Despite its attraction, becoming rich by turning lead into gold is a flawed idea. Answer the question “If I succeed, then what?” If something scarce becomes common, its price falls. The price of lead and gold would become nearly identical. Lead might even be worth more.
If your goal is to become rich with alchemy, then if you succeed, you will fail.
Few people today view transmutation of base metals to be worthy of study. Nonetheless, the alchemist’s dilemma still exists. Something that is common cannot have value. Yet some believe that information and knowledge are values. Some promote their superior knowledge. Knowledge can have value as long as not many people know. Knowledge has value only when it is scarce, not necessarily when it is true.
Suppose everyone knew the stock market would go up every Monday. People would have cash on Monday morning and buy. Once everyone knows that, it will stop working. The early adapters will start buying on Friday and selling on Monday. Anything everyone knows is not worth knowing, unless you can take advantage of what everyone “knows.”
In the long run, what everyone knows cannot remain true. People will work the system to neutralize the knowledge.
What people need today is not knowledge or information. What people need today is meaning. As a professional adviser, do you tell people facts or do you tell them what the facts mean in the context of their goals?
Since facts are a given in the marketplace today, meaning will become a marketable advantage.
But, it has a price.
Best advice. Keep in touch with your clients and ask them to keep in touch with you. Share what you know and explain how it fits with their plan. Together you can travel through the time tunnel to the future.
Don Shaughnessy is a retired partner in an international accounting firm and is presently with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario. firstname.lastname@example.org