John G. Taft is the CEO of a wealth management firm for the rich RBC Wealth Managementand also the author of the book “Stewardship: Lessons Learned from the Lost Culture of Wall Street” There used to be an interesting article sharing about life philosophy from the example of billionaire Warren Buffett on LinkedIn. He wrote:
My friends and blog followers know that I have a great admiration for Buffett, not only because of his investment acumen, but also because he has always been an inspiration to my life. I… with the ability to carve into the heart just from a situation, a problem in just a few easy-to-understand sentences.
Today, thanks to online search engines, you can find anywhere from a list of 10 or 18 of Warren Buffett’s great quotes. However, the Buffett philosophy that makes the most sense to me is punch card principle (something that is no longer common in today’s digital age).
This principle was recorded by the author Alice Schroeder in the famous book The Snowball writes about Warren Buffett:
“You will become very rich if you think that you areown a card with only 20 punches in a lifetime and all financial decisions used apply with one punch. You will want to resist the temptation to learn. You will make better decisions and make bigger decisions.”
Buffett used his punch card philosophy in the context of the investment climate. It is consistent with his belief that truly profitable investment decisions are few and far between.
But I think this philosophy can be applied very well in our lives and in defining decisions that will shape our lives for the next five, six, seven or eight decades for all. . For a recent high school graduate, I think the 20 blank squares on the card are quite enough. For someone like me, in middle age, the number of unpunched cells on the card is much smaller. There may be only two or three left.
The problem is, whether it’s 2 or 20 blanks, the number of turning points in our lives is often far smaller than it often seems. The trick is to have the wisdom, or the ability, to recognize random choice drop-offs as they arise, which is always easier to perceive. Then we need to make a more calculated decision.
Get married. Having children (or not having children). Make a career change. Start or invest in a business. Those are all hole punches that are obviously important to you.
In contrast, with my last 2 punches, I spend less on my personal use, instead using it to create an opportunity to make a difference in the lives of others.
First decision was among the consensus comments sent to the chairman of Wall Street’s legal group: the Securities and Financial Markets Association in the wake of the financial crisis. I did this because I never wanted our clients, the investing public, to ever again go through the trauma and disruption they experienced in their financial and personal lives like never before. before.
Decided to punch the second hole My recent work was spearheading help in 2011 and 2012 in a campaign to defeat a constitutional amendment regarding the ban on same-sex marriage in my state of Minnesota. I got a lot of advice and advice for getting involved as a business leader. Everything drives me that this is a once-in-a-lifetime opportunity to make a difference in the lives of tens of thousands of LGBT people towards respect, progress, justice and tolerance in society. .
As it turned out, the support of the business community was crucial, not only in defeating the amendment, but then, six months later, same-sex marriage was legalized in Minnesota.
Just this month, a same-sex couple who lived together for 34 years before getting married last year at Minneapolis City Hall thanked me, along with tears, as they celebrated their 1st wedding anniversary. .
I wish someone had told me about Buffett’s punch card philosophy when I was younger. However, I’m glad I have the opportunity to use it now to realize and take on the big decisions left in my life.
By Business and Marketing
at Blogtuan.info – Source: cafebiz.vn – Read the original article here