The Bad Side Effect
Amar Pandit
A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.
November 24, 2023 | 2 Minute Read
Many people believe we are in the Expertise business. We even like being called experts.
Don’t we?
Who doesn’t?
But Expertise comes with a cost – a bad side effect.
I read an interesting story (that addresses this point) Morgan Housel wrote in his blog post, ‘Trying Too Hard.’
“Thomas McCrae was a young 19th century doctor still unsure of his skills. One day he diagnosed a patient with a common, insignificant stomach ailment. Mcrae’s medical school professor watched the diagnosis and interrupted every student’s nightmare: your diagnosis is wrong; the patient has a rare and serious disease. Mcrae has never heard of it.
The professor’s diagnosis required immediate surgery. After opening the patient, the professor realized Mcrae’s initial diagnosis was correct. The patient was fine.
Mcrae later wrote that he felt fortunate for having never heard of the rare disease. It allowed his mind to settle on the most likely diagnosis rather than be burdened by searching for rare diseases like his more educated professor.”
The point of this is not that ignorance is great but rather that expertise can build blind spots that experts are likely to miss. Therefore, there are some mistakes that only an expert can make, that only successful people can make.
As Investor Dean Williams said, “Expertise is great, but it has a bad side effect, it tends to create the inability to accept new ideas.”
Isn’t this true?
How open are you to accepting new ideas?
How open are you to changing your mind on something?
How many times have you changed your mind?
Many things have changed in our industry/profession, yet many continue to operate as experts from an era that no longer exists…
I hope and wish that you develop the ability to accept new ideas, to change your mind, to address this bad side of expertise.
Similar Post
Nano Learning
The 3 Layers of Clients
There are 3 broad layers of clients in our profession according to Dennis Moseley Williams.
The first layer comprises people who want something special and will invest more time ....
Read More
6 August, 2021 | 3 Minute Read
Nano Learning
The Price of Easy
In the previous Nano, I wrote that Simple is not Easy.
In this one, I write about the price of Easy. Most people don't realize this but there is a price to be paid in doing easy t ....
Read More
23 July, 2021 | 2 Minute Read
Nano Learning
This is a Must-Make Investment
Carl Richards said it well: “Being kind is an investment; being mean is an expense.” These words hold deep meaning, especially for us. In a competitive industry, it’s easy to ....
Read More
1 November, 2024 | 2 Minute Read
Nano Learning
Niche your way
The biggest fear that advisors have when it comes to niches is this – “What if I say I specialize working with surgeons and a valuable prospect who is a non-surgeon might look ....
Read More
20 August, 2021 | 2 Minute Read
Nano Learning
The Insane Wealth-Tech Recruitment Model
I know you know this but even then, I thought of writing this line: Within the FinTech space, our industry comes under the category of Wealth-Tech.
In this Nano, I am sharing an ....
Read More
4 March, 2022 | 2 Minute Read
Nano Learning
Hard Things and Easy Things
We spend so much time trying to make everything in our lives as easy and convenient as possible. Sometimes that’s a good idea.
20 October, 2023 | 2 Minute Read



- 0
- 0
0 Comments