Should you have more than one string to your bow?
 

I spent part of the day at the beach yesterday...

I didn't go into the water, but enjoyed walking along the boardwalk, taking in the sunshine, the fresh salty air, and seeing people bask in the glorious warm weather...

After going for a refreshing and invigorating walk, I parked myself at a table at one of the beach side cafes, surfed the web while watching the beautiful sunset, sipping my mochaccino (a kind of coffee, with chocolate in it as well)...

After spending a little bit of time reading the most interesting latest news, I started to ponder my multiple streams of income...

I feel I'm fortunate to have multiple streams of income. Not everyone thinks it's a good thing. But let me tell you about a man I met recently...

He's spent most of his life doing one thing, in one industry. The problem is, in this country, that industry has virtually disappeared. It's one of those industries where everything has moved overseas! His expertise now has very little local value. He's found other work, though he's probably had a big pay cut, and he's clearly not happy.

His situation is one where he had one string to his bow. He became a very narrow expert in something, which had a high value at one point in time, but because of how times have changed, the value of that expertise has plummeted.

On the other hand, to continue with the metaphor, I have several strings to my bow. I know that (as long as health is not an issue), I will never have trouble finding an income, one way or another. Furthermore, I'm gradually building up my income-producing toll position assets too.

It's a bit like someone who was an expert on typewriters. Once upon a time, that would have been a valuable expertise. However, if that was the only string to your bow... nowadays, you'd be in trouble!

Everything changes pace quickly now, and it's just getting quicker! If you can only do one thing, it may become obsolete! I'm a big believer of having more than one string to your bow... And it makes life a little more fun and exciting, too!

DR

Re: Should you have more than one string to your bow?
 

I talked about having more than one string to your bow... But what does that mean?

I was trained in physics, and have an expertise there... But what else?

I once took a sales job, in order to learn sales skills... Zing! That's another string!

I've created web pages for myself, but also to help a commercial business...

Presses releases wrote, I did (that's my best Yoda impression!), for my friend who owns a restaurant... Over time, these have resulted in 4 different newspaper articles - one positive full page review in a large metropolitan newspaper, and 3 positive articles in smaller local papers. If you had paid for that space at commercial ad rates, it's about $80,000 worth of promotion, for free!

(I did these for free, to help him out, but I could easily charge, especially now that I have a positive proven track record...)

That's another "string"...

Copywriting is another one. I've also been well paid for editing work I've done...

I made a living for a time by "chatteling"... Created and profited from newsletters... And acquired the exclusive rights to copyrighted works I've gone on to sell and profit from...

Was this wise? I take a long term view... They are all "survival skills"... If the opportunities for one of these dries up, I've got a half a dozen more things to fall back on!

To me, that's probably one of the best kinds of "security" there is...!

I hope you benefited from this post. Now, what about your own situation?

- DR

Re: Should you have more than one string to your bow?
 

Thanks Dien.

I have a slightly different view.

1. Brain surgeons earn more than general practitioners.

2. At the same time, most innovation lies at the intersection of 2 fields.

One awesome example is from the field of music. Look up Lindsey Stirling - the violinist. She is very famous and all her videos get a few million views on youtube.

https://www.youtube.com/watch?v=aHjpOzsQ9YI

But she is not the best violinist out there - there are a lot of violinist better skilled than her. Nor is she the best dancer. But she is the best dancing violinist.

Focus on 2 fields - not 12. Become better than average in both - but not necessary to invest 20 years to become the best in any of them. And then merge the fields and create a position for yourself.

For eg: You could mix your physics skills with copywriting and become the best person to help scientists apply for grants.

...Intersecting two fields...
 

Hi Ankesh,

I love the way you think!

I've seen some of the videos of Lindsey Stirling, and they are great! It's pretty cool that she's found a way to do something she loves, and be well rewarded for it too!

I also liked what you said - "Most innovation lies at the intersection of two fields."

I was fortunate to have once been taught by a very innovative and creative physicist - C. F. Osborne. He once told me something along the lines of - if you want to come up with a new idea, find two other ideas and put them together... It is a surefire way to come up with new ideas!

(Now, whether it is a good idea or not is a different matter - like all ideas, some will be ingenious, while others will not even be good enough for the scrap heap!)

If you use this technique, coming up with new ideas is as easy as falling off a log (and also less painful)!

As for intersecting two fields, I think you're right on the money! I've found this already in some of the things I do...

By the way, everyone should check out (and subscribe to) Ankesh's link, Genius Biographies ... I've just done so... I must say, I love learning from the world's greats, and this is a painless (and fun!) way to do so!

- Dien