Another investing week is behind us and a long weekend is in front of us! There was no shortage of market-moving news this week as Moody’s downgraded the US, interest rates marched steadily higher, and the budget/tax bill was passed in the House and moved on to the Senate. However, as we enter the long weekend and the unofficial start to summer, I thought we might all need a break from markets and as a result, I decided to write about a new technique I learned this week instead.

As you may remember from my past writings, one of my favorite things to do is take walks around my neighborhood while listening to podcasts. Exercising + learning = win win! I found a new podcast recently and was listening to a discussion with Etsy CEO Josh Silverman. During that interview, Josh shared a strategy he uses with his teams to narrow their focus. He requires that they distinguish between the “worthwhile many and the vital few.”

I loved this simple yet powerful filtering tool and spent the rest of my walk thinking about the many areas this could apply to in my life (and admittedly also started to sketch out this post!). In recent years, it has become increasingly difficult to screen and filter information and resulting priorities – in large part due to the sheer volume of “inputs” that comes at us each minute whether it be from our phones (social media, text messages, calls, alerts, etc), individuals we interact with, or our own over-active minds. When left without a strategy, it’s easy to get lost and let external triggers set your priorities.

However, having a quick and easy mantra to remember might prove helpful in filtering things down to a manageable and impactful data set. I’ve already started to use this and it is helping (but will take consistent practice!)

How might this work? Let’s look at a a topic area we all can relate to – personal finance.

Worthwhile many – there are countless topics that are worthwhile items to keep in mind as you move thru your financial journey. Here’s a few (you may have others): career strategy, budgeting, savings plan, cash flow management, investing program and ongoing management, estate planning, risk management, tax planning, financial education for your children, and many others.

Vital few – of this list, which 1-2 are most relevant to you in the present moment? I’d argue that answer will vary greatly by person and stage of life. If you’re just starting your career and savings journey, focusing on a budget and resulting savings plan is vital. If you are an established investor and have your career dialed in, you may benefit by focusing on managing risk and investment strategy. If you are retired, you may wish to concentrate on managing cash flow and investing. If you have yet to do an estate plan, estate planning may be your vital one until it is done and off the list.

You can clearly see how this simple (and somewhat catchy) filtering system can help narrow your focus. I’m eager to apply this in many areas – health, wellness, time allocation, relationships, community service, news flow, and of course – personal finance! Hope this proves helpful to you as well.

Wising you a wonderful long weekend, focusing on your “vital few”. Enjoy the break – we’ve all earned it!