Warren Buffett Says He Became Filthy Rich Because He Played by 1 Simple Rule of LifeWarren Buffett believes this rule is essential to building success.
Warren Buffett believes this rule is essential to building success.
Buffett’s inner scorecard is a set of personal values and principles that guide his decision-making and behavior. Unlike many people who measure their success by external factors like money or fame, Buffett believes that true success comes from living up to your own values and principles.
So why does Buffett place so much importance on his inner scorecard? It’s because he believes that when you measure your success based on external factors, you become more focused on what others think of you rather than what you truly value. By focusing on his values and principles, Buffett has made decisions that align with his vision of success rather than society’s.
Build your inner scorecard
For Buffett, the most important values are integrity, honesty, and generosity. He believes these values are essential to building success and are the foundation of a strong personal and professional reputation. Perhaps this is a good starting point to build your own inner scorecard. Let’s expand on each:
Living and working with integrity has numerous benefits, both personally and professionally. When you work with integrity, people trust you. They know you are reliable, ethical and won’t cut corners. This can help you build stronger relationships with colleagues, clients, and customers. Also, when you work with integrity, you are more likely to have a positive reputation, which can open up new opportunities for you and help you advance in your career. Buffett once said, “In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first one, the other two will kill you.”
When you work with honesty, you can feel good about yourself. You know that you are not deceiving or misleading others, which can give you self-respect and self-worth. You’re also more focused on your work. You’re not worried about covering up mistakes or being caught in a lie, which can help you be more productive and efficient. Finally, being honest leads to better communication. When you are honest in your interactions, you can avoid misunderstandings and conflicts.
Generosity may not directly lead to wealth, but it can contribute to overall success and financial well-being in various ways. Being perceived as generous can build goodwill, lead to new business or career opportunities, and help you build a strong network of contacts and mentors. Additionally, the concept of karma suggests that being generous can attract positive outcomes, and generosity can contribute to emotional well-being and a sense of purpose. According to one study report, people are happier when “spending money on others than on themselves, and this happiness motivates them to be generous in the future.” Other studies show that generosity can release endorphins in the brain, creating feelings of happiness and joy. Giving can also help to build and strengthen relationships. In a study published in the Journal of Personality and Social Psychology, participants who were asked to give to others reported feeling more connected to those individuals and had more positive interactions with them.
In conclusion, Warren Buffett’s inner scorecard is a unique measure of success. You can succeed in your career and personal life by living up to your values and principles. It’s a valuable lesson for anyone looking to find true success and fulfillment.