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The Five Golden Rules of Favor Asking

My friend Elisia asked me to help her move. Moving is one of my least favorite activities (which partially explains why I live in an RV), but I gladly agreed to help. Why? Because she followed the golden rules of asking favors. If you want people to do you favors, or, more importantly, feel good about doing you favors, make sure you follow these rules. They're written from the point of view of someone asking me for a favor, but I would also follow them when asking favors of others.

1. Your Benefit Must Greatly Outweigh My Inconvenience

If you're asking me for a favor it should be something that I am particularly good at or well suited for. If a friend of mine asks me to help him set up a blog, I'm happy to do it because it's something I have experience with and am good at. What could take my friend five hours to set up, I might be able to do in thirty minutes.

Investing Time vs. Spending Time

If I ask you how you spend your money, that's a very different question than if I ask how you invest your money. Your goals for spending and investing are different, and as a result your actions for each are different. So isn't it strange that we talk about how we spend time, but we never talk about how we invest time?

The interesting thing about investing time is that the distribution is much more uniform versus monetary wealth. Most people probably sleep for around 6-8 hours and work for around 8 hours, giving them another 8-10 hours to either invest or spend. Finances range much more wildly. Some people have negative net worths, so they can't even begin to think about investing, whereas others have billions of dollars. That spread means that ideal financial investment strategies will range wildly. Because we have such similar amounts of time, though, maybe there are some general principles that will be almost universally applicable.

Before we get into those strategies, though, let's talk about what investing time means. I'd define it as devoting time to an activity whose primary benefit won't immediately be realized. School is one example-- you can have a lot of fun in school and benefit immediately from it, but you're really going because you believe that it will pay off when you graduate. I'd say that school is sort of like investing in real estate. You can always use it for something, it's historically been a good investment, but it's a lot of leverae in one big investment, and recently hasn't performed as well.

Spending time with people and building relationships is an investment, not because that process isn't fun, but because the benefits of having strong long term friends are even greater than the immediate pleasure of hanging out with them. This could be analogized to investing in art-- you get to admire it every day, but the value of it increases over time as well.

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