The Importance of Specialized Knowledge in Creating Wealth

Specialized Knowledge: Knowledge need to perform specific tasks or operations.
by Mike Corthell

Getting and having specialized knowledge and skills give you an edge over other people with only general knowledge. The time and effort spent in gaining specialized knowledge pays and it pays very well. A person that knows something special in any field is always in demand.

''KNOWLEDGE will not attract money, unless it is organized, and intelligently directed, through practical PLANS OF ACTION, to the DEFINITE END of accumulation of money. Lack of understanding of this fact has been the source of confusion to millions of people who falsely believe that "knowledge is power." It is nothing of the sort! Knowledge is only potential power. It becomes power only when, and if, it is organized into definite plans of action, and directed to a definite end.''
— Napoleon Hill, Think and Grow Rich

General knowledge is great and can be very impressive. Having the knowledge to be a champion on Jeopardy, is general knowledge. Knowing the names of the leading brands of computers is general knowledge. General knowledge forms a good foundation for success, and it will get you in the door, but you only get real and profitable results by acquiring, organizing and applying specialized knowledge.

Using your imagination, let's say that you come up with a better way to conserve energy within a house, a new idea for heating it that you believe is super efficient. At this point it is all in your imagination. How can you develop the idea? By finding out all there is to know about current technologies, then you can work on improvements. You need specialized knowledge.

''Imagination is the true magic carpet.''
— Norman Vincent Peale

Thomas Edison with Henry Ford and friends.
Decide what it is that you specifically want to learn. Then fully focus your attention on that subject, read all you can about it, books, magazines etc. Go to You Tube, Google it!

The amassing a great fortunes calls for power, and power is usually gained through well organized and intelligently directed specialized knowledge, but that knowledge doesn't necessarily have to be in the mind of the man who accumulates the fortune. It can be had by consulting with people who have this specialized knowledge. People you associate with or people you hire can be a 'Mastermind Group'. The man who applied this principle extremely well was Henry Ford, the founder of Ford Motor Company. For an overview of Henry Ford's mastermind group and a few other famous ones read this article, 'Iron Sharpens Iron'.

The power to create and build through the development of imaginative ideas by the application of specialized knowledge can make you rich. It can also make life better for millions of people. The power of the mind. Use it.