Sometimes when you have some success in one area, you think that success should automatically transfer over to another area. You are good at one thing, and you think you can be good at everything. Take sports for instance, just because you are good at football doesn’t mean you will be good at basketball.

Very rarely do you see people that seem to be good at everything. Every now and then you will meet someone that just has the touch. Warren Buffet says – “know what you know and know what you don’t know.”  Years ago, I bought some commercial land to develop because I rationalized in my pea brain that if I knew hotels, surely, I could do land.

I won’t tell you how much I lost on that land deal but let’s just say I didn’t just lose my shirt; I lost my pants and shoes too. Ha

This is not to say, we shouldn’t try other things or branch out in life. Nosiiree. What it does mean is to get a good understanding of it before you jump off the high dive, like I did with the land investment. So, I think Warren’s advice is very sound – know what you know and know what you don’t know. KT