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Cost of Ignorance

Guest post by: Jim Stovall

Article Overview: Several hundred years ago, many of our ancestors lived on farms. They raised livestock, grew crops, and produced the majority of everything they needed to survive. These ancestors possessed all the knowledge that was needed to perform each of the tasks on their farm.

Cost of Ignorance

Several hundred years ago, many of our ancestors lived on farms. They raised livestock, grew crops, and produced the majority of everything they needed to survive. These ancestors possessed all the knowledge that was needed to perform each of the tasks on their farm.

Today, we live in a world where we drive cars we don't understand, talk on cell phones we can't program, and deal with an ever-expanding amount of technology and information that we need help with in order to master. Our ancestors survived based on what they could do. You and I will survive or thrive based on what we know.

Since the world of information has expanded beyond the point where any individual can even have a cursory knowledge of every topic, we find ourselves getting information from others. There are any number of people and organizations seeking to sell us or even give us information and advice.

An ancient Taoist proverb says, "True wisdom comes at great price. Ignorance is always free." The most expensive information or advice you may receive may come to you at no cost.

I'm reminded of watching the esteemed actor, Michael Douglas, in his role as Gordon Gekko in the award-winning movie Wall Street. Douglas, as Gekko, declares, "The most valuable commodity I know of is information."

Since it's impossible for us to personally possess all of the information we need, it is obvious that it is not as important what we know as who we know, and even more critically, how much knowledge is possessed by the advisors we deal with.

It's hard to assess advice without assessing the advisor. One rule of thumb I have used for years is to never seek advice from someone who doesn't have what you want. Don't take financial advice from broke people. While these individuals may have some theoretical knowledge, they have not yet been able to apply it in the form of wisdom in the real world.

Our ancestors only needed to avoid making dumb mistakes. We have to avoid accepting dumb advice on subjects we may or may not understand. This is why second and even third opinions are valuable.

Checking references is imperative. Before someone gives you vital information or critical advice that you apply, they should be able to provide you with a list of names of people or organizations who have succeeded by accepting previous advice.

As you go through your day today, commit to paying the cost for wisdom instead of suffering through the price of ignorance.

Today's the day!

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Article Tags: Gordon Gekko, ignorance, information, Jim Stovall, knowledge



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