Are you Faking it? Multitasking is a Sham, but Building Wealth Requires Focus

The Clever Investor Podcast

Lets get you ready for a great 2024 because life is all a bit too fast-paced at times and the idea of multitasking has been hailed as a coveted skill, almost a badge of efficiency. Yet, scientific research consistently tells a different story, humans simply cannot multitask. What we perceive as multitasking is in fact just task-switching. A rapid shifting of attention from one task to another.

Understanding this phenomenon requires a journey back to the origins of the term ‘multitask’.
This concept of multitasking gained popularity in the computer industry during the 1960s when operating systems were designed to execute multiple tasks simultaneously. The term gradually trickled into everyday language, implying the human ability to perform several tasks simultaneously. However, neuroscientific studies debunked this notion, revealing the brain's limitations in handling multiple tasks concurrently.

The human brain operates on a limited bandwidth for conscious attention. When attempting to multitask, it divides this finite resource among the tasks at hand, resulting in reduced efficiency and increased errors. Research from the University of London found that multitasking lowered IQ points more than smoking marijuana or losing a night's sleep.
The myth of multitasking reflects the brain's inability to perform multiple tasks simultaneously. This phenomenon underscores the importance of focus and concentration in achieving goals, especially in the realm of wealth building. By acknowledging the limitations of multitasking and embracing a focused approach, you, me and everyone else can optimise our efforts, make informed financial decisions.