Knowledge is like Money...
Posted by Phil Keithahn on Tue, Aug 25, 2009 @ 07:23 PM
One of my favorite authors is Louis L'Amour. Having grown up in the 1960s and 1970s with Westerns, Rin-Tin-Tin, Lassie, John Wayne, and Clint Eastwood, it's probably not surprising that I have read most of L'Amour's novels.
Refreshingly direct in his writing style, L'Amour's books have words of wisdom sprinkled throughout his engaging stories that remain relevant to this day. For example, consider the following quote:
"Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value."
In today's economy, people remain worried about money. However, to move forward, I believe we should also focus on acquiring and sharing knowledge, for today's challenging financial environment provides a once-in-a-lifetime learning opportunity.
The Federal government is trying to stimulate with economy with a broad array of fiscal and monetary initiatives. Some may work. Some won't. And for every suggested initiative, advocates and opponents alike are providing their "expert" opinions on where money should be spent...or invested.
Whatever the ultimate financial cost of the recession...and the subsequent recovery costs, we will only move forward to a robust economy once the money begins circulating again. And that will only happen once people move beyond a mindset of fear and pessimism, to an attitude of optimism and hope.
For almost 235 years, this nation's success resulted from entrepreneurs, independent thinkers, and risk-takers who searched not just for money, but for freedom, for choice, for independence, and yes, for knowledge.
Whether it was the challenge of exploring America to find a way to the west coast, or the competition to be the first nation to send a man to the moon, the American spirit was one of exploration and an unquenching thirst for knowledge to make the world a better place.
So take some time to sit down. Reflect. Observe those people around you. Ask questions. Assess your successes and defeats. What worked well...and why? What did not turn out as you expected...and why? Instead of second-guessing your past actions, focus on what little things you can do differently in the future to do things a bit better.
Almost a decade ago, a mentor shared this advice with me. "Rod Carew only hit .332, but he made it to the Hall of Fame in baseball. If Carew could make it to the Hall by only getting 1 hit in 3 times at bat, why are you so tough on yourself for your mistakes? Be tough in evaluating your past decisions, but be fair...no one gets a hit in every at bat. But you never get a hit if the bat stays on your shoulder."
My friend was right. The search for knowledge is the search for a way to do things better, faster, more effectively in the future. That's the passion that fueled America's dreamers for over two centuries...who were also doers. Doers who made mistakes, suffered losses, and had to recover from their errors...continually learning and getting better in the process.
So focus on circulating both money AND knowledge as you strive to recover during these tough economic times. Spend/invest your money wisely. But also seek and share knowledge with others. It is in these shared learning experiences that will help you prepare to take advantage of the future opportunities that the world's largest economy will provide to you.
Monty's Message: A healthy circulation of knowledge will lower your blood pressure, increase your self-worth, and improve your prospects for building a solid financial future.