How do I capitalize on my experience? I want to turn my life experience into a source of income.
I have been doing early childhood lesson plans for years. Just turned sixty five. Need to get started.
Answers | 2
Happy birthday and congrats on investing in yourself. This is the best place to start.
As an investment manager (IM), the most important thing I can tell you about investing is to focus on your circle of competence. That means the area of the world that you live in, that you actually know quite a lot about.
This is the 3 circles exercise. The first one is passions. The second one is talent. What are you really talented at? What do you know a lot about? What can you be world class at? And the third one is where you spend your money. Put your answers in each circle and see which companies are in all three circles.
One way to think about this is this:: Imagine that my uncle gave me a billion dollars to go out and buy a company with, but the rules were that I’d only get to buy one company, and that company would be the only way I’d make money the whole rest of my life and if that company went under, I would have to live on welfare. So I buy every company that I look at as if it’s the only company my uncle will let me buy. This is a great rule, you should think about it. I call it “my uncle” rule.
I also have what’s called a ten-ten rule. It says I’m not going to own a company for 10 minutes unless I’m willing to own it for 10 years. So if I’m going to buy a company and be willing to own it for 10 years it better be something I like and matches my value systems. I’m passionate about it, I love it, I’m talented at it and I spend my money in it.
Here is a link to help you with the 3 circles:
It’s not the years in life, rather the life in years that make the difference.
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It’s not what you make, It’s what you keep that determines your lifestyle