Warren Buffet’s favorite audience to talk with is young people. He always said he’d like to be a teacher if he wasn’t an investor. In one television show with the student audiences, Warren told them tricks about life itself, and how to live a good life, how to have principles, and how to work hard and be patient. According to Warren by becoming a good and decent person, you will become a successful person in business as well.
It’s a principle that his father instilled in him and his father taught him to have an ‘inner scorecard,’ rather than an ‘outer scorecard. An ‘outer scorecard,’ which many people have, is: What will people think of me? Will they judge me by the way I dress or the way I look or the car I drive? Whereas the ‘inner scorecard,’ which is much more important, is: Am I doing the right things? Am I treating people correctly? Is this working for me as an individual?”Focusing on an “inner scorecard” worked for the self-made billionaire.
Warren Buffet believes that honesty has paid off from a business point of view much more than being sleazy or dishonest would have. He’s always taken the high road and it’s paid off well.
In addition to that here are ten things he would tell young people, to help improve themselves, to give better opportunities for success in the future.
- Invest in “you” before anyone else. In the current age of internet accessibility, Warren Buffet advice to learn practically anything based on your interest and as quick as possible. Find the passion, invest within yourself through gaining wisdom, knowledge, and never, ever, stop learning.
- Break your bad habits early. Break bad habits early because in the end, in some point of the life it will give you life lession and most people avoid to learn every life lesson the hard way
- Hire a mentor. Find an influence in the particular area of interest, find someone to mentor. It is vital not be a taker all the time from them either. The mentor is there to help, and also give back to them, or the mentor will not around for long.
- Know your strengths. Don’t have to be an expert on everything, but knowing where the perimeter of that circle of what you know and what you don’t know is, and staying inside of it is all important. “Understanding how you are created, what your strengths are, and what your weaknesses are, is one of the most important things you need to know, immediately. ” Warren Buffett said.
- Do what you love. Warren Buffett once said, “Work at a job you love.” Why would a billionaire say this? It is because he understands nothing can bring happiness if spending life in misery.
- Never risk the important for the unnecessary. When having all of the necessities, do not go out and risk it all for a temporary moment of pleasure, or from a fit of rage. Use good judgement. Use common sense. This seems to be rare these days.
- Don’t pass up good opportunities. Sometimes good opportunities come along and we often do not realize them. Sometimes, good opportunities require hard work and we ignore it. Don’t pass up a good opportunity when it makes you uncomfortable. Most of the time these opportunities will make you a little uncomfortable.
- Tick-tock, protect your clock. The sooner you realize your time is your most valuable asset, the sooner you will begin to protect your time. Listen, you should learn as much as you can about time management, now! Once you manage your time, no, once you master your time, you will be unstoppable.
- Avoid credit cards. Avoid credit cards or you will find yourself being a slave to a rapidly growing slave-master of debt. Learn to live and pay with cash. If you don’t have the cash, don’t charge it. Learn the self-disciplined and self-control necessary to master money early in life.
- Be kind. Kindness is one of the lost arts of our society. Love others. Do we always agree? Of course not. Does this mean we have permission to be raving jerks? Nope. Learn kindness, learn it early, use it often.