Category : Success
The following post is based on a youtube video entitled ” Warren Buffet’s 10 Rules for Success” The video is a compilation of interviews with Warren Buffet highlighting these 10 solid principles. Warren Buffet is well known for his no-nonsense pragmatic and systematic approach to finances and one could easily say he is one of the world’s most knowledgeable people on the subject of success principles.
Success, of course, is not just about business or monetary success. Far from it. These principles can be applied in all areas of our life from personal to professional.
Find Your Passion
We have all heard this advice more than once, but what exactly does it mean? Sometimes our “passion” just seems so elusive and somewhere in the future where we may get around to discovering it when we have free time. It can be hard to “find our passion” and for some, it is easier than for others. Some people just seem ready to jump and throw caution to the wind, so to speak, in following their passions. Most of us tend to live on the pragmatic side of life and prefer to stay in the “safe and familiar” lane. Following our passion can seem just a little too scary for many of us.
So we decide to go one way or the other but usually, we put our dreams in the back pocket and do what is practical, For many of us, our parents (and other important people in our life) gave one (or maybe both) of these two types of advice. (1) Follow your heart and chase your dreams, or (2) Find something to do that is practical and that will pay the bills. The first option seems romantic and whimsical. But then our practical side tells us that while it might be good to enjoy what we are doing, it doesn’t always “bring in the bacon” This is “safe’ advice, but working only for the sake of money is not enjoyable.
I believe Warren Buffet is saying to combine what you love to do and get paid to do it. If we truly enjoy what we are do9ng in life. if we wake up each day practically skipping out of bed with lots of ideas and projects, then it won’t be long before the income follows our passion.
Hire well? This advice can certainly be applied to a business context, but really, when you think about it, we are always hiring people. We are choosing who we take advice from, who we are learning from and who we allow to influence us. For better or for worse the people we allow to influence us and our families will have an impact on many aspects of our lives. Think about it- if the people who give us advice or influence us in any way were charging for this “service”, how much would their advice be worth or how much would you be willing to pay them for their advice or influence?
So, clearly, it makes sense to choose where we get our information from, who we choose to take advice from or influence us. But, we need to “hire smart“. We need to surround ourselves with people who will influence (and inspire) us in a positive way. It is in our best interest to get around people who “walk the talk”, who have integrity and character. There is a saying which says that our results are the average of the 5 people we associate the most closely. If that is the case, wouldn’t it make sense to associate with people who are doing what you want to do and exhibit character traits that you desire to acquire? Become smart (people smart, money smart, goals smart) by associating with like-minded people.
Don’t Care What Others Think
This is a big one. We know that it makes sense, but it is so much easier to preach than to do, isn’t it? Sometimes we are far too concerned what everyone thinks. We want to look like we have it together (even when we are feeling miserable). We want the boss and our colleagues to notice our work and approve of our ideas. Parents want their kids to be liked by other kids and they want to fit in with and be liked by the other “soccer parents” (or whatever sport the kids are playing). We want our inlaws to approve of our parenting skills. And we cringe at the thought of criticism and imagine conversations happening behind our backs.
Actually, when we care about what other people are thinking, we are shooting ourselves in the foot and hindering our progress. The fact of the matter is, what other people think is none of our business. Of course, we can take not caring what people think to an extreme. Two of the biggest mistakes we make in life are:
- listening to everyone (and caring what they think of us)
- listening to no one (and not benefitting from possible valuable feedback or advice)
Obviously, we need to have some discernment as to who we listen to or take advice from. Not everyone is qualified to give us advice (even if we are close to them, sometimes even family members). Let’s not be influenced by everyone’s opinions. We need to have the courage to stand on our convictions and our ability to discern good advice from bad advice. We also shouldn’t go it alone. There are people whom we can listen to because they have earned our respect. There are people who can give us solid mentoring and wise counsel based on their own experience.
In the end, we shouldn’t worry too much about what is happening in the peanut gallery, but we should take advice from those who are actually in the game. Advice can be cheap (not worth much) and cost us dearly, or it can be precious and worth the time.
Read, Read, Read
Reading is not just a past time. It is a weapon in your arsenal to succeed. It is an intentional way to make yourself better in many ways. Reading allows us to learn from people in other places and times (from their failings, mistakes, and successes). The fact is, people who go far in life are big readers. And they don’t read just for entertainment (also this can be included), they read good, instructional and inspiring books. They read widely and deeply and this practice allows them to be more relatable to a wider range of people.
There really is no substitute for reading for the huge benefits it can offer in opening up the world to us. Reading opens up all kinds of doors of opportunity.
Have a Margin of Safety
Put everything into perspective and weigh the risks with their longterm outcome and value. Of course, this advice applies to finance, but it can also apply to everyday life. We need to evaluate the negative and positive outcomes of our life choices. How will these decisions affect us in the long term? We certainly don’t to play it safe with our life (and life is inherently risky), but we do need to evaluate and be prepared. We need to have control over the risks of our decisions and not be controlled by them. Get good information and apply it to life.
Life can be like walking a tightrope. We walk along it, trying to balance and not fall off. But how safe would we feel walking a tightrope with no safety net below us to catch the fall? It is important to evaluate risk and outcome when making decisions in life and it is important to have a safety net in case things do not go well. That having been said, staying in the “safe lane” just because it is safe is not much fun or satisfying. Living a little “on the edge” can make life exciting.
Have a Competitive Edge
Warren Buffet talks about having a moat around us (referring to the water barrier around medieval Castles). In the financial world, this is called a “hedge of protection” (Hedge Funds). You can build up your skill sets (hedge of protection) to be able to do what others can not compete with. What can you bring to the table that will outshine others? Sometimes it may be simply that you are willing to outwork everyone and not willing to ever give up or give in. Get around people who. by their experience and counsel, can give you a competitive edge.
A competitive edge takes time to build. It can be the skill sets we develop^over time or it can simply be our undaunted perseverance and refusal to give up when the gut shots of life hit us. Whatever we have that others simply can not outdo us at is our competitive edge. Once again, this competitive edge does not just apply to obvious categories like sports or business. It can also be found in how we deal with adversity, illness, financial struggles or anything that could potentially bring us down. The competitive edge is that quality that we have to beat the odds, to strive for what we believe in or for what we cherish.
Schedule For Your Personality
Some people are morning birds, up before the crack of dawn. They work better when they can get a headstart on the day (this is me). Others are night owls and are at their most creative and productive working into the wee hours of the night. Some people thrive on being busy all the time and running a tight schedule and ship. Others (Warren Buffet) do far better when they have time and space to breathe. These people are more productive and creative when they have large amounts of unscheduled time to think. Knowing the schedule that best suits your personality can make you thrive and “come alive”.
Always Be Competing
Of course, this doesn’t mean you should always be on a racetrack. Your toughest competitor should be yourself. We are always growing, so why not grow upwards? In fact, competing against ourselves just means striving to become a better version of ourselves. It also keeps us young and vibrant. Our worst enemy is complacency. Complacency (apathy indifference) will steal our vibrant spirit away and replace it with a bored, apathetic spirit. Staying in the comfort zone or the leisure zone will cause us to stagnate (emotionally, intellectually, financially and in our relationships). When we are chasing something, competing, we become fully alive.
No matter where we are in life, no matter what the struggle or what pour goals are, we will always bring out the best of who we are when we compete against ourselves or the obstacles that we face. Competition really does lift our spirits.
Find people you can learn from, who have “fruit on the tree“, so to speak. Read what they read and do what they do. It’s that simple. The shortest path to success is to learn from those who are where you want to be in life. Learn from their failures and their successes. Study them and apply what they have done to be where they are now. This advice applies not only to finance or business but also to relationships (family, parenting, friendships, workplace relationships). Why waste time and energy learning from our own hard knocks (although this is good too) when we can take the shortcut and learn from others?
Whether we realize it or not, we are a model for someone else. Children are looking to their parents for inspiration and direction. When we are working, we are setting examples for others. Our attitudes, our work ethic, and our character are observed by others. Wherever we go, we are influencing others and being a model for them. The way we approach adversity, failure or obstacles is re
Give Unconditional Love
Yes, financial tycoon, Warren Buffet said: “Give unconditional love.” Wow! that is probably the most important of the 10 rules for success. Leave a trail of love behind you and love others unconditionally. Let them know that they count and matter to you. What business or relationship can thrive without this most important ingredient? So, really, if you want to be successful at anything in life, this is the very first place to start.
Nothing of any lasting importance can happen without an attitude of love. Love goes out and comes back in multiples – in a greater measure than what was given. So, it makes sense then, that love is really a key player in success.
Have a great day!
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Diana Lynne’s passions are family, travel, self-improvement, pursuing a debt-free/financially free life. She also loves hanging out with family, friends and being with her dog Skye. Diana is a Quebec City girl. who loves living life. You can connect with her through Livingandstuff.ca