Episode 050 – Using Specialisation to Build Wealth | Blue Dollar Bull
Hello FI-Europeans! Today we jump again to the other end of the world, to talk again with Ben from BlueDollarBull on how to improve your career through specialization, when and how to specialize, leverage your skills and use diversification to put your assets to profit.
We also talk about:
- Examples of specialization
- Specialization and leadership
- Specialization in investing
- Meta-skills to enhance specialization
- AI and disruptive changes
- Diversifying through the internet
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Why specialization is a great way to build wealth
According to Ben’s words, if you want to build a fortune you specialize and if you want to partake that fortune you diversify. Looking at the lives and strategies of great businessmen, this pattern comes out very often. Identifying what specialization actually means depends on the path you are on, it doesn’t necessarily mean focusing on just one skill, it can be a particular combination of skills that puts you in that unique position that differentiates you from the competition.
Specialization and market positioning
After having identified your possible specialization, analyzing what you are particularly good at and possibly what you enjoy doing – an activity that pays off by itself – it can be that the market you would operate in is oversaturated. Finding a specific niche where your personal skill set put you in a strong position can be a great solution, particularly when that niche can also be created from scratch, opening up to new market opportunities.
The other side of the matter: diversification
Diversification, on the other hand, can be a great tool to protect your capacity to build wealth. For how much we can be skilled and specialized in a particular sector, the situation in which you operate can change due to market movement, technological progress and a lot of other factors. In these cases, diversifying both your knowledge and wealth assets can greatly help.
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