Episode 845 Focus versus Diversification
[00:00:00] Scott Maderer: [00:00:00] Thanks for joining me on episode 845 of the inspired stewardship podcast.
[00:00:08] Jared Williams: [00:00:08] I'm Jared Williams with biblical wealth solutions. I challenge you to invest in yourself and invest in others. Develop your influence and impact the world by using your time, your talent and your treasures to live out your calling, having the ability to invest without compromising your Christian values is key.
[00:00:24] And one way to be inspired to do that is to listen to this. The inspired stewardship podcast with my friend, Scott Maderer.
[00:00:33] Scott Maderer: [00:00:33] being done, what we need to get done as quickly and as efficiently and as effectively as possible. See, you can begin to think about which is the more powerful tool to use right now. What are the goals that I'm after and out of that begin to use the ideas. Of focus and diversification more powerfully.
[00:00:57] Welcome. And thank you for joining us on the [00:01:00] inspired stewardship podcast. If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent and your treasures for your true calling in the inspired stewardship podcast, you will learn to invest in yourself, invest in others and develop your influence so that you.
[00:01:21] Can impact the work
[00:01:23]and today's episode about investing in others through stewarding your treasures. I talk with you about why you need to understand the difference between focus. And diversification. I share how these concepts don't apply to the same things when it comes to your financial life. And I also talk with you about why we often miss use these ideas in our financial life.
[00:01:47] As we talk about stewarding your treasures, wouldn't it be great. If you could support this podcast and do it without costing yourself an extra dime. It turns out you can't. All you have to do is use [00:02:00] inspired stewardship.com/amazon. When you're ready to make a purchase via Amazon and a small commission will come back to support the show.
[00:02:09] If you enjoy the show, when you're ready to buy from Amazon, just use inspired stewardship.com/amazon. When it comes sure our life and our money, we really need to understand the concepts of focus and diversification. Yeah, you've probably heard those words. And you may even have thought about them in terms of investing in money, especially diversification simply put just means spreading something around or spreading it out.
[00:02:38] Diversify means to spread out, to put in different places. And when you think about it, focus is the opposite focus is when you zero things in. On something when you point towards a narrow result. And when it comes to our time, when it comes to our money, when it comes to our [00:03:00] attention, the way we use these two concepts becomes important.
[00:03:05] If you think about time for a minute, we often will try to diversify what we're doing in a particular point in time. In other words, we'll multitask. And yet study after study shows that's not a very effective or efficient way of getting a lot done. You actually get more done when you do one thing at a time.
[00:03:24] And the same thing could happen to our money. If for instance, you have some basic money goals. When you're first starting out, maybe it's getting a certain amount in savings. Maybe it's paying off a certain amount of debt. Maybe it's going to school. There could be a lot of power in focusing all of your attention on that singular goal.
[00:03:45] On the other hand, there are times when diversification spreading things out. Becomes the most powerful way of getting a lot done again. When it comes to time, are you [00:04:00] finding ways to take the work that you're doing and spread it across to other people? Are you bringing people into your team or are you working to grow and scale what you do with time by having that ability to do that dump delegate?
[00:04:18] Or do mindset where you figure out what are the things you really need to be doing. And then those are the things you focus on. So the diversification here is putting things out into other people's tasks. The same thing happens with money. So you can diversify your money. Also through the same sort of idea.
[00:04:38] This could be investing in multiple types of funds. That's an investment diversification strategy that can have value and power, or it could be diversification in terms of looking at your income stream, how are you making multiple streams of income? It could be diversification in terms of different [00:05:00] kinds of income types.
[00:05:03] So there's all sorts of ways you could diversify when it comes to your money. Now, let me be really clear. I'm not saying, or recommending a particular schema or a particular technique. I'm talking about the ideas here. See the truth is that oftentimes what we end up doing is we diversify which we should be focusing and we focus when we should be diversifying.
[00:05:28] See what you want. Security. When you want safety, when you want to be able to provide multiple avenues of something happening. Then it's valid and powerful to diversify, to spread out on the other hand, when you really want to get a lot done in a short amount of time, when you want to zero in on a major set of goals, then all of a sudden you get great power through focus.
[00:05:55] So the trick is paying attention to what am I [00:06:00] after here? What are my goals when it comes to this thing? Are we looking for safety? Are we looking for security? Are we looking for multiple avenues of something happening? Then let's look for ways to diversify this. Don't put all of our eggs in one basket.
[00:06:16] On the other hand, is this something. That is really important. Something that we really need to make sure happens, something that we need to put all of our energy into making it happen as quick, quickly as efficiently and as effectively as humanly possible. Then let's put some focus into this and really focus in on getting done what we needed to get done as quickly and as efficiently and as effectively as possible.
[00:06:49] See, you can begin to think about, which is the more powerful tool to use right now. What are the goals that I'm after and out of that begin to use [00:07:00] the ideas of focus and diversification more powerfully. But instead, what we often do is we just go through life. We just let our money go where it is.
[00:07:10] Again, we're back to what we talked about yesterday. We tend to do things reactively instead of proactively. We don't tend to think about it ahead of time. We may do diversification when it comes to investing, but not pay attention to diversification. When it comes to our income, we may do diversification when it comes to our skills, but not pay attention to how focusing on one particular school skill or ability or idea could get us further, faster.
[00:07:40] See, all of these things are related because it's an underlying concept that we're talking about here. It's really not just the idea of doing one thing instead. It's the idea of figuring out, which is the more powerful way right [00:08:00] now, is it diversification or is it focus and then executing that to the best of our ability?
[00:08:09] Thanks for listening.
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