In 1904, steel magnate Charles M. Schwab solicited advice from public-relations pioneer Ivy Ledbetter Lee about how managers could manage their time effectively. Lee sent Schwab the following four-point list and requested a check for whatever Schwab thought the advice was worth: 1. Make a list of the most important things you have to do tomorrow. 2. Arrange them in order of importance. 3. The next day, work on the most important task until it's completed. 4. Tackle the other tasks in priority order. How much did Schwab pay Lee? $25,000. Even today, these points are worth their weight in gold.