Every now and then, I like to write “big picture” posts that put my finance articles into the proper perspective of the overall whole. Today, I wanted to talk about the five sources of power that you can acquire while you are here on this earth, and the more of each that you possess, the more others will seek out your presence and companionship:
(1) Skill Set/Economic Power—When Warren Buffett gave a young man at the 2008 Berkshire Hathaway shareholders meeting the standard advice “to invest in yourself”, he elaborated by mentioning that certain skill sets will always command a higher premium in the marketplace, regardless of the country in which you live. The example Buffett used is that a heart surgeon will always make more money than a janitor (regardless of whether you live in 1800s Germany, 1920s Japan, 1950s Great Britain, 1970s Ireland, 1990s Mexico, or 2010s United States). That has to do with the limited supply of competent heart surgeons in the world, the very specific and detailed nature of the work, the high consequences if you mess up, and so on.