15. What is your circle of competence?

Update: 2021-07-18

Description

As a beginner, it can be hard to know where to start when it comes to picking an investment. I get ETFs, but there are hundreds!!!

Looking into your circle of competence may be your opportunity to narrow down on your options and understand how you can reduce the risk of being wrong by sticking to an area you know well.

This doesn't mean you can't take on more risk and explore things outside this area of expertise, whether its an industry or an asset class, but your circle of competence is a good place to keep your money safe.

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