Skills Investing The Hard Way | Timothy Kenny | Skillshare

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

20 Lessons (2h 42m)
    • 1. Introduction

    • 2. My Story, My Investments

    • 3. Introduction

    • 4. Your Skills

    • 5. Your Likes and Dislikes

    • 6. Using Role Models

    • 7. Analogous Skills

    • 8. Conclusion

    • 9. Introduction

    • 10. Which Industries are Growing and Which are Shrinking

    • 11. Who are the Key Thought Leaders on the Future

    • 12. The Importance of Understanding Your Peer Group

    • 13. Over and Undervalued Skills

    • 14. Introduction

    • 15. Doing a Cost Benefit Analysis of Each Skill Investment

    • 16. How to Think About and Measure Time Investments

    • 17. How to Think About and Measure Financial Investments

    • 18. How to Factor in Other Types of Resources and Constraints

    • 19. Dependencies, Constraints and Spaced Repetitions

    • 20. Conclusion

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About This Class

Skill investing isn't something you hear a lot about.

There are a lot of books out there that show you how to invest your money.

Even books on how to manage your time.

But none that go in depth on how to invest your combination of time, money and energy into learning information and building skills.

This course is about strategic thinking.

What strategy are you using to invest in your skills?

Is it a smart strategy?

Is it a strategy you decided on? Or someone else decided for you?

Is it just "going with the flow?"

People spend lots of time and money figuring out how to invest for their future in the financial arena.

But they spend almost no time deciding how to invest in skills.

So try this thought experiment.

How much time do you spend each week building skills and learning in some way? Meaning time off the job when you aren't working in the traditional sense?

3 hours?

5 hours?

10 hours?

Multiply that number by 50.

That's about how much time you are spending in a year?

5 hours a week? 50 weeks a year?

That's 250 hours.

That's whatever you make per hour times $250.




Let's say $40 an hour.

That means you are investing $10,000 a year of your time into learning. 

And that doesn't even count what you are spending on books, courses, periodicals, subscriptions, etc.

Let's tack on another thousand or two for that.

Or don't even count it, it doesn't really matter.

What matters is that you are investing 5 figures in your education, your skills, every single year.

And you probably aren't spending any significant money or attention or time on learning HOW to do it. 

This course teaches you how.

It teaches you how to think very strategically about 3 things.

First, where you are. Who are you? What are your current skills? What are your aptitudes? Personality? Interests? Likes and dislikes? 

All that is important.

Second, where is the world? Where is the demand? Where is the competition? Where is the excitement? Where are there untapped opportunities? Where is the future headed? Who is going to be left behind?

That's critical, skills aren't valuable unless they can be used to create something of value, almost always that means for other people, and for a business of some kind.

Third, how do you integrate the two? How do you measure the value? How do you allocate your resources? Your time, money, energy, etc? 

You will go through these 3 stages in the course. By the end, you will have a much more strategic perspective on how you should be investing in your skills for the future.

You have easily 4, probably 5 figures riding on your investments every single year. 

Is it time to get more strategic about how you are investing in your skills?

If so, I'll see you inside the course.


Meet Your Teacher

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Timothy Kenny

Author of "Accelerated Learning for Entrepreneurs"


Timothy Kenny is the author of “Accelerated Learning for Entrepreneurs.” He teaches classes and speaks to groups about how to accelerate their learning so that they can build successful businesses faster and with more confidence in their success.

Timothy has taught at the Harvard Innovation lab, The Tufts University Entrepreneurs Society, General Assembly in Boston, and has been a featured teacher on Skillshare, among others. He has consulted with startup teams on how to accelerate their learning, creativity, and growth.

See full profile

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1. Introduction: welcome. But in this course, you're gonna learn how to invest in skills and we invest in a lot of things. Throughout our life. We invest in stocks, we invest in relationships, we invest in skills. We invest in property. Any time we invest in something, we're looking for a return on investment. And there's always some risk that things aren't going to turn out the way we plant. Sometimes it's a high risk. Sometimes it's a low risk and generally things that here too high risk, high reward, low risk, low reward. And we figure out how we are gonna allocate things across these, uh, various levels. So in this course, what you're gonna learn is a process where first you figure out, where are you, where you in terms of your skills in terms of what do you enjoy doing? What sort of advantages do you have? Okay, what do you already good at? And how would certain skills versus other skills benefit you in the various areas of your life? The four quadrants, your professional life, your personal life, your relationships and your health? Okay, so, looking at how you would benefit because some of the best skills are the ones that are gonna benefit you in multiple ways. So this is the first section right here, Will re doing inventory. The second section is where we look at the world. What skills does the world need? Um, and this whole thing is is targeted primarily at professional skills, but you can apply it to any skill. But we're looking at What is the world need? Uh, what is Where's the future headed? What sort of trends exist? So not just what does the world need now? But what is it going to need and what are the? Whether it's a job or whether it's a business, where is their demand? Okay, so sometimes the world may need something in the sense that you may think it needs something, But do people actually demanded Are they willing to spend money on it? Are you going to be able to get a job or build a business? And there's are also, uh, certain more advanced things, like looking at ideas like evergreen skills versus temporary. We're seasonal skills. And what that means is there's some skills that you're gonna use for the rest of your professional life. A skill like typing faster that can save you huge amounts of time over your career. And this is something that's gonna last for a long time. Another skill might be networking skills or email skills that these air some base examples where these touch almost everybody, no matter what sort of job you have, what sort of role you play having some of these skills are really important. And they're gonna last for a long time, where there's other things, like learning a certain programming language where that program brimming language may be completely dead or worthless in five years for a certain piece of technology. So it's not just about, uh whether it's gonna pay off or what whether it's valuable now. But how long is it going to continue to pay dividends in the future? So we're gonna look at all that, and then in the final section, we're going to start to make allocations. So we're gonna look at what is your budget not just in terms of money, but also what is your budget in terms of time? Uh, what sort of risk tolerance do you have? What are the other costs and benefits Teoh each one of the different skills that you can decide to do. And then also, what are the dependencies? So this is related to time. But it says, Well, you might be better off learning a certain programming language once you've learned how to program in general. Okay, so that's it. That's it. How to think like a program or how to think in in the logic of programming, which can then be applied to several other languages. Okay, so what sort of dependencies exist where there's a certain syntax that's important? So don't do be than eighth and see do a, then B, then see. And if you've taken my learning projects organization course, that's also useful here. Because once you're done with this, that's one of the first things you're gonna want to create. Is that one pager on what you're going to invest in this learning project and and what sort of investments you've already made? There's probably skills that you've built to a certain extent, and you're thinking, Is this really worth my investment or your thinking? Um, I really doing something that I enjoy and what's gonna make me enjoy that more. What are the how do I make this decision? Because this is a very tough decision. And oftentimes you're talking about investing hundreds, if not thousands of hours of your own time to build a certain skill. So this is not This is not a decision to be made lightly, but people often don't put enough time into planning. And what I say is, if you want a rule of thumb, that rule thumb is just spent 10% of your time planning. Uh, you know the quote by Abraham Lincoln? If I had six hours to cut down a tree, I'd spend four hours sharpening the axe. So it's that sort of, I mean, that's more than 50% your time spent planning or spent preparing. But just if you're spending temper, send your time. Most people think they would be spending 10% of their time, but it turns out they're not. So if you're going to invest 1000 hours in tow, learning a skill and building a skill over a long period of time, you really should spend dozens, if not 100 hours just researching which skill you should build, because if you make the wrong decision, you're gonna lose 900 plus hours of time where you basically get nothing out of it or very little out of it, and I'm gonna show you. Okay, If you decide, I'm gonna spend that 100 hours, or even if you're only going to spend 10 hours, how do you spend those 10 hours so that you make the the smartest investment possible? That's gonna get you the best r a y in the timeline that makes sense for you with the amount of risk and reward balance that are good for you and take into a account the budgetary restrictions that exist in your life. So getting clarity on this allows you to make really easy decisions, meaning you can feel good about the decision. You can give 100% to it and a lot of the problems, like procrastination, laziness, These just go away or substantially diminish. Once you've given yourself 100% and there's nothing holding you back, so makes those decisions a lot easier because you've done the due diligence. You've done the research necessary to determine this is a really smart investment, and that takes time. Nobody just goes out and spends thousands of dollars on stocks without doing any research or doing a few hours of research. But people will take their time, which is going to be worth in the work feet force anywhere from 2030 $50 an hour. And if you multiply that out, well, that right there, multiply it. Times 20 is $2000. This is $20,000. Okay, so you're talking about investing a lot, a lot of money. And if you're not doing it the smart way, then you could potentially lose thisted time that you're never gonna get back. And you put yourself in a tough position or you rack up debt, you investing classes or courses or go to college or choose a major or master's degree or whatever, and you end up getting something that isn't useful in the real world. So I decided to make this course because it's so important what you decide to invest your skills in. And I see people spend years and years building skills that are basically worthless, and they suffer from crack procrastination and laziness. They can't figure out they can't understand why they can't get themselves to perform at a high level and a lot of it has to do at the beginning stages. They really didn't get a solid understanding of what was going on, so they could make a really smart decision. Give themselves 100% towards it and have it pay off for the rest of their life. That's what this course is about. I'm very excited. Toe finally release this the world. So if you're interested in these ideas, I encourage you to sign up. And if you do, I'll see you on the other side. 2. My Story, My Investments: in this video. I'm gonna talk about my story and tell you about the skills that I have chosen. Teoh. Invest in big time. Um, start at a young age and up till today. So one of those is entrepreneurial skills slash business. This is an example of, and ever green skill. No matter what job you're in, what role you're in, there's almost always a way to find an opportunity to do things better, to advance or to add value. And when you can add value, you're gonna get paid more special if you know how to negotiate it, how to make deals. And that's all part of entrepreneurial and business skills. So that's been something I've been doing from a young age. Another is communication skills. Okay, so that shows up in my teaching communication. A lot of that is about understanding other people, okay. And then there's also the skills of actually talking or writing and expressing structuring creativity. Okay, So communication skills, these air skills that I'm gonna be using for the rest of my life also skills like knowing how to use cameras and audio recording and editing. All right. So, just like in the ancient times, ancient scribes and artists. They would mix their own pigment, and it would be a big secret what they were using to create the colors for their pigment. And most people couldn't read. Most people couldn't, right? Well, nowadays, most people don't know how to use a video camera, don't know how to use an audio camera, don't know how to edit, or only know at a very, very basic level. Okay, so these air, these air skills that I can feel another one is marketing. That's sort of a, uh, crossover with business skills is being able to communicate and make an argument to buy something. Okay, so these communication skills, thes business skills, entrepreneur skills, these Aaron example of things that are gonna be useful for the rest of my life. Um, and with communication skills especially, this is not just something that's useful in my professional life, but it's also something that's useful in my relationships. Okay, 3rd 1 is organization and systems. Okay. This this touches every area of my life because it improves the productivity less overwhelmed. Easier can do more more relaxed. All right, so that's another evergreen skill. This is this sort of thinking about how to organize and how to set up systems is not going to go away. The need for that is not gonna go away over time, even as technology changes new things, air invented, cultural changes, travel, whatever. So these skills are not going to go away. These skills air all gonna last decades and really lifetime. So investing in skills like this makes a lot of sense because, you know, they're going to be useful no matter what. All those other things that you do, you know, those core skills are going to be useful, and they can be applied to anything else. So a core part of what you do should be investing in skills like this, and we'll we'll be talking more about that later. Um, accelerated learning is another one. And this is really how I figured out what I was going to do is I was teaching myself business entrepreneurs is, um, at a very young age and I was reading books and I was trying to figure out why am I forgetting so much? Why are the strategies that I was using in school now not working well? It turned out my strategy and school was I could cram, get a good grade on the test and then forget. And there really wasn't any penalty for that in the real world, I found out, If you forget, you fail. So this made me go on a quest for what is the system for learning that really works. That's really optimal. And that's what this course Siri's, And that's what most of my work is about. This is an and I knew that I was going to need skills. I was gonna You know, the statistics about you're gonna change your career 10 times or whatever. Well, that means you're enoughto learn a lot of different skills and the way technology is changing things. You always have to be learning new stuff. So this is another example of an evergreen skill. You can apply this skill toe any other endeavor that you go after any other skill. It's basically a meta skill because it makes learning at any other skill, easier. Same thing with organization. His organization is going to make anything you else you do easier and better communication skills. No matter almost matter what you do. If somebody is going to give you money, you're gonna have to communicate with them. And that's gonna affect your relationship, which is going affect how much you make, how much you enjoy it, working with other people on a team, etcetera. If you're getting paid, that means there's a business somewhere, either that you're working in or that's connected to you in some way. That's bringing in money. And they do that based off creating value, and you're part of what creates that. Okay, so whether you're an entrepreneur, your your business owner or investor, whatever you're at, some either immediacy or one or two levels of remove from a business and the more you understand that, the better off you're gonna be, the better off you're gonna dio. So these air examples here of what I've decided to invest in an all these of paid off extremely well. So as you go through this course, think about what are some of these evergreen skills that you already have in your life, that you should be investing Maurren and where you investing your time where there isn't a big payoff and there probably isn't going to be a payoff or it's It's paying off big now, but it's just gonna be going down. And so don't just look at what's happening in a year to, but what's what's the cumulative effect over the next 10 years, or even more so we'll be getting more into all these ideas. This video is to give you some examples Teoh start thinking about How are you investing right now and where you're gonna invest in the future? 3. Introduction: in this section. We're doing an inventory of Where are you right now? Were you good at? Would you not good at? What do you like to do? Would you not like to do? We're also gonna look at who are your role models because role models are extremely valuable in helping you decide how to invest because they've already gone down a path that you want to go down. We're also gonna look at analogous skills. And this is where you have one skill and it can be applied in many different arenas. So the question is, which arena does it make the most sense to use that skill in because one arena could pay off 10 X as much as using that same skill in another arena. Okay, so it's not all about how much is the skill worth in a vacuum? But how much is it worth in that specific situation? And where is it going to be the most valuable? So let's get started 4. Your Skills: in this video. In the next video, we're gonna be going over your skills and also your preferences. All right, So number one is your skills. What are you good at? And you already have some experience for this through school, through just experiences of what are you good at? So that should become a list. So write down on a piece paper or type in. But this is gonna be your initial list without any sort of structure of what you think you're good at and try to organize it into general things and then specific. And what I'm going to do with this video is I'm gonna talk about how to think about this stuff, but ultimately there's gonna be a separate document text file that's gonna have links to aptitude tests as well as intelligence. Specifically multiple intelligence, Tess. And the caveat here is Do I trust these things 100%? Absolutely not. They obviously have flaws. However, they can give you some insights about yourself that you wouldn't be able to come up with on your own, or you just never would have thought off. So that's the this is, uh, coming up with it. yourself and then taking these tests are the two ways you're gonna figure out what you're good at. But the other thing I want you to think about is that it doesn't really matter. Okay, so I'll start with a story about chest. They did a study of chess grandmasters, and they found out that, uh, well, actually wasn't grandmasters. But they were young players in their teens, adolescents and teens who are very, very, very good. And they noticed that at a certain point, I like you gave a slight advantage. But the interesting thing they found about I Q. Is that in the top 1% of just the top people, they found that those people actually had a lower, slightly lower I Q. Then the people here. And the reason why was because I Q gave a slight advantage when you were learning the game . But in terms of executing and developing skills over time, it actually didn't give them much additional, uh, advantage at all, so they got an advantage at this early stage. But that advantage didn't continue over time, and what I see with a lot of people is they get thes beliefs in their head at a very young age that there's certain things they're good at and there's certain things they aren't good at. And they take that to mean something that's innate and almost no. No matter what studies you look at, you see that over and over and over again, these cultural beliefs about what's innate and what isn't innate alone. They're almost always wrong. And so what I encourage you to do as you're thinking about your investments is don't pay too much attention to what you're good at or what you're not good at, because it turns out that even if you're not good at something, it's not necessarily because there's something in natively wrong with you. Just means maybe you miss the foundational skills. Maybe you had a bad teacher, or maybe you grew up in environment with peers that didn't have that skill or expectation. An expectation plays a huge role in what we do when we're young and as we grow older. Also, if there's just no expectation that you're going to succeed, I mean very, very famous study in elementary schools where they took two different classes and they were identical in terms of the uh tested knowledge and abilities of the two different groups. So they just what? The group into two equal halves. And they told the teachers they didn't tell the students anything, but they told the teachers for the first group. This is a group of special kids who are really top notch. We have very high expectations. And for the second group, they said, You know, these kids really need a lot of help and they're really struggling. They were exactly the same in terms of skill level. But the teachers, because they had different expectations, treated the first group with much higher expectations. And after a year, the results from Group one verse group to were a lot higher and better. And it was just because the teachers had different expectations about the students. It had nothing to do with their innate skill. So expectations can also play a critical role. So it is valuable to know what you good at. What do you not good at? If there's certain places where you've spent hundreds for thousands of hours building certain skills, that's good to know, because those could make it a lot easier to build other skills But at the end of the day, be very, very careful about believing that any skill is innate or is impossible to learn, because 99% of the time it's just not true. And it's ah, it's a cultural belief that's dying very, very hard. And if you took my Corson deliver practice, you know that the persistent myth that experts have something innate about them, where that top performers except, really, for athletics, where body size height makes a big difference and barring some sort of disability, it really doesn't matter what your innate we born with. It all comes down to what sort of practice you dio Okay, it's all about nurture, not nature. So that's the thing to remember here as we go through and make sure you look at the text file for links to the aptitude and intelligence aptitude tests and the multiple intelligence tests that will help you get a better develop, a better list for what your current skills are 5. Your Likes and Dislikes: The next thing we're gonna talk about is your likes and dislikes. And this is where personality tests come into play. So this isn't an aptitude. This isn't intelligence, it's a personality test. And as I said before, with other types of tests, do I believe in these 100%? No. They all have their flaws. We still aren't even close in terms of the scientific community of figuring out how the mind really works. How the brain really works were still at a pretty rudimentary stage. So you should definitely be skeptical of these personality tests. At the same time, they do have some use, so it is worth taking them. And you're going to go to the links in the text file associated with this lecture in order to find the ones that you should take. And then those air gonna add to a separate list that you should be creating for this meaning separate in the sense that it's separate from the list of skills you just created, all right. And I want to give another coffee out, which is that what you like and dislike right now is not permanent and the way you can prove this to yourself is, look at your just your life history. Think about all the things you like now that you didn't use to, like. Also think about why you came toe like certain things. Was it because some epiphany you had was because your peer group liked it? I mean, one of the most obvious ones is. Why do people like certain types of music? Are they objective judges or do they just like things? Because that's what their friends like? That's what's available to them. So you should be One of my big picture comments here is that you should be very suspicious of what you think you believe about yourself. Okay. Very suspicious about whether these are innate for these air culturally created and adopted by you for these largely social reasons. And you start to see this when you do a lot of travelling, you expose yourself to other cultures, watching documentaries, reading the news ethnography, alright, studying other cultures and seeing why, at a cultural level, people like different things and that leads to this other lesson of instead of just focusing on things and attributes, focus on the flow, and if you've taken some my other courses. You know, I talk about this over and over because the satisfaction we get from being in the flow can come from a lot of different things. And it comes from this, uh, two dimensional and I'll talk about the third dimensional. But this is how would much skill do you have? Do you have high skill or low and then also difficulty. So when you're within this range, you get into that flow state, and a lot of the problems that we have with not enjoying our work is because we're not consistently spending time in this flow state, which means that you're challenging yourself. But you're also leveling up your skills to deal with that increased difficulty. If you're at a point where you're at high skill, but you're at low difficulty is when you get bored, when you're at high difficulty but low skill. This is when you're overwhelmed and stressed. Okay. And then there's all these other issues that don't seem to have a lot to do with our work, but have to do with the team that were part of the culture of the company, the people we work with, okay, These are major sources of dissatisfaction. Also finding out that you picked a job or you picked a position that doesn't have upward potential doesn't have the flexibility you want. And this is all about planning. This is all that a failure to plan. It doesn't have much to do with actually performing a specific skill. And then also getting along with other people your communication skills, managing the Paul office politics. Okay, getting along well with others leadership skills and following skills. All right, So these sorts of things transcend a certain job that you're gonna get or a certain big skill that you're going to invest in these air sort of those meta skills that you're going to need no matter what you do. And some of these just have to do with planning. Make sure you do the right planning. Make the right decision, get all the information you need to get, and you should get to make a smart, intelligent decision. So what you're gonna do here is take those personality tests and also add those to the list that you're creating of what your likes are, what Your dislikes are in terms of skills and then match those up. Um, with the skills that you're good at, the things you're not good at next. And we'll be using this information throughout this course to help you make your decision. Another thing to think about and this is the final thing is think about what sort of benefits are you looking for in the various areas of your life. The professional personal, which is a lot of this is just household management and various, you know, your finances, relationships, and then your health. What sort of benefits are you looking for? And are these, uh, is this skill that you're gonna build part of a larger overall plan of doing what you want and is going to meet your needs? Okay, so for some people, their work is they're passionate passion, and they love doing it. Other people have a great life outside of work, and it doesn't bother them that their work isn't their passion. So it's that's that's something you have to decide for yourself how important that is. Um, how important the flow state is, how important it is to have that focus on your work versus the other things in your life. the other people in your life, the other aspects of your life. So this is another thing to pay attention to is how do your likes and dislikes relate to the various benefits you're gonna get from having the skill, Because the skill is really just part of a larger life plan. So think about what air? This sort of lifestyle, uh, design, which is really beyond the scope of this course. But think about what are the what do you what of the attributes that you want tohave in your life? How do you What do you What do you want Your day today or what is your ideal lifestyle? What is, um, something middle of the road and then bare minimum? And how does the your likes and dislikes fit into this? Are there any conflicts? Are there any places where you can kill two birds with one stone? So these are the things you should be thinking about as you come up with this list because the more you can get on there, the more you're gonna have to use as we go down the road. 6. Using Role Models: Now let's talk about role models. Role models air some of the most important people you're gonna have in your life because they show you what's possible, and they also oftentimes will show you a path to get there. So they give you an image of a goal, and then they also give you the path of the strategy to get there. And they can even show you the mistakes to avoid along the way. So role models air really important. And the challenging thing about role models is that often times you can't get access to them, so access is a problem. And oftentimes, even if you can get access, it's very expensive. So when you're looking at skills and investing in skills, you want to be paying attention to what are the domains where there's people who are recording hi level performance? Because if there's no way to get recordings of high quality performance and it's very expensive or even impossible toe access those people, then it's gonna be very hard, if not impossible, to build those skills. So even if something is a great skill, if it's impossible to build it or it's very risky because you don't know the right strategy , then that's probably not gonna be a great investment for you to make, because it's very high risk doesn't mean you can do it. It just means it's risky and and your portfolio of investments. And this is this is basically agreed upon strategies you have. Traunch is where you have certain things that are very low risk. You have medium risk, and then there's a certain amount that's high risk and out of your 100% maybe our 30% here , maybe you have 50% here. Maybe you have 20% here. Okay, So, depending on what your tolerance is, what your life is like, what your requirements are, you're gonna have a different portfolio in different risk assessment. But this is something that's very important when you're looking at your role models, is how hard it, or easy is it gonna be for you to model them. And what I really recommend that you do is check out my courses in the expert. Siri's, especially the 1st 2 on all experts, are liars and had a model experts. Okay, because this is going to give you a much more accurate sense of what's going on with your role models. How are they doing what they're doing? How can you model them? And how can you also tease apart when they're telling the truth and when they're not? Because there's a lot of people out there in the media that are not necessarily who they seem to be, and it's very hard. Teoh measure that unless you know what's going on and how to spot those clues and those hints, another really important thing and we'll be talking about this more in the next video is skills with many different names. And what this means is your role model may have a skill where in their domain, there's no name or there's no strategies for developing that skill. Where is in another domain? Those strategies may exist. So what do I mean by that? Well, I was reading something in the Harvard Business Review, uh, just last month, and they talked about how one of the ways to build charismatic leadership skills was to do role playing in an acting class acting improv class. Okay, most people assume who are in the business world who are in contact or in one way or another in business with charismatic leader They have no idea that in the acting world it's completely normal. Toe learn through pretty well agreed upon strategies. How to become more charismatic, how to perform as more charismatic. So there's you have to be able to switch domains you have to be able to see. Okay, well, what domain can I look at? Where somebody has this skill and is that easy? No, that's part of why multiple intelligences and creativity are so important. And creativity is one of the major things that I talk about in my creativity course, because when you have multiple intelligent, when you're when you're developing all nine of your multiple intelligences, you're gonna be able to see things from Multiple Perspectives year and be able to see OK, well, maybe the skills in this domain can be transferred over to that domain. And this is how a lot of creative geniuses think this a lot of how a lot of inventions or good ideas come to fruition through going, uh, cross pollinating in different domains. And part of this is also ontology, which is the organization of information. The Dewey Decimal System is an example of this when you go into a library, library of Congress is another system like this Wikipedia. How the way supermarkets or Amazon are organized is based off on ontology, which means how you're organizing stuff. That's why I said previously, organization is so important because if you have slots in your learning system or in your life for where do leadership skills go? Where do acting skills go? Where does any? No matter what sort of skill you're talking about, where does that belong? In the grand scheme of things, if you have an ontology that's strong enough to handle that, then you're gonna be able to make these leaps that other people can't make and may seem very difficult. So yes, this is it is difficult to do this. This is what we call an encyclopedic knowledge or understanding, and it really it actually isn't even that, um, in depth. But, for example, and Elon Musk, this is somebody who, uh, at a very young age, somewhere between five and 10 read the entire encyclopedia, which we're talking about is 1000 to a few 1000 pages, which is basically 10 large books. So this isn't something that's impossible to read or learn. It's just something that you may not be comfortable reading stuff in this range. Um, and that's that's just something where you need to break it down. You need toe, develop your reading skills and you you just need to push your comfort zone. Um, and be ableto make more long term investments. Think long term. But what this does is gives you shallow knowledge of everything. And it was you to connect things from disparate parts of the universe that other people can't make those connections. Okay, so a lot of these role models that you have, they're gonna have a skill. And often it will be the skill that makes the difference. And it's going to be a skill that's hard to learn. This is where modeling skills come in. Check out that courses where creativity, multiple intelligences, having a wide range of knowledge comes into play to be able to model those things. But role models are, or another list that you should make. And all of this is gonna right now just to bring you back to reality for a second words just focusing on you. But the other half the equation is what the world demands, where the world is going and I argue, will argue later that the world is actually more important then where you are because not necessarily an objective sense, but in the sense that we tend to over inflate how important the aspects of ourselves are in comparison to these aspects of the world, especially in a more. And when I say the world that's at every level from group family community, we tend to overvalue the individual undervalue the group in individualistic western societies. Eastern societies, you can argue, tend to overvalue the group over the individual, and the question is, where is that happy medium? But what I will be arguing in this course is that we tend to overemphasize this under emphasized this and in large part, what really makes us happy is not necessarily the content of what we're doing, but the experience that surrounds it, and that really has to do with the world. It has to do with the community. It has to do with some of those meta skills as well. But those all of those things transcend specific, isolated skills or subject matter, so we'll be getting more into that later. But it's important thing to pay attention to with role models, is how they've matched up these two things, what opportunities they looked for and get a clear sense of what was their goal. And what if they made possible for them? And also what is their path? And the reason I say the goal is because sometimes what you think their goal is is not necessarily what they thought. There waas, and so every path and every successful person really shouldn't be measured by what they achieve based on what your goals are, but what they achieved based on their goals. And some people have success in other people's eyes, but they don't have success in their own eyes. And so that's another important thing to pay attention to when you're looking at your role models. But role models air one of the most valuable things because they give you on all inclusive picture that you don't really get when you're making isolated skills, the things you like and don't like, or the skills and abilities you have or don't have. Personality traits, etcetera 7. Analogous Skills: here. We're gonna talk about analogous skills and this is something we've touched on before. Eso it's gonna This video is going to be more brief than the other ones. But we're looking at where the different places where the skills you have can make money where the things you like to do can make money if you're looking at at from a professional standpoint, otherwise, whatever sort of results or return on investment that you're looking for, what are the different ways you can use the skills you already have, or the likes and dis really likes where some different places from where you're either already using them Or you could see yourself using what are some other places and again, what we're talking about in the last video with being able to see the big picture and seeing how things from different areas connect. That's really valuable as we get into the next section. And we really focus on where is the world going and what is the community need? What do other people need? That's how you really figure out how to create value, and at the end of the day, a lot of what we're doing we're building a skill is being wielded to go through some process behavioral e, where we can create an outcome that others value. That's okay. And whether there are exceptions that way for your health, you want to hit some certain outcomes, and that's what you want for you for your health. But even that affects other people. For example, how long you live your family, okay, has an effect on your relationships. Emotional level. Okay, so even these things that may seem to be all about you, they still have those external downstream impacts. So analogous skills is looking at. What are the other like things? You have your list now role models of skills of likes. And now it's time to try to stretch yourself and think about what other connections do I see here in terms of skills like for your role model? What are some analogous skills? Other people who are have a similar skill tear role model in some way or the skills you've written down? What are some other industries besides the one that you've been looking at or ones you've been looking at that used these skills? What are some other places or industries or groups, organizations, communities that have these likes or dislikes, and even at a bigger, smaller level so that the idea of cultural level or ideology, or or even micro interests her likes her preferences. So this is an opportunity for you to expand that. Make sure that you have the biggest picture possible, so that as we get into the next phase, you're going to get the most value out of it. Because really, what we're doing is the world is here. You are here and to be successful, it's about creating connections, more connections you can make. The more money, the more value money is just a type of value. Representation of it, um, the more connections you can make, the more you're gonna fill that in and the mortar successful you're going to be in whatever way you define it. But you have to realize realize where the opportunity is, where the preparation is. Preparation plus opportunity equals luck and that luck is the ingredients to success key ingredient because ultimately you have to. There's always going to be that element of risk where you could fail and luck. Quote unquote is what defeats risk and gets you to success so it eliminates or minimizes as much as possible the downside. So that's it for this. We're gonna have a short conclusion that get into the next section. 8. Conclusion: Okay, so this section has been about creating an inventory. You've got your lists of what your likes dislikes, your skills and your role models. And these air basically examples of people who have similar likes and dislikes to you. Similar skills that you already have, and they're people that have taken it down the line. And they have a life story that you can draw on and make predictions from because you have data. So that's that's the purpose of what we've been doing here so far. And you've used the various tests personality tests, aptitude tests, multiple intelligence tests to get some ideas. You've also racked your brain for things. Look for similarities. One of the things other things you can do is have some conversations. So ask people that you work with. Ask your friends, ask your family, ask your men tours or anybody else have those conversations. Ask people what they think, and also tell them these are the things that I already have on my list. He's the people I already have on my list and then get their feedback, see what they think. The driving point that I'm gonna be making, and I I've touched on this before, is this stuff? We tend to overvalue it. Okay, so at the end of the day, we can learn to enjoy things. And a lot of what we enjoy about things is the process how that process is happening. And this transcends specific fields at the same time, the ideal way to set goals is to into great your life. So you have these four areas professional, personal relationships and health, and you can think of them as separate. Or you can think about how can I integrate this? Okay, so how can I find away where? Maybe the people, the types of people that I'm gonna be working with their interacting with are gonna be similar types of people that I wouldn't wanna have relationships with or people who would have a peer group that would improve my health? Or people that would have similar ideas about how to manage home finance hobbies, etcetera. Okay, So, integrating things, finding one thing that can solve multiple goals, always look for that. And that's why I've been so intent on try to write down as many different things as possible because that's you're gonna find areas where there's overlap, and it turns out you can combine these. So with that being said, what's get into the next section on looking to the future and looking to what the world needs and that's gonna allow us to match up you with the world. Right now we have this part. Next, we're gonna be getting really clear on this part and then finally in the third section after the next one will be filling in this gap and figuring out what is the ideal way to do that. What are the ideal investments to make? 9. Introduction: in this section. We're going to talk about the world and specifically we're gonna look at the future because it's not about where is the world right now. It's about when you have the skill built, which maybe six months, 12 months from now where you gonna be then where is the world's gonna be then? Because this is when that could would we toe a promotion. It could lead to getting hired for a job. It could lead to a new opportunity in your business or being able to do something. Ah, lot better than you could before. So this is ultimately about investing for the future. Investing is by its very nature about the future and whether you're really thinking about the future clearly or not, you are making assumptions. You're making guesses, predictions you're forecasting. Okay. And the reason why I'm writing all these down is because these are all key words that you're gonna want to know about and be looking for as you're studying the future. So the first thing we're gonna talk about our growth industries, these are the macro level patterns of where is there more opportunity and also, to a lesser extent, what industries are on the decline and why next, we're gonna look at the thought leaders. So these are people who are shaping the future and talking about the future, and they're studying the future. And where do they hang out? Where do they express themselves? Where do they record their ideas? Then we're gonna look at your peers. This is really important because it's an invisible force that's shaping you. And it's really important to understand what sort of decisions about the future are your peers. Making this means your friends, your family, your co workers, people that are in the same age, same stage of life, same geographical area. What sort of decisions are they making? And how are those shaped by just the environment they're in rather than making really smart decisions and predictions about the future based on data. And finally we're to talk about over and under valued skills. So we're gonna talk about which skills we've already talked about a bit about evergreen skills. Um, if you've taken some of my other courses in the series, but we're gonna talk about evergreen skills, we're going to talk about short term versus long term thinking with skills and my overall thoughts on which kinds of skills air over and undervalued when you're taking into consideration competition from other parts of the world, the threat of offshoring outsourcing, Um, and this idea of how can you really become invaluable? How can you become a linchpin? That's a Seth goat, an idea of how can you make yourself indispensable? And that just means you're creating something of value. And there's a certain amount of exclusivity to it where can't be replicated by another person or another company significantly cheaper or higher quality or on any other dimension like that. So that's what this section is about. It's about now that we've got an inventory of where you're at and what your interests are, what you like to do. Now we're looking at the world, and we're specifically not just looking at the world as it is right now, but we're looking. Where is he going to be in six months? Where is it going to be in a year? Where is it gonna be in five years? Okay, so all these questions, that's what we're answering in this section 10. Which Industries are Growing and Which are Shrinking: in this video, we're going to talk about industries that are growing and shrinking. And while we're talking about investing and talking about the future, it's actually fairly rare that something is going to remain exactly the same over time. It's usually going to be on some sort of trajectory up or some of sort of trajectory down. And that could be This could be five year span. This could be a 20 year span. Once you start getting beyond about 10 years, it gets a little bit harder toe predict where things like this are going to go. But it also depends on how predictable are the things that are underlying that industry. So, for example, in the United States, health care is going to be a growing industry for, you know, decades. And that's because of the baby boomers who are just now going into retirement. And they're going to need a lot of care from the health care system, from pharmaceuticals, all these different areas by a medical. So that's an example of you see an industry that's growing, and then you break it down and you look at well based on the things that I'm at, least somewhat interested or don't have. Ah, huge disinclination for what sort of occupations or jobs are available. What sort of business opportunities are available and you start to dig into that and see what kind of money is available for those things and what the value is. And, um, once you go even deeper, we'll talk more about this in the next section. But you look at well, you know, to get to the position I want to get to. What sort of ladder do I need? A climb? What is theme? The path to getting there. How long will that take? So related to health care? One of the biggest things to pay attention to is stem. Okay, science, tech engineering in math. Okay, so this is probably the number one area to be looking at for growth. Is these industries right here? These areas of study and what you do is you look at well, when people graduate with a degree, for example, where can they make the most money that can give you? That could be one way of measuring. Um, whether this is a good investment. Of course, money doesn't have to be the only metric you're using, but it's a pretty easy, uh, thing to start out with. It's easy to measure, and some of the other metrics you might be using are significantly harder to measure. And at this at this stage, you're looking at very broadly. What are the big skills that are necessary? We're not necessarily talking about micro skills. And if you own a business or you want to run a business you also might be looking at, Well, how can I use an employee or a team of employees who have these skills to get to capitalize on some opportunity so you don't necessarily have to learn the skill yourself? But it's also good toe have an awareness of which skills air valuable, how valuable and why? Because then you can keep an eye out for opportunities and some areas that I am personally very interested in our artificial intelligence and machine learning. They both have applications to accelerated learning, but they're also very. They're just growing very quickly and what a future is. For example, Kevin Kelly, who's been a great predictor of technology in the past, says that the opportunity with our artificial intelligence is on par or even bigger than the Internet. Okay, so huge opportunity there. So you're looking at income levels that are coming from these various industries, and another cool way toe get a sense of an industry is to look at a job or occupation manual or encyclopedia. They go by different names, but basically it's a book that's 300 to 500 pages long. And it has a 1 to 5 page description of each occupation, where a group of occupations and what they do, what the work is like. What skills makes sense for those? So that's a good way to get a sense of industries. Another good way is toe. Look at the various tax codes for different industries. Each business has toe categorize itself into some industry, and so that gives you a complete, comprehensive look. Now, the one thing to be careful with his new industries tend to not be represented here, So this will tend to be 10 20 years, uh, old. And so some of the newest stuff may not be in here because they may not have become their own industries yet, but this is a good place to get at least a Ah, very comprehensive and always a starting point for getting an awareness of what are all the different industries that are out there and you'll be surprised. You'll learn that there's a lot of industries that you just never thought of that are actually fairly high. We developed and have a lot of sub industries within them. So I'll be putting links in a text, a text lecture right after this video, with both of these things that you can start to take a look at that. But this is This is one of those areas where keeping up to date with New York Times Wall Street Journal, a major newspaper, and Teoh taking a look at the business section every day. Looking at a site like TechCrunch, especially if you're interested in technology and entrepreneurship, is it's a great place. They're always talking about trends they're always talking about what's the hot new thing? And they're always, uh, farther ahead in the future, in terms of seeing trends and seeing new stuff happening than almost anywhere else. So this is a great place to go TechCrunch to find that sort of news. But having some sort of website or newspaper where your regularly getting business news and you? You follow that for six months or a year, that's you're gonna I be get gotten up to date and you're gonna get a lot of different stories and articles. And just by reading headlines, you're gonna start to get an intuitive sense for which industries air growing, which ones are on the decline. And with that intuitive sense, you're gonna be able to pick up on new skills and identify new skills that are worth alert , learning a lot quicker. 11. Who are the Key Thought Leaders on the Future: the next thing we're going to talk about our thought leaders and these were people that you will become aware of because of reading, uh, news outlets so it could be a newspaper could be a website, but you're in a pickup on certain people that our thought leaders and talk about the future a lot especially related to technology and technology really has a special place because so much of you'll hear this. People in computer science departments talking about CS is eating everything okay? And the reason why is because computers are revolutionizing every single sector and not just computers, but also robotics. And we're seeing a I sort of the body and the brain overtaking all these different industries and having more and more of an impact. You see in the agricultural sector how much technology and machines have changed things well, a lot of work that people do right now is in the knowledge economy, and that's why artificial intelligence is so important is because this is allowing computers to do a lot of the work, that a lot of the knowledge economy work in the same way that robotics and machines were able to take over a lot of the work that humans used to dio. Now the reason why I bring all this up is because eventually you wanna be paying more attention to individual thought leaders, then necessarily big, monolithic sources like this. And the reason why is because there you'll read one article where they're mentioned. You'll read one thing, but then you'll find out they have a whole collection of stuff, whole collection of ideas, a whole model of what they see as the future in there crystal ball. And that's really what you want to get a sense of is what is their model of where the world is gonna be years from now. And what did they think are the most important? Because once you hear it from one or two or three different thought leaders or you just one that you really respect, that's enough for you to say. You know what? I'm gonna go and figure out What is this artificial intelligence stuff anyways? It reminds me of you on Mosque. He figured out at a young age that batteries were really important, that he was interested in physics and he was also interested in space travel and what he went to college for and what he was going to get a PhD in was batteries, and he was going to go to Stanford. But he dropped out after a couple days because he saw how big of an opportunity the Internet waas. And he built his first company, uh, which was an Internet company. So he had an eye for opportunity. He hadn't. I'd I on I for what's in the future, and he was paying attention to what other people were saying he want must get. Somebody who also had a young age was interested in the financial markets investing, which is really it's all just about the future. What is the future hold? How can you predict the future? How can you shape the future, create the future? I don't know if Steve Jobs said it or somebody else said it, but they said the best way to predict the future is to create it. So for those of you who are more entrepreneurial minded, the best way to predict the future is to create it. So this is the other side of the coin. You're gonna have those large, monolithic sources. You're also gonna have the thought leaders, the futurist. And if you if this is something that you've never looked at, go on Amazon and just put in futurist or look for what are those top books about the future ? Because that's going to give you some ideas for where the opportunities, Where the jobs where the business opportunities. If you're gonna form a business or you have a business idea or you want to improve your current business, go into a new area, go consider a different direction. And there's also, uh, there's also a great Speaking of futurist. There's a really cool crowd sourced website called Trend hunter dot com. This is really, really cool site. It's crowd sourced, meaning that there's thousands and thousands of people that search for trends and find examples of the trends. And then those go on trend hunter. And there's literally hundreds and hundreds and hundreds if not thousands, of trends on here, and it's very picture heavy, so there's lots of pictures of stuff, So trend hunter is a really, really cool site, and I recommend you spend an hour to their minimum, just looking at all the different trends that are available in all the different sectors because you're gonna get a really you're gonna find that video just got interrupted for a second, but you're gonna find that your model of the world right now is very fuzzy. Once you've spent a lot of time thinking about the future, then once you just go to a site like this, you're gonna get a lot of clarity from spending that time. So you start with the newspapers, you look for thought leaders, and then you try to spend time around these people. So what that means is, you follow them on Twitter, you follow them on Facebook, you look at their blawg. You look at what other blog's they linked to you look at who are their friends? Who do they follow? What books do they mention? So once you find a thought leader who seems to know a lot and seems toe, they're thinking makes sense to you, you should be spending a lot of time modeling them to figure out how are they getting this information? What are their sources? And then that's gonna lie you to compare them toe other thought leaders. So these are key people when you've to do modeling reports on. Okay, Don't just read their articles and or just, you know, quick on their articles. When you see their name attached to something to read anything they write, go a level deeper, really figure out where they getting these ideas. What sort of larger group are they part of? Do they have a certain ideology that maybe they don't wear on their sleeve? Um, this stuff is really important, because once you can figure out what group somebody belongs to, you can find a lot of other people who are like them. So when we think about thought leaders we often ignore and this I've said this over and over again in various courses. But the Western culture is about individuals over communities or groups, and Eastern cultures tend to be the opposite. And so we have a tendency to focus a little too much on the individual and and not enough on what group do they come from? Because you tell me the group that somebody comes from first of all, there. There's tons of people, but there aren't tons of groups, especially once you get down to a low enough level, and so knowing what groups they're part of. Knowing the ideology of that group. People often won't tell you what they believe at a deep level, or what deep level or philosophical assumptions they make. But if you can figure out what group they're part of, its actually very easy to figure out what sort of ideology they have, what sort of beliefs they have, because they will tend to copy the beliefs of their group. Okay, so this stuff is very important. A lot of people don't focus on it, but out of bare minimum, any of these thought leaders, you should be doing a modelling report. Check out my course on modeling experts and really go deep figuring out where they getting that their information. And who were the thought leaders that they follow. Okay, so always go. That's another thing about learning in general, and modeling and particulars always go a level higher. Who's you know you're here, you're following them. Will who do they follow, whose their mentor and he even moves? Who's that mentor? So most people will maybe look here, but they won't look here, and this just means going farther back in time. And ironically, going farther back into the past and learning more about history and even individual, an individual's history will give you a better ability to predict the future. 12. The Importance of Understanding Your Peer Group: Now let's talk about Pierre Influence. Peer group. This is sort of the hidden underbelly. There's a ton of power here in the power of a group to shape an individual. And in western cultures, we tend to ignore this or downplay it because we like to believe that we are individuals and we make our own decisions. Well, the truth is, we're very heavily guided by the group around us, and we don't like to think about that. We tend to ignore it and deny it, and that's when it becomes invisible. So what I want you to do in this lecture is get really clear on who is your peer group and what sort of decisions are they making based on what's in their crystal ball about the future? So this peer group could be people you live around, okay? Could be your family. Could be your friends. Could be co workers. Could be what generation are you part of age, which are called, uh, age mates in the literature. Um, so these air, some examples of a known include one more, which is schoolmates. So who did you go to school with? Who did you grow up with these. A combination of these are going to be the major influences on a lot of the big assumptions that you make about the world about the future. And also just life beliefs about life, your values, what's important. And these tend to be such a big and abstract ideas that we ignore them. But one of the best ways to get around that is toe Look at history. How norms have changed, how much things have changed. Compare yourself two people in the past and also look at different cultures. Okay, so whether it's geographically or even based on race, gender, so seo economic Okay, So, for example, are there certain industries where a certain geographical group doesn't pursue that? Are there certain industries where certain racial groups don't pursue that? Are there certain industries where there's big differences in gender? Same thing with socioeconomic are their plate. Are there industries where there's big differences there? And the answer in every single one of those questions is yes. So part of the opportunity may just be something like this. It may just be about will do you fit into a certain group that tends to not pursue that opportunity and specifically for these two, where there's initiatives by companies to be more diverse. There's big opportunities just because you fall into a certain gender or a certain racial group where they're gonna have programs to recruit people like you and they're going, there's going to be, um, less competition, and you have more choice over where you would work and the same thing is true. And you may be thinking while I'm just talking about racial minorities in the US and I'm just talking about women here. But there's actually certain opportunities where the white male, for example, is not pursuing those opportunities. So I was recently listening to summon interview of one of the top investors. Think was Mark Andries in. And he was talking about how, uh, one of the female founders who he invested in her company, uh, it was related hair care for women. And this is an area where most white men tend to not have a lot of knowledge, so they wouldn't recognize the opportunity there. They wouldn't recognize how women spend a lot of money on their hair because that's just not part of what they do with their hair. They don't pay attention to it. So pay attention to what groups you're part of, and then pay attention to where you not seeing opportunities because you don't fit into that specific group geographically, that's another one. So learning about other cultures learning about history, different subcultures, different groups gives you a big advantage because you can see opportunities. And there's gonna be low competition in many cases. Okay, Uh, so in terms, your peer group, I was saying earlier, get a look at your peer groups. Figure out which ones seem to be the biggest influence on you, and then look at what paths are they taking? What are the in general, the paths that your peer group are taking? The people who had a most had most of an impact on you. What are their goals? Okay. And then what is there? General strategy. Which you can tell from their path their approach case that their goal is here. They started here. What sort of path are they taking? So question number one is Is this the right goal? Does this goal really make sense? And number two is Does this path make sense? So yes, we agree on the goal. But no, we don't agree on the path. I want to take that path. Or maybe it's I don't agree on the goal. I want to go to a different goal. So get queer on these things and question the assumptions that people make our people thinking strategically about these decisions, yes or no. Are they spending 10% of their investment in money in time on research? And is that quality research? One of the examples you can look at right now where this is changing big time is people go into college, the price is a lot higher, and people tend to not be very strategic about how they make their college decision. So there's a lot of people going into debt. A lot of people who can't find jobs because they went into industries that really didn't make sense, but because of their parents peer influence. And no, it's not necessarily all. Peer can also be parental or authority figures. People were not making strategic decisions and some people will say, Oh, well, that means you shouldn't go to college or college is a waste, Really. It's about a bigger question, which is what skills should you invest in and when you don't think strategically about that and you invest in skills that don't have a lot of value, are very hard. Teoh. Turn into a successful job or successful business or successful career. Then you will have a lot of college debt. You will have a lot of problems, but that's not necessarily the problem of college. It's the problem of how you made that investment decision. What was your strategic thinking? What was your model of the future? Were you even thinking about the future? So those decisions have consequences? And what you have to ask yourself is, in any decision was were these people who are your peers? Were they making its decisions to strategically, and what strategy were they using? And do you agree with that strategy? Is that strategy in line with the basic ideas were talking about in this course? Most of the time, the answer is going to be no or it's gonna be not really. Maybe they spent 2% of their time or 1% of their time. And when you look at those decisions, you can say, OK, well, did they interview people? They do informational interviews. Did they look at statistics? Do they look at where the economy is going? When people are, you can think about venture capitalists when they're investing millions of dollars in a company. They're looking at all these factors. They're spending a lot of time and money and hiring a lot of people to do research before they put their money into something. But most people make these big decisions without putting in a lot of research. This is hard work. You can't ignore it. Um, and most people, what they do is they based their decisions off their peers instead of based on more objective sources. So number one thing is to get aware of how much of an influence your peers have on you and your groups have on you. The second thing is to get it get an awareness of what are they actually thinking, what their goals, what are their strategies for getting to those goals, analyze those and then do your own research? So what are their assumptions about the world? What are their assumptions about the future with their assumptions about life values, especially cause values, inform goals and you have to make sure all those things match up before you put any weight or any stock in what your peer group thinks what your peer group is pressuring you to do. Make sure you question those assumptions. Make sure that you're at the very minimum aware. So first, get aware, then question. Then do your research and then make a decision. 13. Over and Undervalued Skills: No. Let's talk about over and under valued skills, and we have to remember value is determined largely by the market, not exclusively, but always keep in back your head, the idea of supply and demand, and you're gonna fit in here. The demand is created by companies, and the demand for things the company's air looking for is the market. Okay, so there's demand at multiple levels. And depending on whether you're more of an entrepreneur or more of a employees and looking for a job, you're still filling this supply side. So you're asking questions like, Well, how much competition is there? And is that competition based off of being in a First World country or a developing country ? And this question right here is related. Offshoring case. A lot of knowledge work does not have to be geographically located. That's number one, and that would be a skill that if you're not aware of the offshore and going on, you would be over valuing it. So just because there's market demand for a skill isn't enough because there's the threat of offshoring. There's also the for threat of artificial intelligence that's going to take over some of those jobs or all of those jobs, or is going to force you to change the nature of the job itself. So both of these things play a role, and you need be looking at what are the next 10 years? 20 years, 30 years? In this profession, in this industry, what is the threat of these things? And ideally, you want to pick something that's insulated at least partially from these things, or make sure that you're aware of it and you're ready to change in your you're saving money so that you have the flexibility to be learning skills. New skills as your old skills become, uh, either offshored or done through artificial intelligence. And so, with artificial intelligence, you have to understand at least the basics and putting together, of course, on artificial intelligence as well as machine learning right now. So those air in the pipeline and those will be coming out, and the focus for both of these courses is giving people a really clear picture of what's going on in both of these fields. The basics of how things work. It's gonna be part of if if you can cook, you can code. Siri's giving people an idea of, even if you're never going to write a line of code or build anything, you have to understand what these two things are because they're the future. Basically, in the same way that in the nineties nobody knew about the Internet and people were afraid to put in their credit card information and it seems like a joke now, Um, but back then that's how people were thinking. And that's really where we are right now. We're just at the very beginning stages of artificial intelligence and machine learning. And even just this year in 2016 we've seen a lot of big companies like Google and Apple and Amazon getting into this game bigger and bigger. Why did the investments they've been making for many years are starting to pay off in artificial intelligence? So we're looking at skills that are overvalued and also skills that are undervalued. So we talked before about stem these air skills that are often undervalued by people because they think, well, that's too difficult or they wouldn't enjoy it, and they don't really give it a chance, or they don't figure out well, why wouldn't I enjoy it and are there other things related to these skills are related to these professions that I might be interested in. So that's one example of a skill being undervalued or having a skill where the demand for it isn't that great now. But it's going to be going up in the future. Okay, so a lot of people wanna wait until there's a lot of demand before doing something, but that's when it's too late. So, ideally, you want to buy Google when it when it first does its I P o. You don't want to buy it once it's already or you want to buy Bitcoin when it's like a dollar or $5 for a Bitcoin, not $500. So the earlier you make the investment of better. But that's where something is undervalued. And in the stock market, the stock price generally determines what is the value of that company. But with skills, we often don't look at that, but the demand for those skills is very important. So you look at where is their demand for skills and where they're more jobs, then people to fill them. Computer science is a big area by 2020 there's gonna be over one million unfilled jobs. Okay, so it's really important to figure out which skills are overvalued, which skills are undervalued, and then also look at about how much time is there for the past. So an overvalued skill is a value, a skill that whose values going to go down over time. An undervalued skill is valued here, and it's gonna go up over time. And there's actually one other type of skill that fits into these two, which is things that people don't believe our skills, people who believe in the myth of natural talent. Okay, so if you buy into that myth and I recommend you check out the deliberate practice course in this Siri's, if you're interested in this is a lot of people believe in these myths about skills that are natural, and I call the you calm, soft skills. You can call them intangibles. Yes, these are really important skills. A lot of people don't believe they can even be learned, and so in a certain sense, they're overvalued in a certain sense, their undervalued. But really, people just don't think you can even really invest in them you either have it or you don't have it. So these air another really important thing that people tend to undervalue people under tend to undervalue what they can't measure. And on the other side of the coin, they flip and they overvalue what they can measure. So if you can look for things that are hard to measure, that's another really great way to find undervalued skills. And those skills can often pay off big time leadership skills, sales skills, team building, interpersonal relationships. Okay, those skills are often considered intangible, managing your own emotions. Okay, so those tend to be undervalued skills that you see a lot of times underneath. A lot of successful people. We talked earlier about you on musk. Well, he's got some skills that are hard to measure. When he read the encyclopedia when he was, you know, 89 10 11 years old. That's something where people believe he asked this natural talent when a reality he just did a lot of things had a very young age that most people don't do, no matter what their ages that give that feed into this myth of natural talent of a genius and geniuses are. They're not born, they're made. And if you really study geniuses in depth, you'll find that and this matches again under K. Anders Ericsson. He's the world renowned expert on experts, and he studied geniuses top performers his entire career, and he's never found a single person that had this famed natural talent. Um, it's all about deliberate practice and what you do that counts and a lot of these sort of things. Specially soft skills are taught via socialization, just basically informal learning as opposed to education system, which is formal learning. Okay, there's There's not much of a difference in how people learn in informal versus formal situations in terms of how the brain works. It's just that these you usually get thes because of your peer group. Um, because of your parents authority figures, sometimes religious groups and then also your friends and where you grow up cultural norms , stuff like that, OK, but these we're starting to see more and more these sort of skills get formalized and taught in a formal manner with continuing education. People that run schools are finding that thes skills are not being taught as much, or they're not taught equally to different racial groups or different socioeconomic groups or different genders. Um, and so they're being built more and more into the education system and also corporate training. All right, so over and undervalued skills very important when you're making your investments. Actually, one final thing I want to talk about with leadership is a lot of people think of leadership is purely this emotional thing of being able to get people excited and giving that rousing speech. But a lot of it is also project management, which has has an element of, you know, getting people excited and keeping people motivated and avoiding burnout. But a lot of bitches has to do with the really formalized method for planning things. Planning huge projects. The project management was originally developed to manage the Manhattan Project, which created the first atomic bomb, the United States, and grew out of the military into and Aeronautics, which is building these huge airplanes and went into many other sectors that eventually found its way into software development, which they have words like agile another stuff with your just project management scrum project management systems and takes on project management. But in terms of undervalued skills. Project management is huge in terms of undervalued skills. I highly recommend any of you watching check that out and at least pick up a one or two books on project management. Get yourself on intro to that. And this is another area where I will be putting out, of course, at some point. But that probably won't be for at least a few months, so I recommend if you're watching this now go do Google Search, get a book and and start learning at least the basics of project management because it's a huge leader. Skip ship leadership skill. And it's ignored by a lot of people who think that leadership is purely this soft skills thing. There's really a lot more to it than that. 14. Introduction: okay, In this section, you're gonna learn about how to allocate resource is and how to think about them as investments. So what do your primary and what I was saying about project management is actually very relevant here. You're getting somewhat of, Ah, oven introduction toe project management just here with some of these ideas. So, with project management, for example, we're always looking at How much time are we spending? How much money are we spending? And then what is the scope of the project? Those of three main things were looking to control, and scope tends to be about the goal for his time. Money is what we're actually putting in as the resource is, and obviously you have people. But with with skill building, it's mostly just you. So we can keep that constant. And so we don't really have to factor it in the thinking here. So first we're gonna talk about types of cost benefit. Then we're going to talk about time. Then we're gonna talk about money. Then we're going to talk about other other factors to consider besides time and money that are re sources. And finally, we're gonna talk about us syntax. So this is dependencies, which means just you have to do a before you can do B. You have to learn addition and subtraction before you learn multiplication division. So there's certain dependencies in how you learn skills, skills that build on top of other skills. Okay, so that's what we're gonna look to get done in this section. And this is three idea of remember, overarching model you, the world, the future world specifically and you could even think about. We're looking at the future, you and we're looking to integrate thes. So that's what this section is about is about integrating. It's about how are we investing to create that future you that's going to be able to connect with the future world. You may already have some connections with, you know, current, you and current world. There's some connections there. We're building those connections by looking at where is the future of the world gonna be and where are you gonna be in the future? And you now over to you Future. What are the skills that you need to build to get to that place where you're gonna have that integration with the future world So that's what allocation of resource is is all about is about okay to build these skills. What resource is our necessary? So the last two sections. What you've done is you've gotten an inventory of you. You've gotten inventory the future world. You found those. You found the areas of common ground where there's undervalued skills. We've talked about those undervalued skills and you've looked at the decision making of your peers. You've looked at what thought leaders air saying You've looked at growth industries and now you're thinking about OK, I have some ideas for what I want to invest in. Now, how should I think about all that? And if I've got a lot of options, how doe I narrow it down? 15. Doing a Cost Benefit Analysis of Each Skill Investment: So now you have a list of what are the opportunities in the future world that make the most sense to you? And so now we need to look at a cost benefit to figure out what are the best options here. And of course, there's always the risk factor. Okay, there's always the risk that something won't work out, and so we can factor that in as part of the cost. And if you want to do this in a highway formal way, you would say, OK, I think there's, you know, from 0 to 1, I think there's a 10.2% chance of failure. And so what is that? What is the cost of that or what is? You know, if the if the benefit is worth what say a $1,000,000 than that risk is worth 200,000 roughly guys, because this 0.2. So if you could spend 100,000 to remove that risk, that might be a good idea. So you know, this almost gets into poker, where you're always making decisions based on the probabilities of things happen happening , and it also has to do with your risk tolerance. Some people are OK with just gambling and taking that risk. Other people aren't. So it has to do with short term, long term the utility of money and all these other things. So these air more formal, uh, formal things that we're not going to get bogged down in with here. We're just gonna keep it simple with cost and benefit. So for each of your opportunities, preacher, those skills you're gonna look at number one, What is the cost? Number 21 is the benefit. And we can add some more columns if you want, For example, you know, length of before payout. So some of these will be long term investments. Some of them will be relatively short term investments. And then, if you want, you can also put in the risk. And so you can You can start to compare these things, and you don't necessarily have to turn all of this in tow. One final number final score. Okay, you don't have to do that. But if you get a basic analysis of the cost benefit, you're going to start to see certain patterns and you're to be able to cross certain things out. So that's the idea. You may have 10 to 20 options or ideas, and this is gonna lie you to roughly prioritize. Okay, The first step is just prioritization. And actually, you know this right here of just writing things down, What's in your head? That's very important also. So you're not gonna be able to get exact figures, but what you're looking for is ballpark, and part of that is order of magnitude is a 10. Or is it 100? You know is a 10 or is it 20? So basic things like that, we're looking for ball park figures, not exact numbers because you don't usually don't need exact numbers to make comparisons. You just need rough numbers that are going to give you a rough idea. You're gonna have certain things that really stand out. You have a bunch of things that just aren't even close. And then you may have some borderline stuff. So number one is you Prioritize and then you start to look at OK, based on that prioritization. How much resource is do I have to allocate? So there could be tons of stocks that you can invest in, but if you only have 50,000 to invest, then it doesn't make sense to invest in a ton of different things. You you buy, you know, whatever makes sense. But you you don't have an infinite number of options. And I mean, the metaphor here is not perfect because there's funds that combine a bunch of things. There's a lot of, uh, there's a lot of stuff you can do with stocks that you can't do with skills because you're investing in it and you can't sell a skill to somebody else and then you no longer have it . It's something that you're basically gonna have. It will decline in value over time. It'll decline if you don't use it, but you have to keep it. So it's not something you can necessarily sell. You can teach, but there's a lot involved in setting that up and actually making it work, so you can't just buy and sell skills. You really investing in yourself with that extra skill and hoping that the are a wise is is overall a benefit. So once you know the priorities, then you can start to allocate, make sure everything is allocated for your number one thing, and then what you have left over, you can allocate to four and maybe five stuff like that. So that's what we're gonna be talking about in the next few videos is how to think about each of those resource is and how to allocate them and think about any sort of constraints that can pop up, uh, or mutually beneficial things like, Wow, building this skill and building this skill. They both require math skills. So, you know, one plus one equals three because you've got this overlap. So you're going to be able to learn faster than if you just take well, this will take 10 hours, and this will take 10 hours. Well, doing them together may only take 17 hours, 20 hours, so we're gonna get more into this stuff in the next videos. 16. How to Think About and Measure Time Investments: first, we're gonna talk about time. Time is a resource that people are generally very bad at measuring, and it's one of things that I cover in my course on mastering planning. It's either mastering planning or that mastering productivity. Uh, but it's it's weekly planning. I know it's daily and hourly planning and what it allows you. It shows you how to do is come up with a calendar where each day you measure, you make a plan for what you're doing gonna dio and then you keep track of what you actually do in each time block. And what You can use this as a full planning system like I do, or you can use it just as record keeping and it is very valuable, even is just a 1 to 2 week experiment because you actually see where is your time going? How are you investing your time right now? And what you do is and this is something I get into on the weekly and monthly planning is you go through at the end of the week and you look at Is this a good investment? What is the value of this? And you realize certain things like, Wow, every single night. I'm doing this. So you watch two hours of TV a night. That's 14 hours a week. What could you do with those 14 hours? What sort of skill could you build? You want to figure out what you could do in a year? You multiply that number by 50 where you multiply this number by 365. But I like to do it this way. So figure out how much it's a week is. Once you added up to a week, you start to realize, Wow, you know, that's a good chunk of time. Then you put it at the year level and you multiply that by 50. That's 500 then 200 700 hours. Okay, over the course of a year. So what could you do in 700 hours? You could do a lot. Okay, how long does it take you to read a book? You know, this could be, you know, 223 books a week, so that's 100 to 150 books a year, so there's a lot of skill there. There's a lot of time you could be spending on deliberate practice there. So you start to really see where you're investing your time. But the primary thing is, what if What if your time is spoken for, and then what is basically your discretionary? And another word for this is non discretionary. Okay, So what is your discretionary time and how are you investing it right now? Because this time can be used to build skills to invest in skills. So how much time do you have? That's the first huge question. And then the second question is, how much time does building each skill cost? So OK, you have what say your answer here is I have two hours a day, which is actually quite a bit 14 hours a week, which is called 10 hours. Let's say, um well, no, it's actually what's keeping at 14 because maybe you spend some more time on the weekends. Um, and this is your total learning time. So let's say you have 700 hours a year, Okay, so that gives us a lot of information to stay. Okay. Would y one invest in building what say three skills this year or five skills or 10 skills ? They're not necessarily all gonna be the same. But once you realize the priority of the skills, you can say OK, out of my 700 hours, I'm gonna give skill number one. I want to give that 400 hours. Skill number two. I'll give it 100. Skill number three. I'll give it 50. So we're at 5 50 right now. What's to 50 here to get to 600 and let's give 25 hours to each of these. Okay, there's 100 there. 100 their 100. Their 400 there, 700 total. So now we've got a rough idea of how much time we should be spending on each one of these skills. That's very important, because this allows you to do planning. You get to see Okay, You know, I can afford to maybe spend you know, 3 to 5 hours on research, get a couple of books and put in some practice time or build, you know, do one project, and that's 25 hours. So then I'm done, and it allows you from, uh, you know, one of the things I talk about in the Learning Projects course at Organizer Learning Projects is keeping a log of each time you spend time working on a certain project, you just put a entry with the date. Well, another thing you can put next to that date is I spent two hours so you can look at this log and see how much total time you spent very easily. So remember, Number one is how much time do you actually have? And if you're not sure about it, I highly recommend you check out this course and, uh, and do this process. I mean, even if you don't buy the course, all you have to do is go into Google Calendar to a print screen of your weekly view printed out on a piece of paper and then split each column for each day and 1/2. Plan out your day here, recorded here. And even if you don't want to plan out your day just every half hour hour, two hours, go back. Think about where you spent your time. Doesn't have to be perfect. Yeah, and just write that out. You know, maybe you have 1.5 hours each day when you're commuting. When you can be listening to audio. That's a very powerful investment that 7.5 hours a week. How much is that A year? Well, that's about half of this. That's 350 hours. Say the average audiobook is five hours long. You can list of listen to 50 audiobooks, okay, or one per week. So this is a very important investment. And that means you should spend 45 hours. Just deciding what's going to be on your playlist for the next year is gonna be a combination of podcast. You know, radio books, courses. Okay, since there's a lot of value here, there's a lot of hours, 350 hours. It makes sense to invest serious time to figure out how to best utilize thes hours when you're thinking, Oh, you know, it's just 45 minutes. But this adds up, so you have to get really clear on where you're spending your time. Where do you have time that you can carve out? And then you can use that to justify, You know, spend five hours just to come up with your plan for how you're going to invest your time, and you can also get an equivalence for the amount of money you're going to invest, and we'll talk about that next 17. How to Think About and Measure Financial Investments: Now let's talk about money. Money is something that long term we're thinking about. Well, can this skill help me make money? That's, you know, if you think about is a professional skill, that's one of the primary things you're probably looking at. Doesn't necessarily have to be your only metric, but it's probably going to be the most significant metric for most of you watching this course most of the time. So we're looking at How much is this skill worth over time and you could Samel got five years of milk in 10 years and look at 20 years, maybe my entire life. What say 8200 years? Okay, so figuring out how much a skill is worth is really important, and you've already done that when you looked at the various occupations, how much they make, what the latter is to get where you want to go with a business, it's a little bit more complicated, and it's beyond the scope of this course to really get into the fine grain details of exactly how you figure out the worth of this stuff because it is. At the end of the day, it is something that's fairly fuzzy. So the next thing we're gonna look at is what is your budget for learning? And a lot of people have a really tough time with this because they never figure out what is the skill worth. And they never put a dollar value on it. But it is important to put a dollar value on this skill is worth X dollars. Okay. And this is margin margin a lot of time. So it's It's not just, you know, this what you make right now and with the skill you'd make X plus why? And so why is the marginal difference? So this is what you want to be putting right here, or my business will make this much more with this skill in play with the budget you're looking for. Okay, Well, I want to spend I don't want to spend any more than why. And for me to make a profit, I have to spend Western. Why? So you know, different businesses. Different people say, Well, I want 5% profit, other 1 50% profit or even more or 200%. Okay, So this this comes down to What is your What are you looking for and also comes down to comparing skills is the cost benefit. What is the cost? What is the benefit? Don't have like a You don't have to have a number in mind like this. All you have to do is look at all the skin options and see which one gives you the highest profit. And then that will be your number one. Okay, Another really valuable thing for deciding on a budget is how much time are you going to spend? And then how much is your time worth? This is really, really, really important. And it doesn't necessarily have to be. Well, I make 30 an hour, so my time is worth 30 an hour. Maybe your time isn't worth 30 an hour, because when you're not working, you don't have any other way of making additional money. So maybe your time when you're not working is only worth 20 in an hour or 15 an hour. So that's okay. You can you can give, um you can give whatever number you want to give. It could even be higher because remember, this is not necessarily not necessarily the thing itself, but it's the marginal difference so maybe that time you could spend with your family that you're then gonna spend building a skill instead. Maybe you view the cost of having you know that our you don't get to spend with your family is worth more than 30 an hour. So that's fine. It just depends. What is your time worth? And maybe stuff like this maybe look at Well, is that time spending watching TV together, a great investment? Or maybe we could do some activity or go somewhere or some other sort of way of spending time that would get more value out of it. Either way, just pick some number ballpark. And the simplest way is just to use whatever you make in your job and set that to be what your time is worth. So if you decide I'm an investor 100 hours and you're gonna val your time of 30 an hour, then you're investing $3000 to build the skill. So what say the skill is worth 20,000 over 10 years? And that's what you're comfortable looking 10 years in the future, but not beyond that. So if you're just investing time, your process it is going to be 17,000 but that's a big number. So if you could spend some money and reduce this time or spend some money and build the skill, um build a higher quality skilled and it would make sense to put some money into books, courses, etcetera. And when you're comparing different resource is you look at well, how much information Um I gonna get versus what is the cost? And that's a whole separate courses, that sort of stuff. Um, but OK, if I'm If I'm putting it in 3000 of my own time that maybe I should put in 1000 of money and this could give you also an example of Well, should I put this on my credit card, or how should I pay for this? Based on what it's worth, Okay, So once you have clarity on this stuff, it gives you a lot more confidence to be able to invest a big chunk of time, a big chunk of money into building a certain skill. And you start you may be thinking that you know what people, the way they think about spending money on education, it never changes throughout their life. There a student, and they complain about spending a few 100 on textbooks without thinking about what is the value of this information. The value is 1000 and it costs 100 and that's a great deal. Instead, they think about it as a commodity. They think about information as a commodity. That's basically, um, any book is worth $20. That's how they think. They don't think in terms of making an investment. And it's a big mistake. So and the other thing is a lot of people in their students, they don't have any money. They may be poor or going in debt. And so they have poverty thinking when they think about education and learning and they don't realize, Wow, this education, this learning, this information, this skill could be extremely valuable. And so when you realize while I have a budget of $1000 you're no longer thinking about, well, should I really buy this this extra book or whatever? It's really a drop in the bucket, the bucket when you look at the full budget that you have and how much time you're putting in. So what if you could save five hours by taking a certain course or getting coaching or whatever. Well, you know that spending saving those 10 hours would be worth $300 so you can start to compare. How could I save time by spending more money on some information, or some coaching or whatever and make a good investment? So this sort of thinking is pretty simple. The challenge often times is putting a number on something, and a lot of people want to avoid this because they can't do a perfect we and you're always going to be a little bit off. But it's not about Is this, you know? Is it perfect? It's about Is this better then any other options? Meaning is it option optimal? And this is where your focus should be. A lot of people focus on being perfect instead of being optimal. And if you study computer science, you learn that often times the optimal solution works less than 50% of the time. And if you focus on being perfect, you're never going to be happy and you're never gonna be able to make good decisions. It's like the best. Um, the best baseball players on Lee make you know get a hit 30% of the time and those are the best people in the world. So you have to focus on being optimal, not on being perfect, and make optimal your definition of perfect. So your whether you put a number on something or not, you're still making these decisions. You're just making lower quality decisions. So putting a number on something gives you the ability to do better higher quality analysis . And it also allows you to adjust things over time in a measurable way. So you can say, you know what? It turns out this is actually only worth 8000. You can then adjust these numbers based off of this adjustment, and you can feel good about it because you just do it in a proportional way and you can feel confident about it because it makes sense. Whereas if you're never measuring any of this stuff, you just get a vague sense of, you know, I was off. My original prediction was off, and then you you say, maybe I won't spend as much time wrong. Maybe I won't buy as much stuff. Well, none of these. There wasn't really any analytical thinking going on with any of this stuff. It was just going based off of intuitions and emotions which are not necessarily inaccurate if they've been trained using high quality data for a long period of time with feedback. The problem is, you haven't been doing this kind of thing for a long period of time, with feedback and with high quality data at all. So you need toe make thes numbers explicit so that you can get that feedback so you can do this sort of analysis and make higher quality more optimal decisions. 18. How to Factor in Other Types of Resources and Constraints: Now, let's talk about some other types of resource is and we're not going to spend too much time on these. They don't have to become a part of the other analysis that you do. But they are things that you should always pay attention to and be aware of. First thing is space constraints. Okay, so this is mental space. But this is digital space, physical space, the cost to organize that space. That's really important. So if you're gonna have to expand a bunch of other resource is space resource is just to take on a project or to build a skill, then that's a serious problem. Another one is relationships. Are you gonna have to form new relationships to build this skill, do you? On the flip side, you have relationships that can help. Uh, is this building this skill gonna hurt any relationships? Okay, probably not. But it's always something to take into consideration in terms of space constraints. Could this skill actually make it so that you have more space or you're better at organizing especially that cycle one better at organizing? I consider that a meta skill because it improves your ability to do all the other skills and 1/3 1 we touched on this briefly is risk. Okay, so risk that things aren't gonna work out as planned. This is generally pretty hard to determine. So, uh, it's it's hard t give a lot of guidance on. Well, what is the risk, um, of something working out versus not working out with a risk that your budget is off. Uh, this is something that you learn when you do that. Um, study of how you're spending your hours each day. His are you consistently under underfunding yourself in terms of time that you allocate for things? Uh, and that can tell you Wow, I tend to think something is gonna be one hour, and then it will turn into five hours. So this gives you better ability to predict how long things they're going to take. And so you're taking less of a risk each time you plan, because you know yourself better. And so you're able to predict things better and plan things better for the future. So these were some important constraints to pay attention to, and also previous skills. So is this skill going to need to have a completely new foundation, or are there some existing skills that are immediately plug and play are going to make you better and make things go faster. So these air some other resource is to pay attention to. And this one especially, is very important is how much you already have on your plate. And, uh, you know, time metaphorically is just another type of space. And so that's we looked at this previously with a couple of videos ago. About how much time do you have? Which metaphorically is How much space do you have here? All right, so pay attention to these. Keep these in mind if any red flags come up, spend some time really thinking about Are these gonna have a significant impact on the cost benefit equation that you've been working on over the past few videos? 19. Dependencies, Constraints and Spaced Repetitions: last. We're gonna talk about syntax, and this really has to do with the complexity of time in building skills. Okay, so one complexity is dependencies, so thing one has to happen before thing to construct art. That means they have to go in cereal. They can't go in parallel, Okay? And sometimes there's multiple things that have to happen before one thing can happen. So sometimes you need multiple skills before you can build that next thing. Other times there's, uh, there needs to be spaced repetition. This based repetition. So you can't just practice a bunch of times in one day and have that equal practicing the same mind time over multiple days. This is gonna get you much. This one's better. This one's worse. So you have to factor that in. How much time is it going to take? Total Not just how many hours, so you may be saying, while this skill will take 100 hours, but you can't do that 100 hours in one month because the practice over those successive months makes a huge difference. Maybe have a project where it's going to take a certain amount of time to get feedback. Where there's just other constraints. So make sure that your at least somewhat aware of thes constraints because they will have an impact on how you sequence your time. You can't necessarily just put time blocks wherever you want. And the other thing is, any time you switch context, you pay a penalty so you can't split things up in tow one minute blocks. Okay, You may not want to split them up into eight hour blocks. There needs to be a middle ground, so 1 to 2 hours is generally goods. Amount of time to spend in a session. Uh, more like four hours if you're doing some really deep creative work, but generally not much beyond that, somewhere within this range. So when you're thinking about 100 hours, really, that's 25 four hour blocks. So where you gonna put those 25 four hour blocks? And that gives you a way to take a big number of this and say like, Okay, well, I'll spend three of those blocks on research. Then I'll spend eight of them, or what? Say spend 10 of them on reading, and then I'll spend five on synthesis. It will change this to five. Okay. And then you've got your And then you got five hours of buffer ton, five sessions, a buffer, time that you can allocate wherever you're gonna allocate. So it'll last you to say, instead of trying to figure out where that 100 hours is going to go. Gives you a way to simplify it so much somewhat. And also make sure that you're not paying a penalty. So what say the penalty is 20%? So if you do five, what's he do for one hour blocks? Okay, that's 60 minutes each. So 20% of that is going to be 12 minutes. 14 hour block? Um, no, that's not the right way to measure this. So, uh, what? Say it takes 10 minutes to get up to speed each time. Okay, so you're spending 40 minutes a total to get to speed here. You're just spending 10 minutes one time to get up to speed. So if we multiply that 10 hour that 100 hours times 10 minutes of getting up to speed, you're spending 1000 minutes Just getting up to speed, which is how many hours? Um, 600 would be 10 hours. So probably around 17 hours. Okay, 17 of your 100 hours air Just getting up to speed. If you do four hour blocks, you doing 10 times 25 which is gonna be 1/4 of this, which would be about four hours getting up to speed. So you're wasting 13 hours, which is over 10% of your total allocated time just on getting up to speed context switching. OK, so these were some of the complexities of time that you get into when you look at it more in depth, and it just it's making an argument for do bigger chump do fewer chunks of time, but make them longer and pay attention to dependencies, which are a type of constraint space repetitions, and then also how you block out of your time. Those three things are gonna make sure that you sequence things in the optimal way. 20. Conclusion: in this conclusion, we're gonna start with the overall model and then give you some specific instructions for how, toe what sort of final deliverable you should have at the end of this course. So the model at the beginning is this is you. This is the world, and we're looking to the future to figure out how can we build additional new connections based on building skills that are in demand, either in the work force to get a job or to build a business of some sort or even do some consulting on the side. So there's different options for what you want to do in terms of your final deliver. Verbal, What you did is you first did research on the world, then on you. Then you came up with which of these opportunities in the world seem most attractive. Based off of what you learned about yourself, you came up with that that prioritized list. Then you went and you looked at for each of these, what is the cost primarily in terms of time, out of money to build this skill? And then what is the benefit primarily in terms of money and you can convert time into money using your hourly wage. Okay, then the second thing is, and this is beyond the scope of this course, But you look at what is your budget of time and of money. So this may be your total financial budget, financial situation, But there's some flexibility here because we all know it's sometimes worth it to take out a loan to pay for education because it could be worth a lot over the course of your life. I mean, we've probably all seemed statistics like a college education is worth a $1,000,000 over the course of your lifetime on average. Okay, so you have a budget of money, what you can afford to spend or put on a credit card or loan in some way, and then, you know, if you do that exercise with your calendar, track your time for a week or two, you know how much free or not necessarily free but discretionary time you have that you're gonna say, I'm gonna invest this in my learning projects or my skills, and this is probably gonna open up a bit of a can of worms for you because you're gonna realize how much time you're wasting. And so this this can lead to some pretty serious re prioritization of your life where you get huge benefits because you realize where how much time you're wasting, You know, hundreds, if not thousands of hours per year wasted on stuff that you really would never You would never decide to spend your money like that or spend your time like that if you saw it in terms of the big picture. So you figure out your budget and you've got your prioritized list and you and then the third step is you allocate. So you say Okay, I'm gonna give this much time in this much money Teoh each one of these projects. And as I said in the video before this, when you're allocating time, you want to allocate it in chunks, preferably longer. Chunk, So 3 to 4 hours instead of a bunch of one hour slots, Um, get that deep work in and roughly I always say you want to spend at least 10% of your time researching. So if you're thinking about 10 years and you're gonna do 700 hours a year, you've got 7000 hours so we would say Spend 700 hours planning this, which means you would spend the first year of this just researching what skills you want to build. And that's actually not as horrible and idea as it may seem. Um, because it really is worth it to invest in the in the best skills. And it does take quite a bit of time to really get up to speed on what skills are valuable on where the future is headed. Okay, reading a few books, you know, falling with blog's finding thought leaders looking at trends, learning all this stuff and then learning the relative just cost and benefit of each skill that will take several hours per skill on your prioritized list. And just to come up with this list takes quite a while also. So if you really want to think long term, yes, you should be spending hundreds of hours. Um, just to come up with this plan for how to allocate your time now, even if you don't want to do that And what say you're going to say, Well, I'm gonna allocate seven hours to this little, you know, project in this course right here. I just want you to be aware this is zero point is that 1% this is 0.1% on research, and then you're jumping in. So I want you to realize how bad of a decision this is. You would never tell somebody. Oh, you're gonna invest, you know, $30 an hour. So you're gonna invest 200? Yeah. Yeah. You're gonna invest $210,000 spent seven hours making that decision. You never tell somebody to do that. So, um, really make sure you're investing the proper order of magnitude in terms of time to do your research and to make your decision. So we're talking about hundreds of hours. That's what I really want you to get, not 100 hours. We're talking about hundreds of hours to make a really intelligent decision that's going to shape the rest of your career in life. Okay, so this is a very, very serious decision where you should be willing to put thousands of dollars worth of your own time and money just in to getting the answers to these questions so that you can eventually get to the point where you're allocating time and money to each of these projects and then keeping track of it on your one pager for each project. And you have the log section where you say OK, on this date, I spend four hours, and when you're planning it out, you know it's gonna take me this many hours for this delivery herbal, which could just be, like, what, say notes summarizing this book. Okay, to get to that point, you know, for a 200 page book and it's on a new subject that could take you 15 hours to really get a really high quality summary and really figure out what everything means. So, you know, okay, have 100 hours allocated to that project. So that's a significant investment. I can maybe do two or three of those. All right, so at the end of the day, year and 1/2 your budget of time of money, you're gonna allocate that to your top 3 to 5 skills. Probably, And that's going to be on a single piece of paper. So it's going to be skill. 12345 Here's my budget of time. Here's my budget of money for each of those five and then you're good to go. So once this is filled out than that budget gets transferred over to the one pager for that learning project, and that tells you how to plan out that learning project. And if you want to learn more about developing this one pager, check out the course in the Siris on, uh, learning Project organization. So that's it. If you have any questions or comments, as always, ask me any questions in the discussion section, you can send me a private message, and also, if you share any great resource, is for finding trends for finding information or certain skills that you think are very valuable or are highly under or over valued. Definitely let me know about those. Definitely put those in the discussion section because those will be very valuable for yourself as well as for others. Thanks again for taking the course, and I'll see you in the discussion section