Step 5: Succeed Through Knowledge
Knowledge is the driver of your success. But in an ever-changing world it’s unlikely that you find an industry where the knowledge that you have today still applies in 50 years. If you chose option 1 in Step 1, the Time-Trader Life, you’ll need knowledge to increase and maintain intrinsic value. If you don’t update you knowledge frequently, your knowledge AND intrinsic value will depreciate. Which means you’ll get paid less and security dissolves. Stay on the rise!
For Entrepreneurs, those who chose option 2, knowledge is an accelerator. You’ll need knowledge to build and improve existing system to generate more leverage and finally, more profit.
Knowledge is the ne plus ultra, the holy grail. Improve until you’re so good that they can’t ignore you.
If not used, any sense of security is actually misplaced. What happens when the next financial crisis comes? When the housing market collapses and your asset isn’t worth a penny anymore? What happens when you become unable to work? I don’t wish anybody these kind of experiences but they can happen.
Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step. ~Lao Tzu
“I don’t know how to do…”
The greatest travesty of the free world is the under use of knowledge. Knowledge never has been as easily accessible as today. Use this advantage. Go to libraries, book stores and read 1 book a month / a week / a day. Take (online) courses. Try Udemy.com. Google what you don’t now. Be active and don’t use the excuse of ‘I don’t know…’ If the education you need is not free, evaluate the value for you and if the price is right and affordable, pay for it.
Be willing to pay for your education now, or be prepared to pay a much bigger price for your lack of education later.
You have the innate power to become an expert at anything not requiring physical talent!
But you have to seek it, process it and then use it. The acquisition and application of knowledge will make you rich and give you security. Nothing else.
We are done!
Wrapping things up, a few last words: I know you can do this. But you need to know, too. Everything is in your reach and everything that is going to happen to you will somehow and to a certain extend be influenced by a choice you made. So choose wisely 🙂
Let me hear your thoughts and decisions in the comments, I do look at them. Also, share if you think a friend needs some guidance.
PS: Here are some additional sources to dig deeper:
- Want to build a business while employed?
- Explore companies you could work for
- Read The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime. by MJ DeMarco
- Read Managing Oneself (Harvard Business Review Classics) by Peter F. Drucker