Life if full of choices. There are countless paths you can take. There are even many different paths you can take that will lead to the same destination. As with anything else, life is a balance of paths.
When taking on a new challenge, you are faced with what I like to call the Learn-Do Ratio. This ratio is the amount of time you spend learning, researching, and educating yourself , versus the time you spend jumping into the new endeavor.
More analytical minded people tend to spend more time in the Learn phase. This is proven by people who have advanced degrees, all kinds of certifications and licences.. you know, the people with the alphabet soup behind their name.
On the other hand, you have the people who are full steam ahead, jumping in with both feet, figuring things out while they go. While each path has it’s advantages and disadvantages, there is no one correct way. It most often is a balance of the two approaches.
These two different approaches can best be summarized with this example.
Sarah and Tom are both going on roadtrips.
Sarah methodically plans out her route, makes hotel reservations prior, and identifies landmarks and places she wants to stop and see along the way.
Tom on the other hand, takes off with half a talk of gas and an idea of the general direction in which he needs to head, figuring it out as he goes.
Both Sarah and Tom are taking the same route. They’ll experience the same twists, turns, and speed-bumps. But they’re experiences will be much different.
This Learn-Do ratio is different for everyone. Do a bit of self reflection and understand where you lean on the Do-Learn spectrum. Then, do a little audit of your time and figure out what balance works best for you. Maybe spend half of your time in the learn phase and the other half in the do phase. Maybe spend 10% of your time in the learn phase and 90% in the do phase. Figure out what works for you, but remember – this is a balance.
Some people get caught up in the Learn phase. In the real estaet investing world, this is called analysis paralysis. One who is caught in analysis paralysis spends all of their time analyzing deals, learning about intricate business entities, mastering accounting, and everything else except actually doing. This is the most dangerous phase to be stuck in, because you are spinning your wheels. Sure, everyone needs some level of education, but there’s only so much that can be learned without actually doing.
So spend some time learning, building your knowledge base, and understanding the fundamentals. When you’ve got that down, you will be ready to jump in and take action.