From a young age it is drilled into our heads that we need to improve our weaknesses. If we aren’t good at something, then we need to work to become better.
But what if we focused just on what we’re good at? What if all we did was focus on our strengths to amplify them, thus having a more enjoyable life? We could then outsource much if not all of the other tasks to other people or entities.
While we each have our strengths and weaknesses, I strongly encourage you to focus on your strengths and outsource almost all your weak areas to other people. This is very true in the business of investing.
This approach allows you to focus and strengthen what you’re good at, while leaving much of the administrative or “busy work” to others. This is not to say administrative work is not necessary. Far from it. However, it’s not what will ring the cash register for you. So, my one word of advice is focus on the high-level profits and fruits and put systems in place to have the other items happen automatically.
Take for example bookkeeping or tax preparation. Unless you are a CPA and enjoy this work you should not be doing this yourself. Outsource it for a reasonable cost. I am in no way saying you should not know or be aware of how bookkeeping is performed or the items in your return, only that it may not be the best use of your time to perform these tasks yourself.
This goes for many other things in our lives as well.
- Mowing the lawn
- Washing the car
- Visiting the store to purchase groceries
Each one of these items are easily outsourced for probably much less than you earn per hour. Unless you really enjoy doing these activities, just pay someone else to do them.
You can do this in your investing as well. If you don’t enjoy finding deals, have someone else find them, and you put up the money. If you don’t enjoy or aren’t talented at due diligence on your investments, hire someone to do 90% of the legwork for you.
In fact, this is how most successful partnerships are formed. Each party has strengths which they leverage for the whole. The equation is simple. First, figure out how much you make per hour on an average day.
Then look at whatever task you need completed and decide if you either make money or lose money by doing this task yourself. It helps if this task is repetitive in nature, meaning it occurs frequently in your life. If you make or save enough money this may be a good case to do it yourself. If you lose money in doing the task, it may be a strong indicator you’d be better off paying someone else to perform this task.
It helps to know your strong and weak points. Not everyone is aware of what they are good at. In school and during most our adult lives we are constantly told to work on and strengthen our weaknesses. I disagree with this. Looking at most successful people, they capitalize and focus on what they are naturally good at. And it turns out, that what you are good at is what you tend to enjoy doing.
Personally, I’m good at research and planning. I also enjoy speaking with people. I dislike administrative tasks and get bored easily with repetitive tasks that can be automated. I also need things to make logical sense in order to adopt them. This is not always the best method, but it’s how I’m wired.
If you have interest in learning more about yourself and others, I recommend taking the Meyers Briggs Test, which is a proven personality profile indicator. It was an eye opener for me and could be a great way to familiarize yourself with your strengths and also weaknesses.
You can take the test here: https://tinyurl.com/2pcgss
There is also a wonderful book on this subject worth reading https://tinyurl.com/y9fqbx4a
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