We are all extremely busy. There isn’t enough time in the day to get done all the things that we want to do and even less time in the day to do the things we have to do.
I have studied a great deal of time management and self-improvement materials, but this book is the cream of the crop. I love the idea that is central to this book, “less but better”.
“The way of the Essentialist is the relentless pursuit of less but better.”
– Greg McKeown
Lesson 1: Less But Better
Essentialism is the elimination of everything that is not absolutely necessary in our life. It is asking the question, “Am I investing my time, effort, and resources in the most important activities?”.
Essentialism is being disciplined and focused with our time. Less but better means spending the limited about of time that you have on the highest priority tasks that drive the most results.
Doing only what is essential requires a high level of discipline. Doing the most important tasks (which are often the most difficult ones) can often be unpleasant.
- Cold calling potential seller is hard
- Following up with rejected offers is unpleasant
- Networking with new people and leaving your comfort zone is tough
However, each of these tasks is essential for a real estate investor. They are the core tasks that grow our company. What they have in common is the need for time and effort.
Really ask yourself, “Am I doing the right things with my limited time and energy?” You already know the answer when you catch yourself scrolling on social media or watching TV. If it doesn’t bring you closer to your goals then why even consider doing it?
Focus on the things that you can control. We don’t always have control of our options, but we certainly have control over our choices.
Maybe you don’t have any prospective leads to call (no options) but instead of reality TV on the couch, you can listen to a Bigger Pockets podcast (choice). All our choices move us closer to or further from the goal.
Choose wisely. Be disciplined.
Lesson 2: Define What is Essential
Why are you a real estate investor?
What is it that is driving you through the difficult conversations and disheartening setbacks? Knowing your Why is essential because having clarity creates and sustains motivation.
Really knowing what you want and having a definitive purpose will drive essentialism because it will allow you to cut off the things that don’t move you forward.
In real estate, there are certain actions that are undoubtedly essential.
- Marketing – our business cannot survive without consistent marketing driving leads to us.
- Networking – we need a team around us both internal (people you hire) and external (people you work with).
- Education – when sellers come to us we are expected to be experts. We need to keep up to date with the market and remain students of business.
“The key to success is action, and the essential in action is perseverance.”
– Sun Yat-sem
Lesson 3: Focus on the WIN
WIN is a clever acronym for What’s Important Now. If you don’t know what is important then the most important task is figuring it out. There can only ever be one priority at a time. If there are many priorities there is no focus. Focus is a force of singularity. While it is possible for a human being to complete many tasks at the same time it is only possible to focus on one thing at a time.
Prioritization is uncomfortable. It means having to admit to yourself that something is more important than another thing. This is especially important when the essential task is one we were putting off. Procrastination can be difficult to get past. However, once we give our focus and execute our task fully we are then able to switch to a completely new task and focus all our attention on that. This is an efficient and certainly less stressful method than constantly switching between tasks and executing multiple poorly or worse yet, getting nothing done.
How do you have enough time to execute the essential? By doing only what is essential you will save enough time to complete the essential tasks. It is a virtuous cycle. The better you become the more you can do. Then the choice becomes, do you want to work more and get things done or get the right things done with less work time? There is a time and place for both, but the path to achieving them is through essentialist execution.
It takes a great deal of courage to be a real estate investor and an essentialist. Both require a level of bravery. It is difficult to say no and pass up opportunities to remain laser-focused on achieving our investing and life goals. It is difficult to set boundaries and enforce them with family and friends. We risk upsetting people along the way. We might alienate others that don’t understand. We might piss off those that demand immediate attention.
“To harness the courage we need to get on the right path, it pays to reflect on how short life really is and what we want to accomplish in the little time we have left.”
– Greg McKeown
Despite its risks, essentialism allows for a deeper and more meaningful life. It allows you to live with integrity because you are making conscious choices rather than letting life choose. Getting back your time and doing the things that matter with the ones that matter is no small reward.
Now that you understand how to get there, it is time to execute.
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