Billionaire Warren Buffett has a 'simple' test for making tough decisions—here's how it works (via CNBCMakeIt)
And being the great leader that he is, Buffett says his managers can call him if they want to check on something. "But if they do, there's probably something wrong with them," he jokes.Reputation is important, but Buffett also emphasized another key lesson: While we want to be admired by our peers, we should never have to compromise our own standards.
"I got an awful lot of good advice from my dad. He taught me that it's more important in terms of what's in your inner scorecard than your outer scorecard,". "Some people get into a position where they think all the time what the world is going to think of this or that, instead of what they themselves are going to think about it."
The inner scorecard refers to living through values that are important to you. The outer scorecard refers to what could be measured by those around you. Ultimately, he says, if you can find peace and comfort with your inner scorecard, "you're going to live a happy life. But people often subscribe to the outer scorecard."
Buffett certainly practices what he preaches. Guy Spier, an investor who won a charity lunch with Buffett, wrote about Buffett's sense of moral excellence in his book,"One of Buffett's defining characteristics is that he so clearly lives by his own inner scorecard," he writes. "It isn't just that he does what's right, but that he does what's right for him."
As Spier observed during his lunch with Buffett, "There's nothing fake or forced about him. He sees no reason to compromise his standards or violate his beliefs."
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