good reputation with your creditors, which is handy!

3. Keep a stick-on note in your checkbook for an immediate reference that lists what’s coming in this month and what needs to be paid. This provides you with a running mini-cash flow list you can refer to at will. Update it every week, or day, if necessary.

4. Review old checkbooks and see what you paid to whom for what. Do the same thing with your monthly credit card statements. Put a red mark next to all those expenditures that you didn’t need to make, or that you could have done without after further consideration.

5. Now, considering expenditures on the horizon, which ones can you do without?

Save More, Spend Less

As noted author and speaker Roger Dawson says, “It doesn’t matter how much money you’re making; if you’re spending more than you take in each month, you’re headed for trouble.” If you spend less than you take in, eventually your debt will decrease, perhaps even disappear.

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Jeff Davidson is the world's only holder of the title "The Work-Life Balance Expert®" as awarded by the U.S. Patent and Trademark Office. He is the premier thought leader on work-life balance, integration, and harmony. Jeff speaks to organizations that seek to enhance their overall productivity by improving the effectiveness of their people. He is the author of Breathing Space, Simpler Living, Dial it Down, and Everyday Project Management. Visit www.BreathingSpace.com for more information on Jeff's keynote speeches and seminars, including: Managing the Pace with Grace® * Achieving Work-Life Balance™ * Managing Information and Communication Overload®



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Delegation: An Ongoing Phenomena

Failure to delegate effectively often happens because team leader don’t trust the people with whom they’re working

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For most of your career, you’ve read or heard that one of the key approaches to getting things done is to delegate effectively. This presumes that you have others to whom you can delegate. In my contact with more than 950 organizations over the last two and a half decades, I’ve found increasingly that people have fewer resources, a lower budget, and less staff people. If they want to get something done, often they have to do it themselves!

Assuming you have others to whom you can delegate, the first or second time you personally tackle a particular task yields useful information. You learn more about the nature of the task, how long it takes, and whether or not you enjoy doing it.

By the third time, a task of the same ilk as those you’ve handled before often becomes best handled by someone reporting to you. Such tasks could involve updating a database, completing an interim report, or assembling meeting notes.

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All that You Can

On the path to getting things done, your quest is to identify all those things that you can possibly delegate to others and then prepare those others so that they have a high probability of succeeding. In the course of your workday there may be only a handful of things that you alone need to do because of your experience, insight or specialized knowledge. Everything else that can be delegated should be.

Some people feel they have to take care of everything themselves and to this day haven’t been able to break the habit of “doing it all.” If this someone is in your seat right now, recognize that as a category of one, you can only get so much done.

Many managers and supervisors fail to delegate effectively because either they don’t fully trust the people with whom they’re working, or they’ve always been get-it-all-done-by-myself types.

Take Time before You Assign

Prior to delegating anything to anyone, take the time to actually prepare your staff for delegation. This would involve assessing an employee’s skills, interests, and needs. You could even ask people what new tasks and responsibilities they would like to assume. You might be surprised at the wide variety of responses you receive. There may be people on your staff right now who can help you with tasks you’ve been dying to hand off to someone but didn’t see how or when you could put them into play.

While you want to delegate to staff people who show enthusiasm, initiative and interest, or have otherwise previously demonstrated the ability to handle and balance several tasks at once, sometimes you have to delegate to someone who has not exhibited any of the above. In that case, delegate on a piece-meal basis.

Ensure that the staff person is able to effectively handle the small task or tasks he’s been assigned and does not feel swamped or overloaded. When the staff person demonstrates competence, you can increase the complexity of assignments and even the frequency with which you delegate.

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Multi-tasking: More Harm than Good

In this day and age, where so much competes for our attention, it is easy to stray!

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I belong to a local health club, and while I was there one day, I saw a woman get on the Stairmaster. I watched as she whipped out an mp3 player and started listening to music. Then, to my surprise, she reached into her gym bag, pulled out a book, and placed it on that ledge to read. I almost asked her if she would like a piece of gum!

Today, when so much competes for our attention, it is easy to stray! More often than we care to pretend, in the office and at home, we invite more than we can handle, and then act as though we didn’t. As individuals, throughout society, we are trained to believe that the ability to multi-task is a great attribute. Unfortunately, that’s a big mistake. Here’s why, and how to avoid multi-tasking in the future.

First Things First

What’s the fastest and easiest way to handle six tasks competing for our attention? Identify the most important task, second most important, third most important, and so on, then tackle the first and finish it all the way, move on to the second and complete it, then move all the way down the list.

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Any other way of tackling those items, whether they are tasks for home or work, is simply not as efficient. The catch is, any other way is more psychologically satisfying.  Why?  It’s almost as if juggling projects, switching gears unnecessarily or abruptly, or leaving a job unfinished to start a new project gives you the opportunity to say to other people, “Hey, look at me! Look how involved I am! Look at how busy I am! I’m great at multi-tasking.” A multi-tasker, however, can’t compete with others who tackle their to-do list, one item at a time.

What about doubling up as a procedure for tackling a number of routine items or very simple tasks? You can eat dinner and read a book at the same time. Eating and reading at the same time is relatively harmless.

How about driving and talking on the cell phone at the same time? Driving requires your sharp attention, as does carrying on an intelligent conversation with someone else who is not present; doing both at the same time spreads your attention too thin, with often disastrous results. The same is true for projects you’re working on that require your best thinking.

Tips:
* give yourself 5 to 10 minute intervals to focus on the task at hand
* safe-guard your immediate environment to avoid interruptions
* acknowledge yourself whenever you stick to one task and finish it
* repeat all the above, often, knowing that ‘more often’ is better!

Your Undivided Attention

When you’re working on a new task, brainstorming, engaging in first-time thinking, or doing creative work, it’s vital to offer your complete and undivided attention to that one task before you. To dissipate your attention or otherwise stray means you are not going to do your best work.

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