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Conventional wisdom is usually not conventional and not really wise. It’s often an agreed-upon lie, at worst, or an excuse to keep trying to do the same things over and over again.

It’s a mass-thinking rut, often.

You can find examples of conventional wisdom everywhere–at work, at schools, and at the town hall. But, if you really want to see conventional wisdom at work, check out the world of investments and personal finance.

How can you tell when conventional wisdom is at work? When you hear the same debate or argument over and over again, chances are you’ve stumbled on a conventional truth.

Conventional wisdom doesn’t have to be a thought that is believed by all of  the population. Different groups have different conventional truths. Ironically, these bits of conventional wisdom can be exactly opposite of someone else’s conventional truth.

And the other problem with conventional wisdom is it leads to fatalism. You believe the conclusion of a certain “truth” is writ in stone, simply because it’s the conventional truth of so many people.

An open mind is the cure for conventional wisdom.

Here’s one way to exercise that open mind and break through the walls of conventional wisdom.

What you do is to define some challenges that are part of conventional thought–things you hear in the mainstream media, or talk about with your friends. Then, write down some options that will contradict their conclusions, or change the game entirely. Try to make them positive. Here are some of mine:

You can start with the close and personal stuff, like: What about your personal finance picture?

Conventional Wisdom: I can’t save enough money.
What if you started working part-time in a shop where you spend most of your money?

Conventional Wisdom: I’m stuck in my job until I retire.
What if you started learning a new skill. Could that open up more job opportunities? What if you worked for yourself?

Conventional Wisdom: We’re facing Peak Oil…
What if new sources of energy were created? What if there were new ways to make energy more efficient?

Conventional Wisdom: Health Care is at a crisis.
What if new technology could solve health problems and cure disease. Cures are cheaper than chronic care.

Conventional Wisdom: China (India, or whoever) wants to dominate the world.What if all nations could contribute their maximum capacity? What if wealthier nations led to a wealthier world?

I think you get the point. It can be Pollyanna-ish at times, but it’s still good practice to let you know that opportunities and possibilities exist–no matter what the challenge.

What about you? What are some “What If” solutions to your own conventional “truths.”

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