Becoming an expert is fun, easy, and financially smart!

Experts needed now!

What are you really good at? Are you an expert at it? Developing and honing an expertise can be fun when it is something you are passionate about. However, in a time when job security is questioned, your expertise could be what makes you marketable in 2010. In a recent article posted by MSNBC even the most optimistic employment analysts believe it will be years before we can count on stable employment again.¹ That means for now we need to be prepared with a employment back up plan. Developing your expertise in areas outside of your regular job can give you an advantage when it comes to saving or making more money during harder economic circumstances.

We will see how nearly any expertise, whether it is solving quadratic equations or calking bathtubs, can be leveraged into some form of financial security. You can use your expertise to earn, save, receive, and even create more money for yourself. Additionally, you will discover that the thing you are an expert at can be your safety net against tough financial times.

Elaine Pofeldt points this out in her article “5 new rules to getting your next job or keeping the one you have”.² She also mentions that it makes sense to be developing another career option to fall back on if your current job could be lost to more economic downturn. Right now is the best time to aggressively work on developing your special skill or interest into an expertise. With economic uncertainty still hanging in the air it can be reassuring to have options available to you because of a skill or expertise you posses and can leverage into other opportunities.

3 steps to becoming an expert.

1. Study and practice the interest you are most passionate about.

Passion about something makes the study and practice needed to become an expert in that area easy. It is painless because you want to do it and feel motivated and excited even when you think about it. Passion is what is needed to push you to do the necessary things that will take you from very good to expert.

2. Enhance the knowledge you already have.

Jack was passionate about baseball. He liked his work in customer service consulting, but he certainly wasn’t as zealous about call centers as he was about baseball. Jack knew a lot about running call centers and had the ability to make call centers profitable. While he longed to devote more time to baseball he understood that his bread and butter came from his profession and was glad there was still work for him even during the recession.

In order to branch out and ensure he would continue to have work he started writing industry related articles and sharing his insights. He even got to include some baseball metaphors in his writing. The writing helped develop his expertise in the field as well as portrayed him as an expert in customer service consulting. This exercise drew in new clients for Jack thus ensuring a steady stream of work during slow times.

3. Teaching others teaches you.

In the previous example Jack wrote articles about his ideas and work and shared those with others. Many experts find that they improve their own knowledge when they share their expertise with others. It is one thing to know something and then do something, but you must be very good at something to successfully teach others to do it as well. Sonia Simone, writing on copyblogger.com, says “You’ll start to see things about your topic that you never did before.” ³ Demonstrating to someone else how to do something helps strengthen your understanding of a topic.

Expertise increases your value at work.

In your own area of responsibility at work you should be aware of what it takes to get the job done. However, being an expert is more than that. Experts have acquired knowledge that can not only get the job done but can get it done quicker, with less money, with less mistakes, and much more efficiently than the competition. An expert is someone who is well versed in industry trends and can use that knowledge to attract new clients, cut costs, or further grow her business. You can recognize her by the number of people coming to her for answers and insights. This person will be viewed as an asset not a potential payroll savings.

Being considered an expert at work increases your value to the company, and that could be the difference this year for someone concerned about layoffs. Jen and Courtney were both good employees for a company that faced an unavoidable need to reduce payroll. While both Jen and Courtney met their sales quotas of custom monster truck accessories, Courtney had turned an interest of hers into an additional income stream for the company.

Become an asset to the company, not just a payroll consideration.

Courtney leveraged another expertise of hers, event planning, into a new company sponsored event she called Monster Mania. This event, hosted by Courtney, brought almost 125 monster truck owners from across the country to her company’s headquarters for a fun time of showing off monster trucks (and buying accessories from Courtney)! It was a very hard decision, but based on the additional income Courtney was generating for the company through her Monster Mania idea, the boss decided it was better for the company to keep Courtney and let Jen go.

How to save money at home with your expertise.

While not as glamorous as expertise on rock stars’ favorite vacation spots being an expert on things like your home or health can save you thousands of dollars a year. In regard to your home consider all of the things in and around your home that could need repaired at sometime such as computers, plumbing, electrical, concrete, woodwork, locks, etc.

Laura Coffey, a Todayshow.com contributor suggests that even simple “do it yourself” efforts could save you thousands of dollars a year.⁴ On the health and personal needs side you have areas like clothing and shoe maintenance, food shopping and preparation, and holistic medicine where you could save money if you had expertise in these areas.

If you are able to solve a repair or maintenance need on your own you could be saving a substantial amount of money on repairs and maintenance by specialists. Whether it is repairing window screens, sealing a driveway, or sewing buttons back onto shirts knowing how to do it on your own leaves more money in your pocket.

Your expertise could become your new source of income

Caught by your expertise safety net.

Your expertise could be your safety net someday. If you lose your job unexpectedly you will be much further ahead then most if you have a skill on which to fall back on. The knowledge that you have been developing on your interest could now be leveraged into a new job, even if temporary, at a different company.

Cheryl is a great graphic designer but she was laid off from her position at an advertising agency. Over the last year she has been developing her skills in calligraphy, an interest she has had for awhile. Even though she lost her job unexpectedly, Cheryl was able to quickly leverage her calligraphy expertise into a new job at a printing company creating very intricate and unique invitations for high end customers.

Expertise turns into small business opportunities.

There are so many reasons to start your own small business and being an expert makes it so simple. If you have an expertise that people could benefit from and are willing to pay for you could make additional income from the interest you already love. Your expertise, turned into a small business, could be the source of tax deductions and additional income during times of paycheck drought.

Expertise is the new financial security.

We have seen that there are several reasons why you should become an expert on the interest you enjoy most. The first is that it can be an easy thing to do! If you love to do something it will be easy to invest the time and energy you need to in order to transform an interest into expertise. Secondly, expertise adds financial security to your life. In a times of financial and employment insecurity it is calming to know that you have a skill to fall back on if you need to.

Resources:

1. http://www.msnbc.msn.com/id/34601256

2. http://moneywatch.bnet.com/career-advice/article/job-security-5-new-rules-to-get-your-next-job-or-keep-your-current-one/376870/

3. www.copyblogger.com/become-an-expert/

4. http://today.msnbc.msn.com/id/20269363/

5.http://www.bnet.com/blog/evil-hr-lady/unemployed-try-brushing-up-on-your-math-skills/553

1. Create a financial plan - identify your costs and then budget for them.

Key: Actively directing your money in the way you want it to go and more will find its way back to you.

Learn how here!

2. Reduce costs without sacrificing quality or lifestyle – learn to get 25% more.

Key: There are many new ways to stretch your dollar further than ever before.

Learn how here!

3. Become an expert - the most fun way to weave a financial safety net!

Key: Developing your interest or hobby is not only fun but can be a financially sound idea in 2010.

Learn how here!

4. Reduce or eliminate your federal tax liability - turn your expertise into a small business.

Key: Your skills and ideas can be leveraged into tax savings through small business ownership even if you are an employee and have no formal business training.

Learn how here!

For more information visit BowmansMoneyCollege. You are invited to join me at LinkedIn!

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Doing better in 2010:

1. Create a financial plan

2. Reduce costs

3. Sharpen your expertise

4. Reduce your tax liability

Become an expert! Turn your interest into expertise!