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Use the "Fewer and Better" Principle to Invest Your Time and MoneyMind Hacks

Use the "Fewer and Better" Principle to Invest Your Time and Money

Eric Ravenscraft , Gawker Media

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We all have a limited amount of time and money to spend. Warren Buffett suggests employing the "fewer and better" principle to decide which things to spend your time and money on.

While the concept is initially applied to financial investment, it applies to all of life. Spending your day on fifteen smaller tasks like deep-cleaning a door knob or organizing your sock drawer may feel productive, but your time may be better spent on something that has a more substantial benefit.

To put it another way (continuing the investment application): Warren suggests that investors imagine they have a punchcard with 20 punch holes ... once you make 20 investments in your lifetime, your punchcard is used up. If you did this, you'd really make them count.

Obviously most of us don't have the financial freedom to invest in companies the way Warren Buffet does, but we all have the same budget of time in a day: 24 hours. Instead of filling up your to-do list with as many items as possible, try imaging what you would spend your time on if you could only pick one or two tasks a day.

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