Most people get overwhelmed by the insignificant decisions of their lives. I'm urging people to minimize the time spent on these when they're not critical to their most important goals.

There are people who literally cannot start a project until the deadline is four hours away, even if it's a big one. And those people have a serious problem. My recommendation is set up mini-deadlines. You might say, 'Okay, here's my deadline after three days for this and there's another deadline for that and then a third deadline.

You have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff.

From the law firm's perspective, billing by the hour has a certain appeal: it shifts risk from the firm to the client in case the work takes longer than expected. But from a client's perspective, it doesn't work so well. It gives lawyers an incentive to overstaff and to overresearch cases.

We can't count on the Fed to inject this level of liquidity that we saw last year.

I am a great believer in the OHIO principle: Only handle it once. When you read an e-mail, decide whether or not to reply to it, and, if you need to reply, do so right then and there. I have found that about 80 percent of all e-mails, whether internal or external, do not require a response.

The way you delegate is that first you have to hire people that you really have confidence in. You won't truly let those people feel a sense of autonomy if you don't have confidence in them.