The Bird’s Eye View:
Is knowledge power? Not always, and we’ll explain why on today’s show.
On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re exploring the topic of knowledge and what you do with it.
“Early in my career, I stumbled across this concept – knowledge is not power, the application of knowledge is power. Just because we learn something doesn’t mean we can apply it,” said Scott. “I was focused on obtaining information early on, because I thought I had to gather all this knowledge, so I could never be stumped by a question.”
Education and information are extremely important, but in today’s world, access to information is unlimited. Wisdom only comes from experience.
Here’s how that ties into the world of financial planning. There are many choices people have. You can read a book or enroll in a course, but applying all that information and keeping up to date with all the information, that’s usually why people delegate to a qualified financial advisor.
You have to combat information overload with a structured decision-making process and focus on facts and logic. Find out what information or data you need to make decisions on your financial future.
We don’t want experience to override critical thinking, but a financial advisor can help you distill all the information and figure out what’s important for your financial plan. That will help you feel comfortable and confident in your plan.
Listen to the full episode or use the timestamps below to find specific segments.
2:05 – Knowledge is not power
6:40 – Knowing where to tap
12:12 – Critical lessons
14:05 – Executing a plan
15:30 – Prior knowledge not always an advantage
20:26 – Feeling comfortable and confident
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.
Scott Dougan, RFC, Investment Advisor – Contact