I read an interesting article on Seth Godin’s blog, called competing with the single-minded.
When you have someone who is willing to accomplish A without worrying about B and C, they will almost always defeat you in accomplishing A.
This makes a lot of sense from an organization standpoint. Some organizations always find some sort of excuse that keeps them from focusing their efforts on the one thing that could make a significant difference for their company. Companies, who can focus, have a significant advantage.
Single-minded focus on personal finance goals
It also makes me think about personal finance. If you’re trying to get out of debt, are you focused on the debt or other objectives too? Are you making excuses as to why you can’t get out of debt because you have to spend money on A or also achieve objective B? Surely, if your only focus is on getting out of debt, you will have a significant advantage versus focusing on getting out of debt, saving towards retirement, buying a new house and building an emergency savings plan.
The concept of a single-minded focus can be applied to almost anything you want to achieve. Single-minded can have a negative connotation when it comes to remaining open to new ideas, but when it comes to achieving an objective, nothing could be better than running at it with uninterrupted, unexcused, precision and focus.
What do you think about this concept of single-minded focus as applied to personal finance?
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