Dr Sam Wylie

Get your position, figure out where you are on the risk spectrum, make sure that your investments match that.

And a very common thing is that people aren't taking enough risk.

And the most common cause of that is just spending your whole investment journey paying down your mortgage.

Yeah, so look, the difference between making money and investing money, it's really important, and in a couple of ways, right?

So just think about diversification.

So in your investments, you want to be very diversified.

So you want to be diversified across asset classes, meaning across Aussie shares, global shares, fixed income, which means bonds, across residential real estate, commercial real estate, and then private assets like private equity, et cetera.

So you want to be diversified across asset classes and then within asset classes.

So in Aussie shares, you don't want to just own BHP.

You want to own BHP and CSL and JB Hi-Fi and

and 15 or 20 different shares to be diversified within the asset class and across asset classes.

That's in investing your money.

Now, think about making money.

In your career, the exact opposite is true.

You need to specialise.

We were talking about this earlier, thinking about your career journey, improving your skills, and that's about specialisation.

You have to specialize.

And if you own a small business, then you have to work out what your customers want and really go for it with that.

If you try to be everything to everyone, it'll be hopeless.

And it's the same with your career.