Hello CMAA! This month, I want to focus on our student members since May is graduation month for some. While this message is aimed toward CMAA students, I really think it applies to everyone. You be the judge.
Throughout my life I have always been interested in investing. My undergraduate degree was in finance and I always thought I would end up taking a job in the financial markets. The closest I got to a career on Wall Street came through my positions with a financial market association. One of the highlights of that work was having lunch with Warren Buffett, investor extraordinaire, and someone I have always seen as a good role model.
Mr. Buffett is very free with sharing his opinions and advice and does it in a casual and often colorful way. One piece of his advice that has stood the test of time for me and I think it is great advice for those just starting out in their career (or even those anywhere in their career) is on being a high achiever. Buffett believes there are three actions that distinguish those who are achievers from those who are not. Here are the three actions according to Buffett:
- Love what you do
If you have passion and enjoy your professional work, success will likely follow. It will not seem much like work either. So, we should find a job that excites us each morning when we wake up. It’s a very simple lesson that we often forget at all stages of our career as we might lose passion for our job or the organization we are with. If that happens, go find a position that makes getting up each day worthwhile. Life is too short to waste it.
- No thumb-sucking
How do you make decisions at home or work? Do you gather the information, evaluate it, and then act with decisiveness? Or as Buffet describes, are you a thumb-sucker? Do you worry too much about making the wrong decision, and/or avoid making the decision by procrastinating? All of us have probably done both. Success, according to Buffett, is more likely to happen for the person who acts with good information toward decisions that further their or their organization’s goals. That does not mean you won’t have to course correct after the decision as you have more information. Those who languish in indecision, Buffett believes, are likely not to be successful.
- Forget about the Joneses
Who sets the metrics for you to be successful? Do you, or do you judge yourself against a co-worker, friend, or some other mythical benchmark? Buffett recommends creating an “inner scorecard” that you judge yourself by. In essence, you are setting the markers for success, not someone else. From Buffett’s perspective, if you set your own goals, they are part of you and are built with your beliefs, values, and your love for yourself. What could be more magical and more crucial for achievement?
I must admit I find these life lessons to be very straight forward and accurate. But I also know that sometimes I need to be reminded of each one of Buffet’s points when I get distracted by life – and I bet you do too. If you are graduating this year, congratulations and all the best for success! For the rest of us, I hope this reminder helps us all to refocus on what is most important as we continue to exit the pandemic.