• 192-The Circle of Competence: Why Focused Investing Leads to Greater Wealth

  • Nov 4 2024
  • Length: 11 mins
  • Podcast

192-The Circle of Competence: Why Focused Investing Leads to Greater Wealth

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  • In this episode of Money Grows on Trees, hosts Lloyd Ross and Ed Wright dive deep into the concept of the 'Circle of Competence,' offering listeners a blueprint to focus their investment strategies and build substantial wealth. Drawing inspiration from investing legend Warren Buffett, Lloyd explains why it's crucial to concentrate on one or two asset classes that align with your expertise, rather than spreading yourself too thin. Learn how to eliminate the noise, overcome analysis paralysis, and take actionable steps toward financial success. Timestamps and Key Sections: 00:00 Stuck in investment indecision; simplify for success. 05:04 Focus on investments within your competency circle. 06:42 Focus on one area and simplify investments. 10:00 Check show notes, book, and upcoming event. Who is The Millionaire Money Mentor, Lloyd Ross: Lloyd James Ross serves as the Founder and Director of Money Buys Happiness LLC, a prominent company specializing in financial education, coaching, and engaging events. With a remarkable track record of entrepreneurial success spanning various industries, Lloyd has attained the highest echelons in both network marketing and digital marketing. He is celebrated as a 2-Comma Club Award Winner by Clickfunnels.com and holds the distinguished title of Legacy Club Millionaire with Isagenix LLC. Moreover, he’s the esteemed host of the critically acclaimed podcast, “Money Grows On Trees,” which boasts over one hundred 5-star reviews, and aims to achieve one million downloads by the end of 2024. Lloyd is a seasoned international platform speaker, captivating audiences of 7,000+ worldwide with his inspiring keynote presentations. Beyond his professional endeavors, Lloyd is a devoted husband to his beloved wife, Alisha, and proud father of a charming sausage dog named Elvis. During his leisure moments, he immerses himself in writing books, globetrotting, and skillfully managing a personal multi-million-dollar share portfolio. For more insights into Lloyd’s world, explore his latest book at 👉 http://moneybuyshappinessbook.com You can also tune into his award-winning podcast on Spotify here 👉 https://spoti.fi/3KLSsvg Stay updated with his adventures on Instagram by following @lloydjamesross. Key Takeaways: Focus on one or two asset classes within your circle of competence. Simplify your investment strategy to avoid feeling overwhelmed. Warren Buffett’s success stems from sticking to what he knows best. Keep your investments straightforward with principles like “1 house, 1 index fund, 1 business." Investing doesn't require mastering every asset class, but understanding a few key investments deeply. Less active management in investing often yields better results. Resources and Links: - Explore Lloyd’s insightful books: Money Buys Happiness Book SEO Keywords: Money Grows on Trees, financial news, investing, stocks, real estate, cryptocurrency, bonds, commodities, analysis paralysis, Warren Buffett, investing strategy, undervalued stocks, financial goals, investment opportunities, wealth building, circle of competence, ~~~~ The material in this publication is of the nature of general comment only and does not represent professional advice. The author does not hold an Australian Financial Services License and is not licensed to provide financial advice. As such, this material is not intended to provide specific guidance for particular circumstances. It should not be relied on as the basis for any decision to take action or not take action on any matter it covers. Listeners should obtain professional advice, where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication. This podcast is produced by Phil Better Inc.
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