1709: How 15 Minutes of Deliberate Learning can Dramatically Increase Productivity AND The Parable of the Mexican Fisherman by Ryan H Law

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[00:01:00] This is Optimal Work Daily. How 15 minutes of deliberate learning can dramatically increase productivity. By Ryan H. Law of RyanHLaw.com. Imagine you are a brand new financial planner. You have sat with a senior advisor as they work with clients. You've even taken the lead on a few appointments. Most people would agree that this type of on-the-job training with an experienced advisor is extremely valuable. In fact, the CFP board recognizes the value of that type of work.

[00:01:29] A CFP candidate can eliminate 2,000 hours of experience if their experience is, quote, completed under the direct supervision of a CFP professional, end quote. If you are in that situation and you had the ability to design your next two weeks, which option would you choose? 1. Be involved in 10 additional appointments with the same or another senior advisor.

[00:01:52] Or 2. Be involved in 2-3 appointments with time set aside to articulate and codify, organize or arrange systematically in writing what you learned. If you are like most people, 80% of respondents to a survey, you would choose option 1. After all, what is better than on-the-job experiential learning? Well, it turns out that option 2 is better. A lot better. Let's examine each one briefly.

[00:02:20] Option 1. Experiential Learning No one would argue that experience is the best teacher, at least initially. In fact, option 2 only works if you have experience. The more time spent creating financial plans, especially under the watchful eye of a senior advisor, the better, right? Yes, but only up to a point. Option 2. Deliberate Learning In option 2, you take your experiences and spend time, about 15 minutes is recommended, reflecting on it.

[00:02:49] Part of that reflection can be done with the senior advisor. Quote, Quote, I noticed that you skipped over a deeper discussion of the types of life insurance with this client. Why is that? End quote. Some of the reflection should be done on their own. Quote, I noticed that the advisor skipped over a deeper discussion of the types of life insurance with this client. What are some possible reasons for that? End quote. Some of the reflection will be best if written. In fact, there should always be a written component.

[00:03:19] Is this only true for new advisors? Of course not. When was the last time you learned something new? I read a research study about this topic, and I'm now reflecting and codifying that research by writing about it here. I understand it better because I am taking time to share it in my own words. How much of a benefit is gained by option number 2? According to the study, as much as 23.2% over those who just focus on more experience. We're not talking about a small 1 or 2% gain.

[00:03:49] 23.2% improvement. And the gains are long-lasting. A month later, the employees who reflected still had a higher level of productivity. I recommend at the end of each workday that you shut off your computer, pull out a journal, and set aside 15 minutes and ask yourself, What 2-3 lessons did I learn today? This simple habit can boost productivity long-term and be very inexpensive. A simple notebook or journal will do the trick.

[00:04:15] I have started doing this for myself, and I am going to have my classes do it as well. Action Steps Do this simple exercise. Try it for 10 days. At the end of your workday, shut off your computer, pull out a journal, and ask yourself, What 2-3 lessons did I learn today? The Parable of the Mexican Fisherman by Ryan H. Law of RyanHLaw.com

[00:04:42] The Parable of the Mexican Fisherman is a story that is frequently shared because it reminds us of what is most important. I don't know who first wrote it. There have been various versions of it over the years. But the lessons about simplicity, gratitude, and enjoying life now are invaluable. Here is the story. The Parable of the Mexican Fisherman An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.

[00:05:10] Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied, Only a little while. The American then asked why didn't he stay out longer and catch more fish. The Mexican said he had enough to support his family's immediate needs. The American then asked, But what do you do with the rest of your time? The Mexican fisherman said,

[00:05:37] I sleep late, fish a little, play with my children, take siestas with my wife Maria, and stroll into the village each evening where I sip wine and play guitar with my amigos. I have a full and busy life. The American scoffed. I have an MBA from Harvard and can help you, he said. You should spend more time fishing and with the proceeds buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, and eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman,

[00:06:03] you could sell directly to the processor, eventually opening up your own cannery. You could control the product, processing, and distribution, he said. Of course, you would need to leave this small coastal fishing village and move to Mexico City, then Los Angeles, and eventually to New York City where you will run your expanding enterprise. The Mexican fisherman asked, But how long will this all take? To which the American replied, Oh, 15 to 20 years or so. But what then? Asked the Mexican. The American laughed and said, That's the best part.

[00:06:33] When the time was right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions. Millions? Then what? The American said, Then you could retire. Move to a small coastal fishing village where you could sleep late, fish a little, play with your kids, take siestas with your wife, and stroll to the village in the evenings where you could sip wine and play guitar with your amigos. Ryan's thoughts. I'll admit it. This little parable convicts my conscience.

[00:07:02] I spend a lot of time working. I try to spend a lot of time with my family, but the pursuit of more and bigger often takes over. More house, more vacations, more eating out, etc. It's a never-ending pursuit. There is nothing inherently wrong with wanting more. It's human nature. It's important to think about what our pursuit of more and bigger is costing, though. Are we more like the investment maker or the fisherman? Why are we pushing for more, more, more all the time?

[00:07:31] The only criticism of this story is that the fisherman would be wise to set aside some funds for a rainy day when he can't fish. Action step. Are you more like the investment banker or the fisherman? What steps do you need to take to move more in the direction you want to be in? You just listened to the posts titled How 15 Minutes of Deliberate Learning Can Dramatically Increase Productivity and The Parable of the Mexican Fisherman.

[00:08:00] Both by Ryan H. Law of RyanH.law.com ServiceNow unterstützt Ihre Business Transformation mit der KI-Plattform. Alle reden über KI, aber die KI ist nur so leistungsfähig wie die Plattform, auf der sie aufbaut. Lassen Sie die KI arbeiten, für alle. Beseitigen Sie Reibung und Frustration Ihrer Mitarbeiter und nutzen Sie das volle Potenzial Ihrer Entwickler. Mit intelligenten Tools für Ihren Service, um Kunden zu begeistern. All das auf einer einzigen Plattform.

[00:08:28] Deshalb funktioniert die Welt mit ServiceNow. Mehr auf ServiceNow.de And thanks so much to Ryan. And let me tell you a little bit more about him. His goal is to teach financial planners, coaches, and counselors how to use simple, evidence-based action steps to provide outstanding client care. He received his bachelor's degree from Utah State University in family finance, and after graduation, he worked in the financial planning field for several years before deciding to return to school.

[00:08:57] He received his master's degree in personal financial planning from Texas Tech. He is a certified financial planner, CFP, which you heard mentioned in the post, and an accredited financial counselor, or AFC. And he currently teaches at Utah Valley University in the financial planning program, where he covers financial counseling and also runs their on-campus money management resource center. He also serves on the Association for Financial Counseling and Planning Education Board of Directors, where he has served as treasurer and president.

[00:09:26] So he is very well versed in the financial world. Ryan has spent a lot of time learning about client communication, financial psychology, as well as habits, change, and much more along those lines. And you can learn more about him and his work at his website, ryanhlaw.com. But that's going to do it for this episode, and I will see you right back here tomorrow. That's where your optimal life awaits.