the Wealthy Canadian

Two fundamental laws to consider when planning for a project:

• Parkinson’s Law states that “work expands so as to fill the time available for its completion.”
• Hofstadter’s Law states that: “It always takes longer than you expect, even when you take into account Hofstadter’s law. “

When I was an engineering student I learnt from a very wise professor that when determining an estimate for a project to “make your best guess… and multiply by three.”

I am a planner, I like to have things well defined and understand everything before I undertake a venture. The problem is that it does not matter the amount of time that I allot for something as it will never be enough.  I will always be able to fill the time in.

My point is this: you can read all the books you want, talk to all the experts, paper trade stocks, etc and you will never be ready. No matter how much time you give yourself to prepare, you can always use more. This is what is known as “analysis paralysis” and I am admittedly a member of APA (Analysis Paralysis Anonymous). This will help you to be knowledgeable but will get you nowhere.

Perform your due diligence and try to get prepared for whatever task you attempt. But at some point you just have to take the plunge. Work as hard at the ‘doing’ as you have in the ‘preparation.’ Prepare yourself for mistakes and failures, but be ready to learn from them and carry on.

As Laozi said, “A journey of a thousand miles begins with a single step.”

Well, I’m ready to take a step…