Book Summary (5/31) : The Joys of Compounding

Book Summary (5/31) : The Joys of Compounding

Chapter 5 : The Importance Of Choosing The Right Role Models, Teachers, And Associates In Life

  • I was lucky to have the right heroes. Tell me who your heroes are and I’ll tell you how you’ll turn out to be. The qualities of the one you admire are the traits that you, with a little practice, can make your own, and that, if practiced, will become habit forming - Warren Buffet.There is no more important aspect of our education as investors, businesspeople, and human beings than to find these exceptional role models who can guide us on our own journey.
  • I always had this image of myself that I wasn’t very smart, and the way I did in school proved that I wasn’t. But: Once I realized that if you dedicate yourself and you commit yourself, you can learn anything. I will admit this: whatever I learn takes me three times as long as anybody else. But if I spend three times as much time as anybody else, then I’m equal. I can learn it, just give me more time, more books.

Nothing, nothing at all, matters as much as bringing the right people into your life. They will teach you everything you need to know—.Guy Spier

  • Surrounding yourself with smarter and better people provides a great education. You gain firsthand experience of their thought processes, how they prioritise (if you want to know someone’s priorities in life, observe what they do between Friday evening and Monday morning).

Deserved Trust Is Earned

  • Trust lies at the heart of any relationship. In answer to the question “What is trust?"Jack Welch, the former chief of General Electric replied, “You know it when you feel it.”Trust creates the foundation of all relationships, societies, organizations, nations, and our entire civilization.

Woody Allen said that 80 percent of success in life is just showing up. Always reliably show up for the task entrusted to you.

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