1, #56 - How to Choose the Right Habits
On Warren Buffett's Thought Experiment — Estimated Read Time: 42 seconds
‘If you could invest in a friend and get the equivalent of 10% of their income for life—who would you pick?’
Warren Buffett presented this question to a group of business school students in 2001, with the follow-up questions being just as important: ‘Why would you invest in that person? What qualities set them apart?’
The point is not really about money or professional success. The same exercise could be used for anything: physical fitness, life satisfaction, a strong marriage, joyful parenting, or loyal friendship. This thought experiment is valuable because it helps us to spell out something that we can sense intuitively, but may not be able to express.
And, once you’ve laid it out, it’s more actionable. You can start adopting your admirable peer’s habits.
So. Which of your friends would you like to resemble? And what are they doing that you can emulate?
Insight inspired by Warren Buffett and this talk at UGA. And George Mack, who shared this quote (and the framework I used to present it, above) in his brilliant newsletter, 0.1% of Ideas. If you like 1, you should check it out.
Timeless choice.