Posts

Warren Buffet's Single Piece of Wisdom

A bigg salute to Josh Whitford, who writes the Unconventional Marketing blog, for inspiring today’s post.

Josh read the The 4-Hour Workweek, written by Tim Ferriss, and decided to accept the challenge to contact a famous person. Josh chose Warren Buffett.


He wrote a letter to Buffett asking him for “his single piece of wisdom” and sent it along with a self-addressed, stamped postcard. To Josh’s surprise, the Oracle of Omaha responded a couple of weeks later. Buffett simply said,

“Read, read, read.”

A typical Buffett answer – short and to the point!

It’s interesting advice because a poll by the Associated Press – Ipsos showed that one in four Americans hasn’t read a single book in the last year. At least, that’s how the news reported it – we look at that and see that three out of four Americans did read a book last year!

In fact, the last Gallup poll that we saw on this subject showed that over half of all Americans have read more than 5 books in the last year!

Read, read, read … for the sake of your career (and finances)

We hear about the “haves” and the “have nots”. A study by the National Endowment for the Arts [pdf] showed the impact of reading on a person’s well-being – reading less leads to lower reading proficiency which leads to fewer (and lower quality) career opportunities.

For example, according to the study, “Proficient Readers” are 2.5 times more likely than “Basic Readers” to earn at least $850 each week. This study also showed that 44% of Basic Readers lack a full- or part-time job, two times the percentage of Proficient Readers.

So, Warren Buffett said it well … read, read, read.

Read, read, read … to expand your imagination

"When I was young … okay I’d like to think I’m still young … so when I was younger, I used to just read non-fiction, and specifically books on business and investing. Then I took a literature class with a phenomenal professor – a short-story class. It made me use my imagination in a way I didn’t do when I just read books that I thought were more practical."

And as Albert Einstein said, “Imagination is more important than intelligence.”

What’s nice about reading, rather than watching, is that you are the director. You create a vision of the story – the characters, the setting. 

 

"Just think about how many times you’ve read a book that gets turned into a movie. So you get all excited and go see the movie … and it’s not as good as the book! For me, a great example is Stephen King’s book, It. I scared myself more reading that book than watching the movie!"

It’s much more interactive mentally and the skills carry over to your professional life. 

A simple commitment to reading that’s worked better than a college degree
We have a friend who worked his way up in a small business. In fact, he ended up buying the business from the owner. After he bought it, he wished he would have gotten a college degree. But he didn’t have the time – he had a business to run!

So he made a commitment to himself – to read one business book every week. He reads the best sellers and he talks to friends for recommendations. He has that done for years now. He knows more about business than just about anybody we know.

Do-it-yourself knowledge … that’s what Warren Buffett is talking about.

What are you reading? 

Related posts

The Fastest Way to Learn (Re-learn)

Read a Business Book Every Week

(Image by lusi)

Warren Buffet’s Single Piece of Wisdom

A bigg salute to Josh Whitford, who writes the Unconventional Marketing blog, for inspiring today’s post.

Josh read the The 4-Hour Workweek, written by Tim Ferriss, and decided to accept the challenge to contact a famous person. Josh chose Warren Buffett.


He wrote a letter to Buffett asking him for “his single piece of wisdom” and sent it along with a self-addressed, stamped postcard. To Josh’s surprise, the Oracle of Omaha responded a couple of weeks later. Buffett simply said,

“Read, read, read.”

A typical Buffett answer – short and to the point!

It’s interesting advice because a poll by the Associated Press – Ipsos showed that one in four Americans hasn’t read a single book in the last year. At least, that’s how the news reported it – we look at that and see that three out of four Americans did read a book last year!

In fact, the last Gallup poll that we saw on this subject showed that over half of all Americans have read more than 5 books in the last year!

Read, read, read … for the sake of your career (and finances)

We hear about the “haves” and the “have nots”. A study by the National Endowment for the Arts [pdf] showed the impact of reading on a person’s well-being – reading less leads to lower reading proficiency which leads to fewer (and lower quality) career opportunities.

For example, according to the study, “Proficient Readers” are 2.5 times more likely than “Basic Readers” to earn at least $850 each week. This study also showed that 44% of Basic Readers lack a full- or part-time job, two times the percentage of Proficient Readers.

So, Warren Buffett said it well … read, read, read.

Read, read, read … to expand your imagination

"When I was young … okay I’d like to think I’m still young … so when I was younger, I used to just read non-fiction, and specifically books on business and investing. Then I took a literature class with a phenomenal professor – a short-story class. It made me use my imagination in a way I didn’t do when I just read books that I thought were more practical."

And as Albert Einstein said, “Imagination is more important than intelligence.”

What’s nice about reading, rather than watching, is that you are the director. You create a vision of the story – the characters, the setting. 

 

"Just think about how many times you’ve read a book that gets turned into a movie. So you get all excited and go see the movie … and it’s not as good as the book! For me, a great example is Stephen King’s book, It. I scared myself more reading that book than watching the movie!"

It’s much more interactive mentally and the skills carry over to your professional life. 

A simple commitment to reading that’s worked better than a college degree
We have a friend who worked his way up in a small business. In fact, he ended up buying the business from the owner. After he bought it, he wished he would have gotten a college degree. But he didn’t have the time – he had a business to run!

So he made a commitment to himself – to read one business book every week. He reads the best sellers and he talks to friends for recommendations. He has that done for years now. He knows more about business than just about anybody we know.

Do-it-yourself knowledge … that’s what Warren Buffett is talking about.

What are you reading? 

Related posts

The Fastest Way to Learn (Re-learn)

Read a Business Book Every Week

(Image by lusi)

Ben Franklin Got It Wrong

Change. A word that sparks fear in many people.

We work to get to that comfortable spot, and we want to stay there.

“Nothing is certain except death and taxes.”
Ben Franklin

We think he got it wrong, not in the message, but in the semantics. We think he should have explicitly included change as something that is certain, rather than making it implicit in his quote.  


Will you lead or follow?

Even when it’s change that we’re creating ourselves, it can be scary. But it’s especially frightening when it’s a surprise.

For example, picture Jane telling her boss that she’s accepted a new position. She’s going to experience change. But isn’t that more comfortable than Jane’s boss telling her that her job is being eliminated?

It’s better to be a leader of change than a follower.

Who’s in control?
However, you can’t always control change. What you can control all the time is how you choose to respond to it.

You can also try to anticipate it. For example, as technology continues to develop, change is occurring more and more rapidly. Isn’t it safe to assume that this will continue?

So you have a choice to make. You either develop the skills to anticipate change so you get ahead of it or you just respond to it, after the pain becomes too great to do anything else.

Bigg action item – Separate the change into fads and trends
There are fads and there are trends. Fads come and go, so don’t worry about them. Trends are long-term. Get on board with them.

Divide a sheet into two columns – one called “Fads” and the other called “Trends”.  In your chosen career, think about the things affecting your industry. Now start putting those changes into the appropriate column.

What will affect your future income? Something will – for good or for bad!

Is it a short-term phenomenon? Or is it likely to continue? You can position yourself properly by seeing the change coming.

What opportunities will be created? What skills will be important? Do you have them? Can you get them?

Develop a plan for what you need to do to position yourself to take advantage of the trends.

Where do I get this information?

We’ll look at two examples. Search for the name of your industry followed by the word “association”. For example, “beauty salon association” yielded a half-dozen or so associations in Google.

You can also subscribe to magazines for your industry, or just about any industry you’re interested in following. They’re often free, supported by the advertisers. Amazon has an excellent resource that lists magazines by industry. It’s an extensive list!

So there are a number of ways to get the information you need so you can embrace change rather than begrudge it.

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts

6 Factors to Help You Succeed When Opportunity Knocks

The Single Most Destructive Thought You Can Have  

(Image by bob923)

The Power of Imagination

J.K. Rowling, best known as the author of the Harry Potter series, recently delivered an exceptional speech for the Commencement Ceremony at Harvard University.

It’s an amazing discussion of the power of failure and imagination. It’s definitely worth your time to read the full text, or watch the video. She said,

“We do not need magic to change the world, we carry all the power we
need inside ourselves already: we have the power to imagine better.”

Each of us has the power within us to change the world. Do you doubt it?

Steve Jobs didn’t doubt it.
He imagined a world where every person could have the same computing power that only large organizations had at that point. He dreamed of a world where computers were so user-friendly everybody could use them.

John F. Kennedy didn’t doubt it.
He had the vision that man could walk on the moon. He set forth his vision with the power of words to direct an entire country’s resources toward that mission. A short time later, Neil Armstrong uttered his famous words, “One small step for man, one giant leap for mankind.”

Martin Luther King didn’t doubt it.

He had a dream that people would be judged solely by the contributions they made to society, not by the color of their skin. His dream led to a movement to bring equal opportunity to all.

You may say that you don’t have …

… the imagination of JK Rowling. To create a world that can inspire millions of young people to read again at a time when everyone thought that only video games could attract them.

 … the creativity of Steve Jobs. To see the possibilities for individuals to have access to technology at their fingertips.

… the vision of John F. Kennedy. To see the impossible as possible and to inspire an entire nation to get behind the effort.

… the oratory skills of Martin Luther King. To put the need for change front and center on the agenda of his country and to move people to effect that change.

The unique power within you.
You do have the power to imagine a better world and make a difference in your own life and the life of others. Your imagination flows from your unique genetic make-up and your personal experiences.

No one else – who has ever walked on this earth, is here now, or ever will be – can duplicate what you have and who you are. You are one of a kind!

It’s up to you to live up to the potential that is within you … just imagine! How will you leave the world a better place? What are you doing now to make a difference in the lives of others?

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.  

Related posts

Your Potential Power

Back To The Future: Visualizing The Life You Want (Part 1)

Back To The Future: Visualizing The Life You Want (Part 2)

Reject This Fear And Succeed 

(Image by svilen001)

Are Good Looks an Advantage or a Disadvantage at Work?

A lot of attractive people complain that people assume things about them without getting to know them. It’s assumed that they’re unintelligent, superficial, and even arrogant.

You’ve been given the gift of physical attractiveness, which has to mean you’re lacking in other areas. In the social world, you’re just the pretty boy or girl.

But does that perception carry over into the professional world? Is there a bias against people who are good-looking?

 

Green Without Envy
Economists Markus Mobius of Harvard University and Tanya Rosenblat of Wesleyan University did a study to see how looks affected the hiring process. They divided participants into five groups:

  • Two of the groups never saw a photo of the candidate or the candidates themselves
  • The other three either saw the candidate’s photograph or in-person.

The groups who saw the candidates were much more likely to hire the more attractive candidate, even though the less attractive candidate was just as qualified.

These employers predicted that the attractive candidates would be more productive, and would be rewarded for it with higher pay.

Even Greener Pastures
Daniel Hamermesh, an economist at the University of Texas, is one of the world’s foremost authorities on the economics of beauty. Dr. Hamermesh has focused on how beauty effects financial success in the workplace.

His research confirms the results of the study we just referenced – that beauty gains an advantage because the doors of opportunity open more frequently. So they make connections, learn skills, and grow professionally. Then they’re able to leverage that first opportunity into many more opportunities, which results in even higher pay.

He also offers little hope for the unattractive. His research has shown that spending money on things to enhance your looks is a waste. You’ll only get back about 15 cents in pay for ever dollar you spend.

Our bigg quote today is by an unknown author:

“We could learn a lot from crayons; some are sharp, some are pretty,
some are dull, while others bright, some have weird names,
but they all have learned to live together in the same box.”

The more colors you have, the more colorful your world can be.


Questions for you

Socially, we often hear pretty people complain that they’re discriminated against. But research seems to show that it works to their favor in the workplace.

From your experiences, do you think good looks are an advantage or a disadvantage?

Is there a difference between men and women? Are good looks more important in the workplace for men or for women?

How about age? Is this something you think affects young people more than older workers or vice versa?

What do you think of Dr. Hamermesh’s finding that it doesn’t pay to try to package yourself better? Do you think it makes a difference?

Share your thoughts by leaving a Comment.

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts

The Confidence Game

The Single Most Destructive Thought You Can Have

Where Are You If You Ain’t Where You Are

The Greatest Miracle In The World

(Image by svilen001)

Pages

Nothing Found

Sorry, no posts matched your criteria