We are now in the world where everyone's an expert, influencer, advisor...
The information overload means we have no idea if the information is actually good or correct.
Enter the term "skin in the game" which was made more famous by the author Nasim Taleb.
The concept is simple, only listen to people who are actually grafting in the expert field and not sitting on the sidelines. These folks are actually doing the work day in day out (there is proof) and they are not "a consultant" or "observer". Areas where this may apply:
- Career advice - We should try and make sure we get advice from people who have walked a similar path. Ideally you have built a strong relationship with them so there is a vested personal interest for you to do well (they cannot hide from you and the bad advice).
- Investment advice - the advisor or friend has personally invested in the investment or there is a bonus tied to your personal success.
- Startup advisors - they should personally invest their money into the company, no free stuff.
- Politicians - Be careful. Literally no skin in the game as they can change the bar easily or leave the government after four years.
- Journalist/Authors - ensure the writer is still operating in the expert field where their reputation is on the line.
Seek for skin in the game.
