A habit that will make you rich (hint: it’s all in your mind)

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One of the “Eight Secrets to Getting More Done in 2012,” in this Forbes magazine article struck a nerve with me because it is something I have struggled with. If you have ever been accused of being “overly analytical,” “a perfectionist,” a “procrastinator,” or just somebody who has trouble making up their mind, we’re bred from the same stock.

Yes, being an attorney means being careful, not jumping to conclusions, and not making rash decisions. We carefully weigh the options and we go out of our way to avoid risk. It goes with the job description.

It’s also why attorneys usually make poor business people. Entrepreneurs see a vision of success and act on it; lawyers see what could wrong and either say no or mull it over so long the opportunity passes them by.

But according to Napoleon Hill, author of Think and Grow Rich, the ability to make quick decisions is the hallmark of rich people:

Analysis of several hundred people who had accumulated fortunes well beyond the million dollar mark, disclosed the fact that every one of them had the habit of reaching decisions promptly, and changing these decisions slowly, if and when they were changed at all. People who fail to accumulate money, without exception, have the habit of reaching decisions, if at all, very slowly, and of changing these decisions quickly and often.

Marty Zwilling, founder and CEO of Startup Professionals understands this. It was his contribution to the Forbes article that caught my eye:

My key to productivity is simply “make a decision.” Even a bad decision is recoverable, and better than no decision, since it gets the issue off your plate and moving. Making no decision bottlenecks your work, and causes things to happen to you, rather than by you.

But if the ability to make decisions quickly is a habit of the rich and attorneys are prone to doing the opposite, why are there so many rich attorneys?

Two reasons, I think. First, we’re around a lot of successful people and get in front of a lot of good opportunities. The odds are in our favor that we will be “in the right place at the right time”. Second, attorneys are intelligent people and tend to make “good decisions,” albeit not quickly. If we could combine the two and make “good decisions quickly,” I think there would be many more rich lawyers.

Fortunately, making decisions quickly is a habit and habits can be developed. You do it once, the world doesn’t end, you do it again.

Wash, rinse, repeat.

Start with little decisions, “which movie to see,” or “which topic to write about today.” Give yourself five minutes to decide. Use a timer. Use a screen saver message or post-it to remind you to “Decide Now!” And do it every day.

If you mindfully make quick decisions every day, making quick decisions will soon become a habit. Eventually, you’ll be able to make quick decisions about important matters and that’s when you will see more significant results.

But don’t forget the other side of the equation. Once you’ve decided, you must stick with your decision. Practice not changing your mind. Yes, you’ll make mistakes, but as Zwilling says, “even a bad decision is recoverable”. Isn’t that why God invented E and O coverage?

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How to find time for what’s important

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Being productive means doing more of the things that advance your most important objectives and less of the things that don’t. How to you find more time to do the high-value/high-payoff activities?

You don’t.

You can’t find time. But you can buy it.

We only have so many hours in our day. We have to sleep and eat and take care of household duties. We have family and hobbies and other things we do that add value to our lives. We also have responsibilities, things we simply cannot delegate. Add it all up and there are only so many hours a day for work.

The only way you’ll be able to spend more of your work time doing high-payoff activities is by cutting out something else. You must buy back the time you now spend on low-payoff activities so you can spend it on the activities that matter most.

If you want to be more productive (translation: earn more without working more), the following three-step exercise will help:

Step one: take inventory.

For the next week (assuming it is a typical week), write down everything you do, 24 hours a day, in 15-minute increments. (Okay, if you want to use 6-minute increments, you can, but no padding. . .)

If you’re like most people, you’ll resist doing this exercise. You’ll make excuses, you’ll “forget,” you’ll bitch and moan about yet another silly personal development exercise.

Trust me, it’s worth it.

If you can’t do a week, try it for a day. You’ll see. You’ll be amazed at how much time you spend doing some things.

This simple exercise is a real eye-opener for a lot of people. They find large pockets of wasted time they can easily reclaim to do other, more valuable activities.

Which leads to. . .

Step two: Grade yourself.

Go through your time diary again and put a mark next to all of your high-payoff work-related activities. Write down the amount of time you spent on each. Add it all up for the week and divide by five (or six) days.

On average, what percentage of your working day is spent on high-payoff activities?

Highly productive people spend at least 70% of their time working on high-payoff activities. Most people (who are honest with themselves) find their number is 30-40%.

If you discover there’s room for improvement, it’s time for step three.

Step three: Go shopping.

Go through your diary one more time and circle all of your low-payoff activities. Feel free to skip things like grooming, sleeping, meals, caring for children–things you still have to (or want to) do.

What remains is your shopping list of low-payoff activities. This is where you will “buy” time. Go through the remaining list and ask yourself, “What can I cut down on?” and “What can I cut out?”

The point of this is to help you define your current reality and show you a simple way to change it. Spending a few hours this week doing this exercise is truly a high-payoff activity.

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Designing the perfect legal career

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In Steven Covey’s, “The Seven Habits of Highly Effective People,” habit 2 is, “Begin with the end in mind“. Determine your destination before you begin so you wind up where you want to go. Covey says, “If your ladder is not leaning against the right wall, every step you take gets you to the wrong place faster.”

So, where do you want to go in your career?

I assume you want to be successful. Well, what does success look like for you?

Take some time today to answer this question:

“If my practice/career/job were perfect in every way, what would it look like?”

Write down your answer. Here are some additional questions to help you clarify your “destination”:

  • Where would you be living?
  • Who would you work for?
  • What kind of office would you have or would you work from home?
  • How many hours would you work?
  • What services would you offer?
  • How much would you charge?
  • How much would you earn per month or per year?
  • What kinds of clients would you work with?
  • How many people would you employ?
  • What systems or tools would you use?
  • What makes you different from other attorneys?

Once you’ve got something on paper, take a step back and look at what you wrote. Did you write what you think you should be doing based on where you are right now or did you turn on your dream machine and “go for it”?

Forget logic for a few minutes. Quiet the adult in you and let the little kid speak. Ask your inner genie to grant you three wishes.

No rules. No restrictions. No responsibilities. What does your perfect career (or life) look like?

It’s your career, after all, your journey. Where do you want to wind up?

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Attorneys: Don’t let your competition do this to you

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competition There are a lot of attorneys who do what you do, right there in your market. Many of them have more experience than you do. They have a bigger marketing budget, a better blog, and more traffic to their web site. They have better-paying clients and get more referrals. They earn more than you do. Hell, they’re even better looking.

But no matter what advantages your competition have over you, you can keep them from beating you.

How do you stop a stronger opponent, or worse, an army of them? By ignoring them.

Stop looking at what other attorneys are doing. Forget about what they have. Don’t compare yourself to others. It’s the worst thing you can do for your career or your self-esteem.

Stay focused on what you do, on your clients, on your work. Build your practice, and don’t worry about what anyone else is doing. Or as a friend of mine says, “keep your eyes on your own paper.”

No matter what advantages your competition may have, they can’t beat you unless you let them.

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Instead of setting goals this year. . .

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goal settingDo you like setting goals? I never have, although I’ve set plenty of them. I been a goal-setter for most of my life. I’ve studied goal setting, trained and written articles on goal setting, and know quite about the right and wrong ways to go about it.

After all, goal setting is a key to success, isn’t it? “If you don’t know where you’re going, how will know when you get there?”–that sort of thing. So every year, I set aside time to write my goals for the coming year.

But I never liked it.

I never liked the chore of crafting the right goal. Too many variables.

I never liked the deadlines for reaching those goals. Too much pressure.

And I never liked not reaching my goals. Too much disappointment.

Looking back at decades of goal setting, I can honestly say that formal goal setting has not helped me achieve more, or made my life any better. It’s only made me anxious.

That’s not to say I don’t have goals, I do. I know what I want and I like thinking about it and working towards it. I like achieving those goals and setting new ones. No, goals are a good thing and I’m not giving up on them. What I am questioning is the efficacy of the formal goal setting process.

I know many people who have been successful using a formal process. Maybe they’re built differently. Maybe they thrive when the pressure is on and the days are counting down. Me? Not so much.

So instead of setting formal goals this coming year, with specific details and deadlines and metrics and such, I’m going to be much more relaxed about everything. I know what I want to do this year, or at least the direction I want to go, and I’m going to put one foot in front of the other and keep walking in that direction.

How will I know when I get there? I don’t know, I might not, and that’s just fine. Because the goal really isn’t the point. What’s important is being happy, and as long as there is a smile on my face, I know I’m doing  just fine.

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Why you might be procrastinating (and how to stop it)

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cure for procrastinationWhen I was a kid in school, I usually waited until the last minute to write papers or study for exams. Actually, there were times when I took the exam without studying at all.

In college, I went through entire courses without reading the text books. I went to the first couple of classes and showed up for the final.

There were times when I paid dearly for these habits. Usually, I did just fine.

Years later, I figured out why I procrastinated. By waiting to the last minute to study or start a paper, I had the perfect excuse in case I didn’t do well.

“Yeah, I got a B, but hey, I didn’t really study.”

Stupid? Yep. But that was my way of coping with being a perfectionist. I couldn’t accept the possibility of getting less than a top grade so I gave myself an excuse in case I didn’t.

As I began my professional life, I hate to admit that I still had the tendency to procrastinate. But while I could get away with this in school, I quickly realized that as an attorney, it was unacceptable to deliver anything less than my best.

Losing cases was difficult for me. I often took it harder than my clients. I never did get used to it. How did I learn to cope with less than perfect results? By not focusing on the results at all, but instead, focusing on the process.

We can’t control the verdict. There are too many factors outside of our control. We can’t promise results. All we can do is put our best efforts into our work.

If you focus on the outcomes in life, you will ride an emotional roller coaster. If you focus on doing your job and giving it your best, you are successful no matter what the outcome.

I am successful today because instead of focusing on perfect results, I focus on making progress. Because I do that consistently, I have a lot of successful outcomes. When my results are less than optimum, I accept it because I wasn’t focused on the outcome, I was focused on my work.

If you are a perfectionist (or otherwise emotionally attached to outcomes), change your focus to the work in front of you. Get busy with “the next step” and do your best. When you’ve done that, focus on the step after that.

And when you’re done with a project, don’t dwell on the results, get started on the first step in the next project.

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Slowing down to speed up

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Stop running. Yes, I know you have to get to court, crank out a new agreement, and meet with your new client. I know you’re busy and this is how you earn your living. I know that if you don’t do the work you won’t get paid.

Slow down anyway. Better yet, come to a complete stop.

At least for a few hours.

Slowing down allows you to refine what you’re doing so you can do it better, and faster. Just as a race car needs pit stops, so do humans. By taking a break periodically, we can ensure that everything is working properly and that we are on course and on pace. Taking a break allows us to recharge our energy and clarify our focus. It allows us to go faster, assured that we are going in the right direction.

Take some time to evaluate what you are doing and the results you are getting. Are things moving in the direction you want? Is there anything you could do better? What’s working well that could be expanded?

Take some time to look at your calendar. How are you spending your time? What else might you do? Is there something you are doing that you don’t really need to do? Is there something that takes you two hours that could be done in one?

Take some time to rest and reflect on the bigger picture. What big ideas could you start working on that might help you take a quantum leap? Where do you want to be five years from today and what could you start doing today to help you get there?

Take some time to get rid of clutter and distractions. If it doesn’t serve you in some way, eliminate it. Simplify your life so you can focus on what is important and valuable.

Take some time to read things you don’t usually read. Look for ideas and inspiration. Have some fun. Goof off. Go to the movies in the middle of the day. Take your best friend for a long lunch.

And take some time to give thanks for all that you have. When you appreciate the goodness in your life, you attract more of it.

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Is this the real reason you’re always tired?

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So you work long hours. And too many days without a day off. You’re on the go all day long, putting out fires, racing to the next one. Who wouldn’t be tired with your schedule?

But near exhaustion is not a natural state of being and it’s certainly not a recipe for good health or long life.

If you’re not getting enough sleep because of your schedule, if there simply isn’t enough time for sleep, you need to fix that. Fortunately, there are many ways you can cut your work hours without cutting your income. In fact, working less can actually increase your income, as it did mine.

If you are self-employed, you can delegate more of your work, you can increase your billable rate, and you can target better clients e.g., those willing to pay more for better service and influential clients who can refer others like themselves. If you’re not self-employed, you need to have a talk with your employer about your fast track to burnout, or find a new employer.

If you have enough time for sleep but you’re still not getting enough, if you have some form of insomnia and there’s no medical reason for it, there are also many things you can do. Taking naps, exercising, cutting down on caffeine, listening to “white noise,” improving your diet, and avoiding TV before bed, are a few common techniques for improving your ability to get a good night’s sleep.

But instead of looking for techniques to cure insomnia, why not find the cause and eliminate it?

If you’ve tried everything you can think of to get a good night’s sleep but you’re still always tired, my guess is that you’ve got too much stress in your life. It might not be caused by something obvious like job loss, marriage issues, or a medical crisis. It can be something much more subtle.

Let me ask you a question. Be honest, you’re the only one who will hear the answer.

Are you happy?

Are you doing what you want to be doing professionally? Is your career going the direction you want it to go? How about your personal life, are things running smoothly there?

Life is supposed to be easy. And fun. If it is not, if it is a struggle, if you’re always doing things you don’t want to do and pushing to get to the next level, you need to know that this is not the natural order of things.

I don’t believe we were put here to struggle. I believe we were put here to explore, to build, and to experience joy. I also believe we were given instincts and emotions to guide us. If most of the time we feel good about what we’re doing, it means we’re doing the right things and moving in the right direction. If we feel bad, it means we are not. When we feel bad most of the time, we experience stress, insomnia, and burn out. A one way ticket to unhappiness.

In his post, The Power of Effortless Living, the author uses the metaphor of a meandering river to make the case for following the path of least resistance. “To resist the natural course – to row against the tide – is exhausting and pointless; those who try only wear themselves out getting nowhere.”

Our futures are uncertain, he says. We cannot know where the river will take us. “All we can do is keep a vigilant eye for opportunity, relax and enjoy the journey”.

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The strangest secret with Earl Nightingale

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I first heard this recording over forty years ago when my father brought home a vinyl LP record. It was one of my first exposures to personal development and has lead to a lifelong study of great books (and recordings).

This is the message that started it for me and if you haven’t heard it, you’re in for a treat.

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The surprising truth about written goals

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I was at a presentation last night. The speaker cited the now infamous 1953 Yale University goal setting study which conclusively proved that having written goals dramatically increases the likelihood of achieving them. I was familiar with the study and made a note to post it on this blog:

In 1953, researchers surveyed Yale’s graduating seniors to determine how many of them had specific, written goals for their future. The answer: 3%. Twenty years later, researchers polled the surviving members of the Class of 1953 — and found that the 3% with goals had accumulated more personal financial wealth than the other 97% of the class combined.

Amazing, isn’t it? The only problem is it’s not true. The study never took place.

Okay, that’s disappointing but it doesn’t matter, everyone knows that written goals are important, right?

A few minutes with my Uncle Google found a different study that purports to prove the hypothesis of the fictional one. In this study, the researcher found that,

. . .people who wrote down their goals, shared this information with a friend, and sent weekly updates to that friend were on average 33% more successful in accomplishing their stated goals than those who merely formulated goals.

I’m no scientist, but I don’t think this is dispositive of the issue. For one thing, they didn’t test a group who agreed to be accountable to a friend and provide weekly updates but who did not have written goals.

In the early 1920s, Napoleon Hill (Think and Grow Rich, et. al.) conducted exhaustive interviews with 500 of the most successful men of his day. Hill concluded unequivocally that written goals were a key factor in their success and articulated a six-step process for creating them. These include putting them in writing and reading them aloud twice a day. But was it the writing of their goals that made their achievement more likely or was this simply a common trait among these highly driven individuals who would have achieved their goals anyway?

Here’s what I think. I think the value of a written goal isn’t in the written document itself (or in the continual reading of it) but in the process of thinking about and choosing the goal. As you spend time thinking about what you want and what you don’t want, as you winnow down the multitude of possible goals, you go through a process that leads to clarity. Clarity leads to focus, and focus leads to making decisions and engaging in activities that are consistent with achieving the goal.

Simply put, if you know what you want and you continually focus on it, you are more likely to get it. Putting the goal in writing isn’t necessary.

In fact, putting a goal in writing might actually make it harder to achieve.

How often have you chosen a goal only to later realize that it was not what you really wanted. It might have been your parents’ goal or a goal you thought you should be aiming for, but in reality, it wasn’t what you really wanted. If you write and stay focused on a goal that you don’t really want, you’ll either achieve it and be unsatisfied, or not achieve it and wonder why goal setting doesn’t work for you.

Goals should be flexible, not engraved in stone (or on paper). They are a starting point; only sometimes are they your true destination. Feel free to change your goals, written or otherwise, if they no longer serve you.

How do you know if you chose the right goal? That’s simple. When you think about it, how do you feel? Your feelings will tell you, unfailingly, whether it is or is not something you really want.

Be honest with yourself about how you feel and trust your feelings. If you don’t feel good when you think about a goal, or if you don’t feel good enough, don’t try to change how you feel, change the goal. It might need only a small change–the due date perhaps or the amount of money sought–or you might need to choose a completely different goal–but choose a goal that feels good when you think about it.

The answer is inside you. Put it on paper if you want.

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