{"id":15205,"date":"2020-07-28T14:32:45","date_gmt":"2020-07-28T04:32:45","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15205"},"modified":"2020-07-28T14:50:36","modified_gmt":"2020-07-28T04:50:36","slug":"hedgehog-concept","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/hedgehog-concept\/","title":{"rendered":"Why you should stick to your day job"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15208\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/hedgehog-concept\/day-job-emaill\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"day-job-emaill\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?resize=1000%2C250&#038;ssl=1\" alt=\"Hedgehog concept\" class=\"wp-image-15208\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/day-job-emaill.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>There are three\nways to generate passive income; start a business, invest or speculate. The key\nword in that sentence is <em>passive<\/em>. Passive means you can generate\neconomic benefits without the requirement of your personal exertion. Since it\ndoesn\u2019t require personal exertion, it frees up your time to spend it on\nactivities or with the people you love. <\/p>\n\n\n\n<p>Each of these\nthree options have merit. But the important thing to note is that not all three\nwill suit everyone. This point is very important to appreciate, and could save\nyou a lot of time, stress and money! <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/706088?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">A quick bit of theory first; Hedgehog Concept<\/h3>\n\n\n\n<p>Legendary author and prolific researcher, <a href=\"https:\/\/www.jimcollins.com\/concepts\/the-hedgehog-concept.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Jim Collins (opens in a new tab)\">Jim Collins<\/a> formulated a concept called the <em>\u201cHedgehog Concept\u201d<\/em>. The Hedgehog Concept was based on the famous essay by Isaiah Berlin in which he refers to an ancient Greek story: \u201cThe fox knows many things, but the hedgehog knows one big thing.\u201d<\/p>\n\n\n\n<p>It was Collins\u2019\nthesis that successful companies are laser-focused on the Hedgehog Concept, which\nis the intersection of 3 important considerations or questions (i.e. the orange\nportion in the illustration below): <\/p>\n\n\n\n<ol><li>what\nyou are deeply passionate about, <\/li><li>what\nyou can be the best in the world at, and <\/li><li>what\nbest drives your economic or resource engine. <\/li><\/ol>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"500\" data-attachment-id=\"15207\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/hedgehog-concept\/hedgehog-concept\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?fit=640%2C500&amp;ssl=1\" data-orig-size=\"640,500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hedgehog-Concept\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?fit=300%2C234&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?fit=640%2C500&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?resize=640%2C500&#038;ssl=1\" alt=\"hedgehog concept\" class=\"wp-image-15207\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/07\/Hedgehog-Concept.png?resize=300%2C234&amp;ssl=1 300w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n\n<p>Successful\ncompanies focus on delivering products or services that they can be the best at\nand ignore all other opportunities. <\/p>\n\n\n\n<p>(By the way, Jim Collins\u2019 book, <a href=\"https:\/\/www.booktopia.com.au\/good-to-great-jim-collins\/book\/9780712676090.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em>Good to Great<\/em><\/a> is one of the best business books I have read.)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Let me share a quick story about me<\/h3>\n\n\n\n<p>Before I relate\nthis theory to personal investment, let me share a story with you. <\/p>\n\n\n\n<p>I have some\nfriends that are successful property developers and make substantial six-figure\nprofits. In the past, I have considered whether I should get involved in property\ndevelopment too, especially since I have the property, finance and taxation\nknowledge. However, many years ago, I decided to focus on my Hedgehog. Property\ndevelopment just isn\u2019t for me. <\/p>\n\n\n\n<p>Property\ndeveloping takes a lot of time. So, I could either spend my time on developing\nproperty with the aim of generating a once-off profit. Alternatively, I could\nspend that time thinking about and helping my clients build wealth. Just one\nidea that helps a client creates a lot of value for them and me. That client\nwill continue to do business with my firm and will likely refer their friends. And\nthat will generate long term value for both of us. <\/p>\n\n\n\n<p>I am deeply\npassionate about delivering the best independent financial advice. I am good at\nthe work I do. And accumulating a number of happy ongoing clients generates\nstable economic returns. This is my Hedgehog and when I stick to it, my\npersonal wealth grows. The reverse is true when I have deviated (which I did\nbefore I learnt this lesson). <\/p>\n\n\n\n<p>One of my\nmentors, who has operated a successful business for more than 50 years and\nbuilt significant personal wealth, advised me; <em>\u201cEvery time I\u2019ve done\nsomething outside of my core business, it has cost me time and money.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Medico mortgage default rates are low if they stick to what they know <\/h3>\n\n\n\n<p>The big 4 banks all\nhave special divisions that target doctors (and have for many years) because it\nis widely accepted that mortgage default rates are substantially lower than the\naverage. This stands to reason given few doctors are ever unemployed and their\nincome is very stable and typically higher than the average. <\/p>\n\n\n\n<p>This is true\nwhen lending to a doctor for home or investment purposes. However, statistics\ndemonstrate that when a doctor borrows for another purpose e.g. property\ndevelopment or unrelated business, default rates skyrocket. Most doctors are\nsmart, hard-working people. But that doesn\u2019t necessarily translate to them also\nbeing successful business owners. Statistics would overwhelmingly indicate that\ndoctors should stick to their day job. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">My client Simon\u2026<\/h3>\n\n\n\n<p>Simon has been (mortgage\nbroking service) client for over 10 years (this is not his real name of\ncourse). Over this period, he has tried to find many shortcuts to wealth. This\nhas included investing in different property types and locations, which might\nhave been sexy at the time but lacked fundamentals. He has also dabbled in\nvarious businesses. None of these activities have created a lot of wealth and\nsome have been a disaster. <\/p>\n\n\n\n<p>Simon\u2019s has\nearned an above average income for a long time and doesn\u2019t over-spend (lives relatively\nfrugally). <\/p>\n\n\n\n<p>Simon would be\nin a substantially better financial position today if he stuck to an\nevidence-based strategy and quite frankly, not listened to his own advice or\nideas. <\/p>\n\n\n\n<p>Mistakes often\ncompound. Making a bad investment decision that causes financial loss often tempts\npeople to brainstorm ideas with the sole aim of mitigating any financial losses.\nThese ideas are invariably aimed in the pursuit of short-term profit (which is at\nthe cost of long-term value). In effect, one bad decision is often followed by\nanother. &nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Do you have the ability and passion to become an investment expert? <\/h3>\n\n\n\n<p>The proverb \u201cA\nlittle knowledge is a dangerous thing\u201d needs to be rewritten for investing. The\nproverb should be \u201cAnything short of complete knowledge is a dangerous thing\u201d. <\/p>\n\n\n\n<p>Some of my\nclients are quite financially astute. They understand and know most things \u2013\nthey are just missing the last 5-10% of knowledge or experience. But that last\n5-10% is usually critical. You only have to be a little bit wrong to be\ncompletely wrong. <\/p>\n\n\n\n<p>The fact is,\nthat some people will never become great investors. Some people will never be\nsuccessful entrepreneurs. But that\u2019s okay. You must find what you are\ngood at and delegate all other important things. <\/p>\n\n\n\n<p>The Hedgehog\nConcept applies perfectly well to personal investing. You must ask yourself two\nquestions: <\/p>\n\n\n\n<ol><li>Can you\nbe the best in the world at formulating and implementing Australian-based\ninvestments; and <\/li><li>Are you\ndeeply passionate about investing \u2013 passion is more than just an interest? <\/li><\/ol>\n\n\n\n<p>If you can honestly\nanswer yes to both of those questions, then it\u2019s likely it is in your best\ninterest that you make your own investment decisions. <\/p>\n\n\n\n<p>However, if your answer is \u2018no\u2019 to either or both questions, then you are better off sticking to your day job and paying for (and following) high <a href=\"http:\/\/www.prosolution.com.au\/financial-advice\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"quality financial advice (opens in a new tab)\">quality financial advice<\/a>. When it comes to building wealth, often the slow and boring path is the most successful one in the long run. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>There are three ways to generate passive income; start a business, invest or speculate. The key word in that sentence is passive. Passive means you can generate economic benefits without&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why you should stick to your day job a.k.a. The Hedgehog concept<\/title>\n<meta name=\"description\" content=\"The Hedgehog Concept applies equally well to personal investing. 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