By: Douglas J Utberg

In the world of real estate investment, there is a term known as ‘highest and best use’ to describe the best possible use for a building or area of land.  When making decisions, many investors will stop to consider the highest and best use for the land that they are considering to purchase.  Would it be better to add another rental unit?  Would it be advantageous to add a garage or storage area?  It may be that the best use for a building is to tear it down and start over.  On the other hand, it may be that the current use of a property is the best use.

This same kind of analysis should be done for our personal decisions and the use of our time.  Every time you are doing something, ask yourself if it is the highest and best use of your time at that particular moment.  When you are undertaking a project, is it the best use of your efforts and energy?  The purpose of this analysis is to systematically replace the activities that do not represent the best use of your time with new ones that allow you to be more effective in accomplishing your goals.

When conducting this introspection and analysis, it is very important to keep your ‘true’ goals and objectives in perspective.  It can be easy to obsess on business or career goals, and forget personal and family priorities that are even more important to your long term well-being.  An example of this is taking time to play with your children.  As you replace more and more activities with the highest and best use for your time, you will find yourself moving closer and closer to your goals.

As time goes by, it is likely that your perceptions concerning the highest and best use of your time will change.  The important part is to be constantly thinking about your personal, professional, and financial priorities.  This thought process should guide the decisions you make concerning how to spend your time.  As you slowly change the priorities that guide each of your decisions, you will notice yourself moving closer and closer to your goals.  The movement is not necessarily the result of a grand strategy, but by consistent decisions that each bring you a little bit closer to your goals.