Warren Buffett's enormous wealth is only matched by his incredibly valuable wisdom. When he has a simple rule to improve financially and personally, you should pay attention.
In a lecture to USC Business School students, Warren Buffett's right-hand man, Charlie Munger, revealed the strategy that Buffet has used with great success throughout his career.
Here it is:
"I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches - representing all the investments that you got to make in a lifetime. And once you'd punched through the card, you couldn't make any more investments at all ... Under those rules, you'd really think carefully about what you did and you'd be forced to load up on what you'd really thought about. So you'd do so much better."
Your odds of success improve when you are forced to direct all of your energy and attention to fewer tasks.
This '20-Slot-Rule' is a concept that doesn't just speak to making smart investments. It also applies to all areas of life and business that require our decisions to be well informed and incredibly selective. Those who are truly successful in their careers tend to have committed to one idea or area and dedicated themselves to making it work. As so many people find themselves distracted by the latest developments of our fast-moving world, those who take time to specialize and build up expertise really stand out from the crowd.
Spend some time figuring out what you bring to the table better than anyone else. When you have a clear motivation, how you work and why you work will drastically transform, and - most importantly - you'll feel happy and passionate about what you do.
Source: Exerscribe
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