As you know there are 4 Paths to Wealth. Each path has its own requirements. Not everybody has what it takes to build wealth as a Saver-Investor.
So, what does it take?
- Significant Investment – Becoming a Virtuoso requires an enormous investment in time, and often money. Knowledge-based Virtuosos spend many years in continuous study. Oftentimes, this requires formal education, such as advanced degrees (PhD, Medical Degrees, Law Degrees, etc.). Skill-based Virtuosos devote themselves to many years of deliberate practice and analytical practice. Deliberate practice requires thousands of hours honing your skills. Analytical practice often requires the services of a coach, mentor or expert who can provide immediate feedback. This feedback, in most cases, costs money.
- Long Hours – Like the Dreamer and Climber, the Virtuoso has to work long hours, not only in perfecting their knowledge or skills, but also in maintaining and using them. Virtuosos are rare and, therefore, in high demand. That high demand means many long hours serving the needs of others in exchange for money.
Personality Traits of Knowledge-Based Virtuosos
- Embrace Formal Education – Like the Big Company Climbers, Knowledge-Based Virtuosos have, at a minimum, a college degree. Most have one or more advanced degrees, such as Master’s Degrees, PhDs.
- Embrace Self-Education – Virtuosos devote an hour or more, every day, to self-education. They read industry-related periodicals, blogs and books. They are students of their industry and the field they work in.
- Low Stress Tolerance – Knowledge-Based Virtuosos have a low stress tolerance. They prefer calm, peace and quiet in order to perform at their best.
- Introverted – Most Virtuosos are happiest at work when working alone or in isolation. They do not enjoy socializing, as they see it as a time-waster. They do not enjoy speaking to small or large groups, but often must engage in this activity due as others seek out their knowledge and expertise.
- Strong Concentration and Focus – Knowledge Based Virtuosos have innate or developed strong powers of concentration and focus. They can devote many hours at a time to concentrated study and analysis. They have very disciplined minds.
- Non-Competitive – Most Knowledge-Based Virtuosos do not enjoy competition very much.
- Personality Traits of Skill-Based Virtuosos
- Embrace Formal Education – Certain Skill-Based Virtuosos, such as Surgeons, Engineers and Scientists have, at a minimum, a college degree. Most have one or more advanced degrees, such as Master’s Degrees, PhDs.
- Embrace Daily Practice – Skill-Based Virtuosos practice their craft a minimum of three to four hours a day. They engage in two distinct types of practice:
- Deliberate Practice – Practicing their skills or subsets of their skills repeatedly in order to improve or maintain such skills.
- Analytical Practice – Practicing under the watchful eyes of a coach or mentor who provides detailed feedback regarding their performance.
- High Stress Tolerance – Because their success is dependent upon their performance, Skill-Based Virtuosos have an innate or highly developed high tolerance for stress. In fact, many Skill-Based virtuosos thrive under stress, meaning their performance improves when they are under stress.
- Innate Talent – Many Skill-Based Virtuosos were born with one or more unique innate talent, which they discovered early in life and to which they devoted their lives to perfecting, through daily practice. The most successful Skill-Based Virtuosos have complimentary talents that they use in their profession.
- Strong Concentration and Focus – Skill-Based Virtuosos are able to practice for long hours at a stretch due to their strong powers of concentration and focus. They have very disciplined minds.
- Highly Competitive – Skill-Based Virtuosos thrive in competitive environments. They have a winner-takes-all mindset.
- Creative – Skill-Based Virtuosos are creative. This enables them to develop new or unique skills.