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. 🙂
Random Useless Fact:
Only smart people can say the following words out loud without getting tongue tied. 😛
Eye, Yam, Stew, Peed