Practice Makes Perfect
A year or so ago I was at a wedding, and a very successful doctor started talking to me. I was very impressed with this doctor and already knew of him through several people before our meeting. He was involved in some fascinating and cutting-edge research I found quite interesting.
I love meeting people who are passionate about their careers because they give off so much energy. People who achieve amazing and significant success in any profession always have a lot of passion for what they do. If you allow them to, these people will talk your head off about what they are doing. They will show you their collection of books about the subject, debate various philosophies about what they are doing, and more. People who commit to something are the most exciting people in the world. They provide me with an incredible education. I wish everyone was committed to what they do.
In speaking to this doctor, however, I realized despite his incredible knowledge of what he was doing, he was not satisfied. “What I really want to do is start a business,” he told me. “That is what being successful is to me. I have a friend who is doing very well in the manufacturing industry now that steel prices are up.”
The manufacturing industry? Steel? Why would someone spend years going to medical school and becoming a successful researcher only to go into steel manufacturing? I am not saying this is the wrong thing to do. But when you are an expert in something, it is not always in your best interest to switch jobs completely.
I spent many hours of my career going to various law firms and meeting with successful attorneys. I would say in at least 25% of these meetings, the attorneys I met did the same thing as this doctor–they started talking about how they wanted to pursue careers in completely different professions. One memorable meeting was with a famous attorney in Los Angeles who told me about opening a chain of ice cream parlors on the other side of the country only to see them fail miserably. Of course they failed miserably! The man running them was a famous attorney involved in all sorts of high profile cases. How on earth could he be expected to also run a chain of ice cream parlors?
At this particular point in history, I know many people who’ve lost all their money and life savings by investing in real estate. They bought homes in Arizona, condominiums in Florida, and other properties for little or no money down. They jumped face first into the real estate game because they believed they would get rich. Most of these people taught high school, sold cars, or were accountants, for example. Of course they lost money in real estate! This was not their expertise and they knew nothing about it. I saw the same thing back in 2000 with the Internet stock crash. Back then, all sorts of people aggressively invested in these stocks and lost their shirts. These people did things like sell insurance, or own auto repair shops. Of course they lost their shirts! None of them had expertise in the stock market.
The point I am trying to make is you can never be in two places at the same time. You need to choose who you want to be and what you want to do. You can never become an expert in multiple things. You need to concentrate on doing one thing.
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