The recent turmoil in our financial markets has reminded many of us that in times of trouble, "cash is king." Many years ago, one of my mentors, Thomas Leonard, tried to teach me this using the phrase that, "Reserves make everything easy."
Thomas' focus was that even the most difficult things in life are "easy" if we are prepared. I've known two people who have attempted to climb Mt Everest and both say even that extreme challenge is straight-forward and "easily tackled" with good preparation.
The famous football coach, Vince Lombardi, used to say that it wasn't the "will to win" that created championship teams--everyone wants to win!--it was "the will to prepare to win" that made all the difference.
I'm convinced that both Thomas Leonard and Vince Lombardi knew what they were talking about. Thomas preferred the term "reserves." I suspect partly that was because he liked being distinctive and "having reserves" resonates differently than copying the Boy Scout motto, "Be prepared." But both are sound advice.
Thomas talked about having "reserves" in every area of life. I still laugh when I think of him lecturing me on having extra boxes of tissue in the house and insisting I change the oil in my car before it was due. Obviously, he didn't care about tissue or oil changes. His point was that life gets very, very hard (stressful, chaotic, hurried) when we feel squeezed by circumstances. Never do anything at the last minute! Allow time. Schedule in advance. Maintain plenty of "reserve."
Life will inevitably throw problems our way. This week my wireless router quit and our network died. By connecting my computer directly to the modem I could continue working, but far more helpful was my long-standing relationship with our "computer guy." One phone call and on Thursday we were back in business. A problem? Sure. Annoying? Of course. But easily handled and life goes on. That's what Thomas wanted me to "get" about reserves.
Here are a few areas where I recommend you maintain extra reserves:
1. Personal finances. Whether it's $50 in your wallet or a family savings account for the emergencies that will eventually happen (car repairs, unscheduled travel), maintain some "extra." Many people use credit cards for these unplanned expenses, but I prefer knowing cash is on my side.
2. Daily Schedule. Most of us live hectic lives and the thought of "extra time" seems "impossible. " But it's not impossible. Schedule time for yourself. Schedule time to meditate, take a walk or a bath, read a book or write in your journal. If unplanned events demand extra time you have it, but most days you get a nice "treat" just for you!
3. Everyday Consumables. Reduce the "hassle factor" in life! From extra food in the cupboard to toilet paper in the closet or a stash of office supplies, make sure you never "have to" run an unscheduled errand. Plan ahead. Buy in bulk. You don't need a garage full of stuff, but interrupting your day to chase one or two items is incredibly expensive! Don't do it. Maintain reserves.
4. Personal Relationships. Relationships require maintenance. Put some "extra" into your friendships. Extra time. Extra thought. When appropriate send cards, notes, flowers, or have a cup of coffee, go for a walk, watch a movie, play tennis. Quality relationships don't just happen. They must be built. Maintain generous, loving reserves in your most important relationships.
We seem to be entering tough economic times. So prepare. Take care of yourself. The temptation is to run faster and work harder, but don't fall into that trap! In tough times you want to be sharp, alert and quick. Stay focused. Keep your edge. Maintain your reserves! It makes life easier and gives you the resources to seize opportunity when it comes your way.
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