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Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since 2017 | Week 363 | August 23-29, 2024 | Archive
Warren Buffett Says 5 Key Decisions Define True Success in Life.
By Marcel Schwantes | Inc. Magazine | August 28, 2024
Extractive Summary of the Article | Listen
Warren Buffett, the Oracle of Omaha, has transformed simple investing principles into extraordinary wealth. But what makes Buffett truly remarkable isn’t just his financial acumen–his timeless wisdom offers valuable lessons for anyone looking to build a successful future. How has Buffett defined success over the years? That would be an exercise too long for this article, but the author boils it down to five life decisions that Buffett has repeatedly said:
- Protect your reputation at all cost. One of the authors favorite Warren Buffett quotes, which should be top of mind for business leaders, speaks volumes of truth: It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently. To Buffett’s point, a single mistake, a moment of poor judgment, or an unethical decision can undo decades of hard work. This is particularly true in today’s digital age, where information spreads rapidly, and negative news can go viral within seconds.
- Invest in No. 1. That’s you. Buffett attributes his success to a simple choice: investing in oneself. Here’s what he shared with Good Morning America years back: Investing in yourself is the best thing you can do. Anything that improves your own talents. As entrepreneurs and business leaders, we often focus on external opportunities and investments, but Buffett’s timeless advice reminds us that the most critical investment lies within ourselves.
- Find a mentor. Buffett’s advice on success is clear: choose your associates wisely, as their behavior can influence your own. “Pick out associates whose behavior is better than yours and you’ll drift in that direction,” he once remarked. Adopting the traits of successful individuals further along the path than us is a powerful life lesson. As the saying goes, we are the average of the five people we spend the most time with. Therefore, surround yourself with individuals who can inspire you, teach you new things, and help you advance in your career. This is the key to personal and professional growth.
- Take care of yourself. “You only get one mind and one body. And it’s got to last a lifetime,” Buffett famously told a group of students. “But if you don’t take care of that mind and that body, they’ll be a wreck 40 years later…. It’s what you do right now, today, that determines how your mind and body will operate 10, 20, and 30 years from now.”
- Prioritize personal relationships. Buffett has emphasized the importance of personal relationships for happiness and success on numerous occasions. He’s had several close connections in both his professional and personal life. The most obvious is Charlie Munger, Buffett’s long-time business partner and close friend, who recently passed at 99. The two worked together for decades, with Munger playing a crucial role in shaping Buffett’s investment philosophy and the success of Berkshire Hathaway.
2 key takeaways from the article
- Warren Buffett, the Oracle of Omaha, has transformed simple investing principles into extraordinary wealth. But what makes Buffett truly remarkable isn’t just his financial acumen–his timeless wisdom offers valuable lessons for anyone looking to build a successful future.
- How has Buffett defined success over the years? For summarizing purpose, these could be boiled down to five life decisions that Buffett has repeatedly said: protect your reputation at all cost, invest in yourself, find a mentor, take care of yourself, and prioritize the personal relationship.
(Copyright lies with the publisher)
Topics: Entrepreneurship, Decision-making, Branding
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