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Personally I always do my best work under pressure, so I consciously procrastinate almost everything. The way I see it, you've got two choices:
1. Take three times as long to do the same thing because you're not under pressure and it's easy to get distracted. Meanwhile the quality of your work suffers since it isn't getting your full attention.
or
2. Put it off until the last possible minute, then accomplish the task in the shortest possible amount of time. Since you can't afford to be distracted, you'll do a better job of focusing on the task at hand.
IMO, it's not really a choice at all. You can take longer to do a worse job, or you can take less time to do a better job. The only time procrastination backfires is when something comes up at the last minute and you don't have as much time as you thought. It's occasionally problematic for this reason, but IMHO the benefits far outweigh the risks.
Cheers,
Arbiter
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