Learn about the "Las Vegas" principle with time. Don't know if it will pay off or how much to "invest"?
- In my time management courses I encourage people to focus their time on activities that are most valuable, activities that are worth the most per hour. However what if you're engaged in an activity where you have no real idea what the value per hour is? Maybe you're working on some new innovation for your company that's never been tried before. Or perhaps you're trying to start a hobby business that might become its own career. How much time should you spend on things like that? I say the time isn't necessarily money but it behaves like money.
Many of the lessons that we can learn from money also apply to time. In the example that I'm using we're essentially gambling with time, we're investing a certain amount of time and we are uncertain of what the return on this investment will be. Now, I'm not personally a fan of gambling nor I participate in it, but if I were to gamble I would not take every single dollar from every one of my bank accounts and investments and gamble it all on one roll of the dice, that would be foolish and irresponsible.
However I might say you know what, I'm comfortable with losing $50 and gamble with the $50. Why? Because I am prepared to lose that amount. Similarly when it comes to your time you want to ask yourself the question, "What amount of time am I willing to lose?" Call this the Las Vegas principle of time management. Look at the available time that you have in the week, then ask if I invested five hours a week for the next year and got nothing back for this amount of time would I be willing to lose that amount of time? Find a number that is comfortable and responsible for you in relation to all your other responsibilities.
Then make a conscious investment into that opportunity in this way you are able to pursue something that is exciting to you and has some risk associated with it, but you can do so without putting yourself in a dangerous position. In this case with time management. So ask yourself, "Is there something that I'm pursuing "that may not pay off in terms of money and time?" Then ask yourself how much time you can responsibly afford to lose to invest into that thing? Then use the Las Vegas principle to invest time into the opportunity, and may the odds be ever in your favor.
Author
Updated
4/15/2019Released
4/11/2016Productivity expert Dave Crenshaw provides techniques on a wide variety of topics, designed to help people better manage their time and ultimately become more productive. Tune in to learn about everything from managing emails and calendars to setting priorities, collaborating with coworkers, reducing interruptions, crafting a "productivity mindset," and creating a more comfortable and effective work environment.
Have an idea for a future video from Dave? Submit it using our course feedback form. If you want more time management strategies now, we recommend watching Dave's Time Management Fundamentals course.
- Reducing interruptions
- Dealing with feeling overwhelmed
- Responding to quick questions
- Making the most of meetings
- Following up
- Implementing a closed door, open calendar policy
Skill Level Intermediate
Duration
Views
Q: Why can't I earn a Certificate of Completion for this course?
A: We publish a new tutorial or tutorials for this course on a regular basis. We are unable to offer a Certificate of Completion because it is an ever-evolving course that is not designed to be completed. Check back often for new movies.
Related Courses
-
Excel Tips Weekly
with Dennis Taylor33h 28m Intermediate -
Time Management Fundamentals
with Dave Crenshaw2h 53m Intermediate -
Improving Your Focus
with Dave Crenshaw56m 3s Intermediate -
Time Management: Working from Home
with Dave Crenshaw1h 25m Intermediate
-
Introduction
-
Welcome43s
-
-
1. Time Management Tips
-
Power tips for sending email3m 14s
-
Positive procrastination3m 15s
-
Remove the "busy" tag2m 58s
-
Manage digital interruptions4m 19s
-
Make the most of meetings2m 52s
-
Follow up on delegated items2m 58s
-
Become tech savvy4m 33s
-
Focus on the person2m 37s
-
Time management for students2m 59s
-
Ending meetings with action1m 44s
-
Building a not-to-do list2m 46s
-
Avoiding the crowd mindset2m 58s
-
Placing a value on your time3m 30s
-
How to schedule a meeting3m 35s
-
How to develop flexibility4m 19s
-
The trouble with texting3m 48s
-
Create a perhaps list4m 58s
-
Reduce attention switches4m 46s
-
Adapt your favorite app4m 33s
-
Make time to get more time3m 49s
-
Read vs. unread email3m 52s
-
Make time to have fun3m 57s
-
Create a morning ritual3m 23s
-
When to create new homes3m 26s
-
How to reduce spam3m 48s
-
Why repetition saves time2m 48s
-
Productive passwords2m 3s
-
Productive web browser tips1m 51s
-
Writing a productive email1m 55s
-
Commit to your calendar1m 54s
-
What to say instead of ASAP1m 46s
-
Set voicemail expectations1m 43s
-
Set email expectations1m 46s
-
How to use an inbox1m 41s
-
How to use an outbox1m 53s
-
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.
CancelTake notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.
Share this video
Embed this video
Video: Gambling with time for profit and fun