By Laura Vanderkam
FORTUNE -- Never put off for tomorrow what you can do today, the saying goes. Fortune favors the bold. But, in the interest of seeming decisive, do we sometimes act too fast?
From traders following the herd to politicians attempting damage control, "In most situations, we should take more time than we do. The longer we can wait, the better," says Frank Partnoy, author of the forthcoming book Wait: The Art and Science of Delay. In it, this professor of law and finance at the University of San Diego advocates "grabbing delay by the throat and using delay as a tool in your life."
A distinction must be drawn between putting things off and true procrastination. "Procrastination is weakness of will," says Tim Pychyl of Carleton College in Ottawa, Canada, who also runs the website procrastination.ca. "There's no virtue in it." Procrastination is when "I know what I ought to do and voluntarily don't do it, even though I know it will come back and bite me" -- because not doing it feels good in the moment. Think watching TV until midnight on April 14, even though you haven't done your taxes.
But if time is ultimately limited, then sometimes "delay is just another variable that you need to take into account," says Partnoy. "We're always putting things off. That's our natural state -- to be doing some things and putting others off. What we should feel bad about is if we're being lazy, or doing the wrong things today or putting off the wrong things as well."
Here are four occasions when putting something off might be the smart thing to do.
1. You need more information.
Sure, some projects get stuck in the research phase forever. But it's not worth starting to write a report if you're missing details that will shape its whole structure. Partnoy studied journalists as part of his research. Many said, "Oh, I have this terrible problem with procrastination," he recounts. But, in fact, they knew exactly how much time it took them to write an 800-word story, and they were trying to get the right quotes and figures right up to that amount of time before a deadline. "It's part of your professional skill," says Partnoy. "You develop this intuition that the right thing to do is not to start writing right away. You don't know enough, so you take some time to observe and process and talk to people." More
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