Technology is knowledge. Newer machines and more efficient business processes are the result of active, practical knowledge. Therefore, U.S. national growth is directly influenced by how much each of us participates in increasing our practical knowledge.
By practical knowledge, I mean understanding of things that result in changes of efficiency. Reading literature may make you feel smarter, but unless it reduces fuel consumption, increases solar energy collection, reduces material usage, and streamlines or simplifies the business of living in this world, it has no value. As Mark Twain said, never let schooling get in the way of your education. Knowing proper use of the English language may make you a more effective communicator, and that is efficient. But knowing what a particular author wrote, for the sake of knowing it, will not change the U.S. GDP one cent.
But you already knew this, right? When we go to college, or high school, or graduate school, only part of what we learn is the material described in the syllabus. Some of the most valuable lessons are about managing time and money, meeting people, and exploration of new ways of thinking and new ideas. It is the same after college. In addition to getting your work done, it remains important to continue exploring new things, learning, changing and adapting yourself. Because the world changes, and it offers new deals all the time. If you are not paying attention, important customer profits may pass you by.
Of course, I am not talking about indulgences. I am referring to investments. If you can spend $10 now to save $30 later, and the $30 savings is real and not just a fictitious discount "off list price," then you need to strongly consider that investment. As I wrote last year, consumer spending doesn't save the economy, but savvy decisions by each and every one of us can and will impact the economy significantly.
An "investment" doesn't have to be a stock, bond, or real property. We're almost indoctrinated into thinking that investments must be big and complex, but in reality your highest returning investments are small and firmly in the realm of your personal life. Here are some examples:
You buy an air pump and tire gauge and keep your tires inflated about two to three psi above their formerly under-inflated state. Your gas mileage increases by 0.5 miles per gallon, from 20 to 20.5 mpg, and you save 15 gallons of gas each year.
You put new insulation in your attic, doubling the amount of effective insulation. Your heating and cooling costs drop by $150 per year.
Instead of buying your lunch out each day, you make salads the night before and take them to work. You save $20 and two hours of time per week, and you feel better because your calorie intake is down while you are eating healthier food.
You buy an inexpensive GPS for your car. In the first 12 months it saves you from driving 200 unnecessary miles; helps you recover from almost being lost four times, saving 4 hours in the process; and allows you to refine a route that your formerly thought was the shortest. In short, it paid for itself twice, just in the first year.
After watching a friend use a paint program you've never seen before, you realize that you don't like the paint software on your computer. You test out a half dozen new paint applications and find a new one that saves you 10 hours of time on your Christmas card mailing.
I'm taking a risk on sounding like Hints from Heloise, but I hope that you see the difference. I am suggesting policy changes, not activities. Using coupons is an activity, and depending on the way you approach it, it may save you money, or it might waste your time. Once you have invested time in finding new software, you will then use the more efficient package over and over, and the return on your original investment of time is automatic.
Another example: Replacing incandescent bulbs with fluorescent, if you can stand the light, will provide a profit on your investment over time, because fluorescent bulbs use about 25% of the electricity that incandescent bulbs use for the equivalent amount of light output.
These are just the simple examples involving cash savings. Many small investments you could make impact your skills and your impact as a person, hence your future income. The more your expand your exploration, learning, and personal technology, the greater your personal growth rate.
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