Success Is Controlling How You Spend Your Time | Inc.com

April 27, 2015 ~ knjohn ~ Leave a comment

I blew the mind of one of my Babson College students this morning.

Like most people, he believes that success is measured by how much money you have and how much money you make. By that measure, there is no single individual who is the world’s most successful.

After all, Bill Gates–whose net worth totaled $79.6 billion according to Forbes’s January 29, 2015, tally–probably has the most money, but I sincerely doubt he makes the most money every year.

That title probably goes to a hedge fund manager. For example, Ray Dalio–who runs $120 billion (assets under management) Bridgewater Associates–pulled in a cool $3 billion in personal earnings last year, according to Forbes.

But if you believe that success means both having the highest net worth and getting paid the most every year, then neither Gates nor Dalio is successful.

That’s because the pursuit of the most wealth or the highest annual income is success only if you keep winning every year. Otherwise, you are going to spend time trying to figure out how you can get to be number one–rather than taking pleasure in what you have achieved.

Time is of the Essence in Funding Deals | Peter Mehit

September 23, 2014January 22, 2015 ~ knjohn ~ Leave a comment

‘Time is of the essence’ is a contract clause used when an action must occur by a certain time or the deal is in jeopardy, such as the buying and selling real estate. The reality is, when dealing with funding sources, that time is of the essence for the entire transaction.

I have seen deals that seemed rock solid, collapse. The reasons for their demise didn’t come from any unsolvable disagreement or lack of information. Looking back, I see that many of them just simply took too much time.

When an applicant applies to a bank, there is a flurry of activity. Applications are completed, appraisals ordered, interviews conducted. There is a lot of information gathering as the bank prepares the loan package for underwriting. Once the package goes behind the curtain, the wait begins. Occasionally, requests for information will come from underwriting. If underwriting likes the deal, they’ll defend it to a loan committee and the deal is, or is not, approved.

Continue reading “Time is of the Essence in Funding Deals | Peter Mehit” →

3 Ways to Avoid Being Behind the Eight Ball | Peter Mehit

July 14, 2014January 22, 2015 ~ knjohn ~ Leave a comment

At one point in my career, I managed a lot of software projects. At least once on each project, I would be handed the classic dilemma: “You can have it on budget or on time, but you can’t have both.” The person that was saying this to me was expressing frustration about being behind an eight ball, sometimes because of my planning, sometimes theirs and sometimes it was the accumulation of all the times we didn’t say ‘no’ to the client.

During this period, I learned about a concept called the ‘triple constraint’. The ‘triple constraint’ consists of Scope, Time and Resources. Explained below, it is a quick way to think about any situation and be able to know how difficult it will be. One way to think about it is as three forces that are all pushing against each other such that, any change in one will affect at least one of the other two.

Continue reading “3 Ways to Avoid Being Behind the Eight Ball | Peter Mehit” →

Can Thinking About Time Make You A Better Person? | Fast Company

December 19, 2013 ~ lmehit ~ Leave a comment

Imagine: Briefcases full of cash. Scrooge McDuck diving into his swimming pool vault of gold coins. Winning $100 at a blackjack table. Feeling a little dishonest yet?

Just thinking about getting our grubby little hands on some cold hard cash can make us more likely to cheat, according to a new study in Psychological Science. Oddly enough, thinking about time seems to make people more honest.