The Risk of Going Direct
Have you seen a Doctor or an Architect or a Businessman or Lawyer trying to Manage Money?
There are a few who do feel they can excel in 2 different practices
One their own and the other Money Management
He or she may say ‘I would like to manage my wealth’
This is like anyone of us telling a doctor that ‘I would like to manage ‘
my health’
The point is never about my health or my wealth
It is simply about health and wealth or for that purpose any other profession
The moot point is that “A doctor manages health and an Advisor manages wealth”
A doctor manages his health and other people’s health
An Advisor likewise manages his wealth and other people’s wealth
Every Profession is about expertise and core competencies
Therefore when a doctor or a CA or a Lawyer or an Architect spends time discussing or managing his money, he or she is paying a huge opportunity cost
The “time” that Life gives us is hardly enough to fully explore they potential of one Profession
In this context a person trying to Live a Double Life cannot live Either Life
The TIME spent by a person doing another person’s work is a Huge Opportunity Cost paid by for the person because Time invested in trying to do another person’s practice > the time that it would take to improve his own practice
Let’s take the case of a doctor
Let’s the doctor spends 10 hours a month in money management
Without even realizing he is likely is taking double the time it would take a money management professional
Secondly the biggest loss is the fact that 10 hours that could have been contributed to the field of medicine got diverted in trying to do another’s work
This is the bigger opportunity cost;
Because the doctor is bestowed with the qualification, knowledge and skills to heal
And his spare time should be invested in learning how to heal better and master his or her profession
So if your own profession does not drive you to learn more on a continuous basis and if you are getting attracted to someone else’s profession, it could mean
a) Either you are naïve and do not understand time management and productivity
b) Or it could mean you don’t like your own Profession and are being attracted to another profession
If it is the the first case then one needs Education on Productivity and reverting to your core practice
And if it is the second case then one should divorce the original Practice and get fully involved in the new Practice.
There is no merit it two timing. It is like having an extra marital relationship
It is risky for any professional who is more keen on managing wealth than managing his own business
Because he is spending every extra hour on Understanding Wealth instead of Understanding his own business
This way you can neither manage wealth nor your original work
If one Professional tries to hijack another Profession, he or she is indulging in a Zero Sum Game
A businessman managing money likewise will certainly be paying a massive opportunity cost by hurting his core business
There is so much to learn and excel in every field that the time that is on offer will always fall short
Hence it is quite ridiculous to attempt self medication
Choose the right expert and take the best guidance
Every Profession is changing rapidly and to be on top of it, we need to spend every extra hour we get to learn
One must Invest massively in one’s core competencies
The point being made is to become a better doctor, a better engineer, a better advisor, a better professional
Master your Core and farm out the More
He or she who indulges in another’s profession is certainly digging a grave for his own profession
