Check out this good post by Paul Brown here.
I agree with the notion of focusing on your individual strengths and finding others who have strengths that “fill-in” for your weaknesses. Having played sports most of my life, I liken it to an athlete. In a team sport, like basketball, you won’t be successful if you have a team full of point guards. If you’re the tall guy or gal, be good at rebounding, defense, and post moves. Don’t’ try to be a point guard! In an individual sport like tennis, you try to minimize and “shore up” your weaknesses, but you better spend time making your strength into a dominant weapon. If you have a great serve, make it even better with increased speed, placement and spin. Serena Williams has long been a great tennis champion, but she became dominant when she improved her serve so that it is the best in the history of women’s tennis. (let’s ignore her recent loss at Wimbledon!)
Similarly when it comes to your career, focus on your strengths. If you are a leader of a team, you have the ability to hire and keep people who excel at skills that may be your weakness. Build a team of diverse skills sets and have each person play to their strengths – this will be better performing team than if everybody is constantly working on their weaknesses.
The same should be true of us as individuals. We can’t be great at everything, so be really exceptional at a few things that rely on your strengths. You will have a bigger impact as a leader.
What does this have to do with financial planning? Generally, if you are more successful as a leader and you and your teams are high performers, you will advance in your career and earn more money. How you manage your career and what you earn is the top line income for your personal financial plan. People often get wrapped up in investing, yet, we believe,