Jul
I do not know
There is a difference between ignorance and stupidity. Ignorance is simply not knowing. Stupidity has several definitions. It can be defined as knowing better but choosing worse. It can be a matter of thinking you know better when you do not know enough. There are several other definitions for stupidity that are equally valid.
We often think ourselves the best judge of our circumstances, but are we?
Do we know enough of finances to do serious investing? Are we knowledgeable enough about health to cure an ailment? Have we enough expertise to do all of our own home repairs? Are we informed enough to make heads or tails of a contract? The odds are that most readers have to say no to most of these questions. You do not know enough to do the best thing in these circumstances.
A stupid fellow would ignore his lack of knowledge. He would think himself wise and go do these things. The results would be disastrous.
A wise man knows the limits of his expertise. When faced with circumstances which exceed his ability, he is secure in saying,” I do not know.”
His next move is to gain the assistance of the experts. Using the previous questions as examples, he will consult with a financial advisor, visit a doctor, hire the appropriate handymen and have a lawyer examine the contract. It is that simple. When facing situations for which he has little or no knowledge, he gets the help of those who know.
We all have our strengths and our weaknesses. We all have things at which we are very good. There are also things we do not know. That is when it is time to get the right kind of help. It is better to pay for an expert than contribute to a disaster.
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A professional investor explained the necessity of his work. “I spend my time researching investments, dealing with fund managers and watching finances. The average person may think about his finances for a few minutes every few months. I think about investments all day, every day. That is why people hire me.”
The things that experts think about daily are things the rest of us think about in frequently, if at all.
