I don’t know how much the world will change 5 years from now. After all, I don’t have 2020 vision. 😀
The future is always uncertain. But we can increase our probability for financial success by learning a wide variety of financial knowledge to become a well rounded investor. Being really knowledgeable or talented in one particular skill can also be useful in life. Many professionals rely on their unique trades to earn a living. However when it comes to managing our money I think studying a wider range of topics is more beneficial because money affects almost all aspects of our lives.
Novice investors are often taught that a diversified nest egg will minimize risk. There is nothing wrong with this advice. But before we can diversify our investment funds we should probably diversify our investment knowledge. Everybody knows how to invest in index funds, but understanding how they work will allow us to actually decide if they’re the right investments for us, which is way more important. 😉
Learning as much as we can about as many things as we can means we can’t be picky about where knowledge comes from. This means being aware of our negative biases. Sometimes we might think, “He’s so rich and out of touch with the rest of the world,” or “I don’t want to hear anything this conceited dingle-berry has to say about money.” But if we are overly selective about who or what we listen to then we could be missing out on a valuable learning opportunity from someone who has first-hand experience in a particular discipline of the financial world that we’re not familiar with. It doesn’t mean we should agree with, or value the opinions of everyone in the world. It’s simply about not limiting our sources of information. 😉 Most of us won’t become billionaires or CEOs, but that doesn’t mean we can’t learn something useful from those who are, even if some of them happen to be presumptuous fart-nuggets. 😛
Creating a toolkit from a wide range of topics is the best way to make informed decisions with our money. But there’s not a single “best” way to become a well rounded financial expert. I like to learn from a variety of books, speeches, TV/Radio interviews, magazine profiles, online articles, podcasts, and other blogs. 🙂
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Random Useless Fact:
Only smart people can say the following words out loud without getting tongue tied. 😛
Eye, Yam, Stew, Peed
As a former work collegue once said “He may something that is useful”.
We can learn just as much from those who are less rounded than us as well as from those who are much more defined in their occupation.
It may be more interesting to talk with Joe Blo on how he doubled his investment than talking with a fund manager who is probably more constrained by all the dinaro he manipulates. So just don’t blo the small guy off but take what he has to offer in hand and weight it to you own endeavours. (you can read what you want in to that one – LOL)
A well rounded view point means you listen to just about everything and anything. As time goes on you may get a bit more selective if you have heard it before.
RICARDO
P.S. I did not get tongued tied LOL
I am not sure if I am smart or stupid but it was a good laugh
It can be used as a joke where you get your friends to say it and everyone laughs at them, haha. Good times. 🙂
Think about Warren Buffett, he spends his entire day reading everything under the sun – from books and reports to newspapers and magazines – so he can try to identify some long term trends to help guide his investing method. I think studying self-made millionaires and billionaires is well worth it if we are to glean some insights into what made them successful.
I look forward to the day when we can download somebody’s memories and thoughts onto a computer hard drive so their knowledge and wisdom can be preserved. 🙂 Also, I realize that’s kind of creepy at the same time.
Another word for diverse is variety. And as Tony Horton says “Variety is the spice of life”.
Or as Jim Rohn put it ” if you want more, you must become more” and you become more by gaining more knowledge and then applying that new knowledge.
“For five years I was stranded on an island with only one goal – survive. Now I will fulfill my father’s dying wish – to use the list of names he left me and bring down those who are poisoning my city. To do this, I must become someone else. I must become something else.”
~ Oliver Queen
I’m an ESFJ, so pretty much opposite you. I guess that is why sales work for me.
Thanks for getting back to me. 🙂 I would probably suck at doing sales lol.
you must have watched Arrow
Yup. I’m currently on Season 3, and the show is shot in Canada. 🙂
I agree you need that knowledge in order to make financial decisions that are right for you.
Knowledge comes first. 🙂 Many people try to use their money to break through in life. But because they haven’t got the knowledge or the expertise to do it, they fail.
The more you have the more you realize you don’t have. Never stop learning. I hate know it alls that admit no flaws. I find the most confident people are often the more clueless and close minded to new ideas.
The more I learn about finance the less I realize I actually know about just how much information is out there. 😯
Great post. I’d also suggest that speaking/talking with people is also a great source of knowledge. Perhaps not ANYBODY. But if you know someone who’s successful or doing moderately well, it’s a good source. Also, just sharing knowledge between friends is a good idea.
Re: random fact of the day, apparently, I am too dumb to read it out loud. =P
Haha, you didn’t fall for it. 🙂 Sharing is caring. I wish I had more PF friends around #YVR to share knowledge with 🙂
I am well aware that I know very little about investing, which is part of why I read so many personal finance blogs… in a hopes to learn from them, but I should probably expand my horizons a bit and read some other sources, and talk to some other people…
That’s how I got started to become interested in personal finance; by reading other finance bloggers. 🙂
just curious what does your morning routine usually look like?
Can we have a post on a typical Liquid’s weekday?
My mornings usually consists of waking up to the sound of my 8:30 alarm. Then I check my emails and the stock market on my phone. Check my blog for new comments too. I would then get out of bed at 8:45. Eat something simple like toast, fruit, or even left overs. Brush my teeth, get dressed, and leave for work at 9:00. Sometimes I skip breakfast if I’m in a hurry.
Interesting request to post about my weekday routine. 😀 I’ll consider that idea for a future post. Being an anonymous blogger I won’t be able to describe the specifics of my 9 to 5 job unfortunately, but I can talk about my time at home I suppose. 🙂
Cool I love your posts!
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