Know what you know

What do you know? 

You could know many things. They fall into two groups. The things you know you know and the things you know but don’t know you know.

Things you know are a little dangerous because sometimes circumstances change and knowledge becomes obsolete. Not knowing might be better.

What do you not know? 

There may be be quite a supply of these topics. Again they fall into the know I don’t know and don’t know I don’t know groups.

Know I don’t know is valuable. Delegate or hire. Learning opportunity.

Don’t know I don’t know is usually not an issue because the situation may never come up. If it does, I like to think I would know I don’t know.

The risk

The risk seems to be only in things I think I know. There are defenses.

Play defense 

Look for information that contradicts your belief. Data mining in support is a huge mistake.

Find people who hold different beliefs and viewing points. Arguing is valuable. Try to find what is right not who is right. This process is quite valuable. It deepens your understanding and widens your view.

Decide to always hire expertise in meaningful don’t know areas. Most of these are things that are complex and are infrequently encountered. Who needs to know how do a title search?

Be watchful

There are things you can’t know. Like, no man understands child birth. Trying to know things you can’t know wastes your time and annoys those who do know.

Learn what you can as soon as you need it, or maybe a little before.

Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario.  In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.

Please be in touch if I can help you.  don@moneyfyi.com  866-285-7772

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