Interview with Eliminate the Muda

• What is different about Eliminate the Muda compared to other financial blogging sites?

Eliminate the Muda approaches personal finance using a set of proven business management techniques made famous by Toyota. They call it the Toyota Way. Generically it is referred to as Lean Management. The techniques individually are common sense, putting them all to work takes time and practice. At it’s core, Lean is about making the most efficient use of your resources, be it cash, time or effort. While personal finance is a central topic to ETM I also address areas of life management including personal productivity, efficiency and organization.

• Where do you get the ideas for your blogs?

Many ideas come from reflection of how the concepts of Lean can be applied to a person’s life. But I also venture outside of the application of lean at times. News, personal experiences or even a conversation with someone about money or efficiency may trigger an idea.

• Where do you see Eliminate the Muda in about 2 years?

ETM was initially more about organizing the concepts and exploring the application of these business management techniques at a personal level. I have no defined goals for number of readers, I only want to improve my ability to write and communicate the value of the approach. In my wildest dreams, these techniques would be put to use by thousands, but I considered ETM as success when I got the very first feedback from another that ETM helped them understand how important controlling their costs are to achieving their financial objectives.

• How has lean economics changed the way you look at economics?

We have all heard the phrase “it’s not what you make it’s what you keep.” Understanding lean forces you to understand how true this really is. Saving money through a more efficient lifestyle and smart use of your financial resources is the only way the wealth accumulation regardless of your income level. Lean has enabled me to gain clarity on this concept unlike anything else.

• Do your personal experiences play a key part in the content of your blogs?

Absolutely, I write about the lean approach because it has been transformational for my family’s life. Our home is more organized. Our time is better managed. With exception of our mortgage, our debt has been paid off; all thanks to applying the same sound business management techniques that so many companies have found success with.

• What is some quick advice you could give our readers who are new to lean economics?

The key to benefiting from a lean approach is understanding 2 of the core concepts:

First, much of our time, effort, energy and money is being wasted on activities and expenses that do not add value to your life or help you achieve your objectives. Eliminating the waste (muda) first provides the biggest return on investment of effort and then allows you to focus more of your energy on the value-added activities.

The second key to applying a lean approach is understanding that there is no best, only better. We always have an opportunity to improve. Developing a mentality of continuous improvement is instrumental to being successful with a lean approach.

The remaining principles and tools are all used to help you identify the wastes and achieve effective improvements.

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