5 Life Lessons from Warren Buffet
Solid Advice for Business and Life
I have always been fascinated by Buffet. His uncompromising humility and outlandish ability to make big bucks from stocks that Wall Street turn their noses up at, is nothing short of incredible.
However, if you've read ‘The Tao of Warren Buffet’ you’ll understand that his words of wisdom are not only applicable to business, but also applicable to life outside of the c-suite.
Here’s five pieces of advice I'm taking on board
- It’s easier to stay out of trouble than it is to get out of trouble
Sounds simple right? It is not that simple. We've all been in the situation where we knew the potential risks, ignored our gut and then proceeded to look like an even bigger dope trying to reverse engineer and cover tracks. Avoid it. The repercussions can be lasting and the damage to your integrity is irreversible.
Assume the worst will happen. Now, is it worth doing? As Warren would put it, “It takes twenty years to build a reputation. It takes 5 minutes to lose it. This will make you act differently.”
2. It’s not necessary to do extraordinary things to achieve extraordinary results
Small measurable ongoing actions can sum up to amazing things. He was referring here to becoming a millionaire i.e. if you had $100,000 dollars and invested it at a return of 20% a year, you’ll end up with close to $4m in 20 years. Seems like a long time, but remember this, constantly chasing a Eureka moment that never happens for 20 years leaves you with nothing.
This obviously doesn't just apply to money. It can apply to health, sport, family, and your career. For example, I'm thinking about organising an event in 2016. I’m going to start with a list and chip away with just five weekly actions in my spare time. Hopefull these little steps will lead to a huge impact in 2016!
3. My idea of a group decision is to look in the mirror.
Trust your gut. If you feel that something is good and worth a risk, then take it. If not don’t. You have to be your own barometer. Certain people will not want you to succeed at things so they advise you to ‘Not get ahead of yourself’.
Sometimes other people can’t understand the risks involved . When making a big decision, get advice yes, but you have to rely on yourself to make the best decision.
4. When the tide goes out, you learn who’s been swimming naked.
What are your weaknesses? Do you feel that you have something that could potentially let the team down? If so, ‘fess-up’ now and see how you can bypass it using your strengths. Otherwise you’re going to be caught out and most importantly, let others around you down.
5. I buy expensive suits. They just look cheap on me.
Personality shines through. Always. Having great clothes, or changing an accent may fool some, but as people get to know you it won’t make a difference. In fact, trying to be something your not makes you look weak, vulnerable and creates distrust as people wonder why you didn't want to show them the real you.
Buy the book — it’s really worth it. In fact these are only five of 123 points. To be that liked and have such integrity and humility with it is just amazing. Thanks for inspiring us Warren!
