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Circle of Competence

Updated: Aug 18, 2020


Everyone Starts As A Noob

Every pro was once a noob, every expert was once a beginner.


They always tell you to start from what you know, your circle of competence. But they don't tell you what's within this magic circle. That's because you have to find out for yourself. What you are good at, might not be what someone else is good at.


Equally or even more important is also to find out what's not in your circle of competence, this would really save your some serious money.


So how do you start at level 1?


For those with no idea of what they are good at, you can start with stuff familiar to you.


For those in the medical field, you might be familiar with certain treatment, service providers and equipment. If you are in the property scene, you might be good with legit developers, valuers or property managers. For a IT manager, you could have a field day with all the software solutions today.


That said, if you really have zero industry knowledge, go with Peter Lynch's "invest in what you know". First, start by looking around your house, what are some things you regularly buy. At the supermarket, or shopping center, look at what's in demand. There's your start.


Everyone starts somewhere.


As always, "Come for the laughs, stay for the fun times".


#investing #justdoit #noob #beginner #start #circleofcompetence

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