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How Elon Musk Gains Massive Success by Learning Differently from Everyone Else

How Elon Musk Gains Massive Success by Learning Differently from Everyone Else

There are successful people and then there are extremely successful people. We all know it’s not about luck but more sheer hard work, determination and belief. But in the case of Elon Musk – who has built up four successful multi-million dollar companies – how does he do it?

He’s not only built up these four companies incredibly successfully but they’re all in separate industries – software, energy, aerospace and transportation. Surely this goes against all we’re taught? Shouldn’t we always focus on just one field in order to become the complete expert?

So what is the secret to Musk’s success? The answer lies in his ability to be an expert generalist.

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What Exactly Is an Expert Generalist?

The term expert generalist was coined by Orit Gadiesh, chairman of Bain & Co. to describe someone who has the ability to learn and master several different disciplines and skills.

You may have heard the phrase “Jack of all trades, master of none” which implies that by trying to learn many things, you inhibit your ability to master any of them fully. This is how many teachers and mentors have approached the way of achieving success. However, Elon Musk is an example of the opposite and proves that success can come from learning a wide variety of subjects in a deep way and gaining the ability to transfer and apply knowledge to several different fields.

How Being an Expert Generalist Can Bring You More Success

It’s time to break the myth that focusing on one discipline is what gets us the most success in life, especially when it comes to business.

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In today’s world, business and the world’s economies are changing at a rapid pace. This means that, to get as much chance of success as you can, you need to be able to quickly adapt to change. This is how expert generalists such as Elon Musk get ahead of the game because they take care of both the breadth and depth of knowledge on many different subjects.

But this isn’t a new concept. Many successful people throughout the centuries have adopted this approach including Picasso, Richard Feymann and Charlie Munger who have all been able to master several, almost opposing, disciplines. They all carry similar characteristics including openness, an appetite for learning and the ability to draw ideas from multiple disciplines and be able to apply them across different subjects – in other words, they are all creative.

This idea was reflected in a study[1] that examined how the top 59 opera composers of the 20th century mastered their success. They found that a certain degree of ‘cross-training’ was adopted rather than the expected result that deliberate focus and practice is what is the cause of a composers success.

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So how exactly has Elon Musk developed a strategy that allows him to become an expert generalist? It’s all down to the concept of learning transfer which is a process of deconstructing and reconstructing the fundamental principles of knowledge.

The Learning Transfer Technique Revealed

This two-step process is something Elon Musk has talked about in multiple interviews as his secret to his exceptional success.

  • Deconstruction of Knowledge into Fundamental Principles: This is basically the idea that when learning a new subject we shouldn’t just take one approach (often the most obvious or expected one) but look at several approaches, deconstruct and compare each one. This will ultimately highlight underlying fundamental principles.
  • Reconstruct Fundamental Principles into New Areas: Elon Musk deconstructed his knowledge in artificial intelligence, technology, physics, and engineering and applied the fundamental principles to each of his businesses. In other words, he saw how the fundamental principles could be adapted and applied to new things instead of seeing each well of knowledge for each subject as only being separate and disconnected from each other.

This ultimately generates new ideas and to ‘think outside the box’ using creativity as a tool to use basic fundamental principles to create different perspectives.

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How to Become an Expert Generalist and How to Adopt the Learning Transfer Ability

While many successful people are expert generalists, Elon Musk stands out as a true advocate for ultimate achievement. So what does he do to get to this level and what steps can we take?

  • Read extensively: It’s not about reading a book every now and then, Musk would read around 60 times more than the average reader. The passion and thirst for knowledge must exist.
  • Read about a wide range of disciplines: As discussed earlier, it’s not about focusing well on one subject but gaining knowledge from a wide variety in order to get a broader perspective.
  • Deconstruct the ideas: What similar themes run through each discipline? How do they compare and contrast?
  • Reconstruct the fundamental principles: Always ask yourself ‘what does this remind me of?’ and ‘why does it remind me of it?’ This helps you see possible connections across the different pools of knowledge and subjects that will allow you to reconstruct new ideas.
  • Be unique in your thinking: Elon Musk says “when you want to learn something, you have got to boil it down to its simplest form, and then work your way up from there. You can never learn from others’ work.” In other words, don’t take a way that someone does something at face value – always search for different perspectives.

So if you’re looking to adopt the expert generalist mindset, the key is to recognise the value in new experiences and subjects. Opening yourself up to learning something new will deepen your knowledge base, while questioning concepts and seeing connections will help you come up with innovative ideas and solutions.

Reference

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Jenny Marchal

Freelance Writer

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Last Updated on June 22, 2018

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider consolidating multiple credit cards if possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to pay the full balance you spent each month at the very least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay extra when you can – every small amount counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a plan on how to pay extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out costs for services you do not use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get aggressive about it

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate your progress at set intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start knocking out your debt today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

Featured photo credit: Pexels via pexels.com

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