Time is Money: Pay it down, Part 2 of 2

by Josh Mathews

In the first post of this two-part topic, some parallels were drawn between the deficits of time and money that many of us experience. Returning to this "time is money" equation: I wonder, are there any principles that help in managing finances that can apply to time management as well?

Now I am neither a financial adviser nor the son of a financial adviser. However, it seems to me that, given some similarities between time and money, there is at least one practical bit of financial advice that works well with time management too.


Manageable Bills: Rapid Paydown


I once heard a finance expert say that the best way to pay down debt quickly is to start with the smallest bill and work up from there. Focus as much of your resources as possible on one debt at a time in order to pay it off completely. Getting one debt totally taken care of breeds extra motivation to keep going and pay off the next one, and the next one, and so on.... On the other hand, it's hard to get excited about making minimal payments on several bills only to make very gradual progress on each individual bill. This expert even admitted that, given interests rates and other factors, this approach does not always make the best sense mathematically. His point, however, was that with finance management, success fosters a sense that debt and bills are more manageable than they sometimes seem. And this perspective motivates further financial success.


A Manageable Agenda


An undergrad professor of mine had a rule of thumb for staying on top of the various teaching, administrative, writing, etc. duties and responsibilities that were on his desk each day. He would try to work on one thing at a time, giving it his whole attention until it was completely finished. Only then would he move on to the next thing. Just like the rapid paydown principle in finance management, this "system" of time management takes into account the negative effect of having so many things on our plate that, at times, we can get overwhelmed and bogged down.

Sometimes I've thought it would be better to make progress on the overall mass of responsibilities before me, committing time to several individual tasks in a given day in order to chip away slowly but steadily on all of them. While this may theoretically be a more efficient way to make progress on the overall sum of work to be done, it is not effective towards limiting and managing the number of tasks on the agenda. And I might speak for myself (though I doubt it) when I say that completely wrapping up a task is exciting and energizing. Even if I still have several things to do, it helps greatly to devote my attention to one task until it is finished before moving on to another thing.

Of course, this principle does not apply without exception. If the tasks on my agenda include, say, writing a monograph, teaching classes, applying for jobs, contributing to a blog, and being a husband and dad, the principle becomes a bit more complex. I can't focus all of my time on applications or the blog and leave the monograph revisions completely on the back burner. Large projects (dissertation much?) obviously require consistent attention, even though many other small responsibilities will come up before the large project is finished. And things like teaching, parenting, or "husband/wifing" cannot always flex around our plan for effective time management. On Thursday mornings, whether or not I'm finished with the small task I'm focusing on in order to finish it completely, I need to teach from 8-11 AM.

Taking into account these qualifications, it does seem to me that the rapid paydown principle of finance management may have some helpful application to time and task management.

A Better Way to Approach a Research Project

by Timothy Howe

Create a plan
A builder does not just pick up a hammer, some boards and nails and begin construction. A builder first looks at a blueprint. The blue print functions as a guide to how the structure will look in the end. With its direction, lines on a paper soon become a foundation, walls, and a roof. In the same way, a research project must not be a shot in the dark. It requires rigorous planning. The more detailed the plan is, the more likely it will cause the project to arrive at its intended goal. 


Create a timetable
Most research projects have a termination point. A paper is due, a presentation is expected or a book is submitted. If this endpoint alone serves as a time reference there is a strong likelihood that procrastination will result in the vast majority of the work taking place at the latter stages. This can lead to hurried and careless work. The researcher will find it much better to set aside a timetable for each stage of the project and then check later to see if he or she is ahead or behind of schedule. 




Create a thesis
The thesis is a GPS. A good thesis drives research not the other way around. A researcher who begins researching a topic without knowing precisely what he or she is looking for will waste a lot of time doing inconsequential research. That same researcher may even be tempted to stick some of those results in the project just because of the work it caused regardless of whether or not it is connected to the topic. Let the thesis drive the research not some interesting discovery that can derail the project. 



Create an outline
If the thesis is the GPS, then the outline is the roadway. A good outline escorts the researcher by the hand to the results of the project. Following an outline during the research phase as well as the writing phase keeps the researcher on target. Of course, the outline will be inexact at the beginning since the point of research is to determine something as of yet unknown, but a good outline is easily adjustable along the way.  


Create an end vision

Do not be tempted to leave the end research open-ended. A good researcher will usually be able to plan ahead regarding a specific research target and will stop when that target is reached. Again, this remains flexible as new findings adjust it. It is critical to know when enough research has been gathered to produce conclusive results or argumentation. 


By following these guidelines a researcher will make the most productive use of his or her time and create the best possible research.

The Worst Way to Approach a Research Project

by Timothy Howe

Start by gathering "enough" data
Research implies gathering data. One temptation to be resisted is thinking that there is such a thing as "enough" data. No amount of information will ever seem like enough. It is not even possible to determine what constitutes "enough" during the research stage. Certainly, gathering a large volume of data is important, but avoid determining in advance what amount will be sufficient. 


Expect the research to organize itself
A sure way to bog down in a project is to permit the data to dictate the research process. This will lead the researcher down whatever trail the research leads instead of gathering the most important information for the project. Instead, start with an outline and stick with the outline. Only veer off it when it proves untenable. Good organization will cause good research.


Don't worry about the context of your quotes
Quotations are important since they give authority to your work, whether in support of your argument or as an argument to counter. But ignoring the context of the quote could affect understanding. Each quote originates in  a field that gives it meaning. Be sure to not strip the quote out of that field without its reinforced meaning.  


Don't verify if you are quoting the author's idea correctly
More dire than ignoring context, the researcher could misrepresent the ideas of the original source. Not all information is easy to process and it is easy to misunderstand ideas. As one quotes experts, it is vitally important to get the facts right. Poor quality control at this stage could nullify a research project. 


Find the hidden "gems"
Research is about hard work. There are rarely moments when a researcher happens upon a special "gem" that fills in all the gaps. The end product comes about as the result of persistence and tenacity. Hope will never be a replacement for effort.


Research possesses a time element. Thus it is crucial to get the right data, get it into some order, verify it and get to hard work quickly.