If you want to improve at something, spend time with people who are better than you.
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
Your Circle of Influence Matters
Enhance your social circle by considering whether you’re in the company of individuals from whom you can glean valuable knowledge. Seek out those who can guide you toward achieving your aspirations. If delving into the intricacies of Bitcoin intrigues you, connect with someone well-versed in cryptocurrency. Surround yourself with those you admire, and through osmosis, absorb their wisdom.
Remember, diversity isn’t just about appearance; it’s about embracing multiple perspectives, skills, and life journeys. Seek out individuals with diverse backgrounds, ways of thinking, and expertise. These people will truly broaden your horizons and propel you forward. So, take the initiative and surround yourself with enriching company.
Styron’s Smart Friends.
“Forge Your Path: The Importance of Being Among the Best”
“Scottie Scheffler and caddie Ted Scott celebrate on the 18th green after winning the 2024 Masters Tournament at Augusta National Golf Club on April 14, 2024, in Augusta, Georgia. Photo: Getty Images
Two winners walked off the 18th green after the final round of the 2024 Masters: Scottie Scheffler and Ted Scott, the caddie who was on the bag for both of Scheffler’s green jacket victories.
Scott’s estimated $1.5 million in earnings so far this year makes him one of the most successful caddies on the PGA Tour. He’s not too shabby of a golfer, either. Scott plays to a 4-handicap, which, as any recreational golfer can tell you, is a remarkable skill level.
But while Scott is good, he knows some players are better, and he’s smart enough to hitch a ride on their rocket ship.
After the conclusion of The Masters, Scott took the opportunity to reveal his life’s ‘motto.’
If you want to get better at something, find people who are better than you and spend time with them.
Scott says if you want to improve at any skill–find someone who does it better, ask them questions, and “get beat a lot.”
Scott’s tip applies to founders, entrepreneurs, and small business owners because learning from the best is a shortcut to success.
Warren Buffett’s Shortcut to Success
Warren Buffett’s secret to success echoes Scott’s advice. Buffett once said, “It’s very important in life to associate with people who are better than you are.”
In one extraordinary CNBC interview, Buffett, alongside his business partner Charlie Munger (who died in November), said, “Charlie has given me the ultimate gift that a person can give to somebody else. He’s made me a better person than I otherwise might have been. I’ve lived a better life because of Charlie.”
Buffett spent over 60 years with Munger because, as he told CNBC, “I always learn something from Charlie.” Are you spending time with people who teach you something, who make you better in some way?
Many people find it hard to follow this advice because their ego gets in the way. It isn’t easy to acknowledge that someone (or a competitor) is better than you and that you can learn from that person. But if you can set aside your ego, remarkable success might come your way. Just ask Marc Randolph.
Setting Aside Ego, Fueled Netflix’s Rise
Randolph started a company with his friend Reed Hastings–you might have heard it–Netflix. Few people know that Randolph was Netflix’s first CEO. Hastings was an investor and sat on the board.
One day, the two entrepreneurs had a conversation that made Randolph very angry. Hastings praised Randolph for hiring the original team, launching the site, and starting the company. But Hastings said Randolph did not have the skill set to scale the company and take it to the next level. Hastings wanted to be CEO.
Once Randolph set aside his ego, he realized, “If the company was going to succeed, I needed to honestly confront my own limitations.” In his book, That Will Never Work, Randolph said his skill put him in the 98th percentile of entrepreneurs (based on his previous success). “But Reed was in the 99.9th percentile. He’s one of the all-time greats. He was better at this stage than I was. More confident. More focused, Bolder.”
Randolph once told me that he’d rather have 50 percent of something that Hastings was building than 100 percent of nothing. Setting aside his ego paid off for Randolph, who stayed at Netflix for several more years and saw it through IPO, making both co-founders multi-millionaires.
I enjoy spending as much time as possible with people who can teach me something–especially if we’re in the same or complementary field. For example, there are business authors who are better writers than I am, but I can improve my skills by reading their work and asking them questions about their processes.
In golf, some recreational players I know avoid playing in foursomes if they know one player is far better than they are. They may not realize that playing just one round with a scratch golfer will elevate their game. They’ll learn things they never knew and strategies they never considered.
So, take Ted Scott’s advice and go for it–get beat a lot, fail, learn, and grow.
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St Jude Hospital: The mission of St. Jude Children’s Research Hospital is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment. Consistent with the vision of our founder Danny Thomas, no child is denied treatment based on race, religion, or a family’s ability to pay.https://www.stjude.org/
Wounded Warrior Project: An American charity and veterans service organization that offers a variety of programs, services, and events for wounded veterans of the military https://www.woundedwarriorproject.org
Folds of Honor: Providing life-changing scholarships to the spouses and children of America’s fallen or disabled military. And now, our mission expands to the families of America’s first responders. On our watch, those who protect our freedoms and our families will know they are not forgotten. https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: A N0-Kill shelter that is a top-rated non-profit. They compassionately care for all their animals. https://wcnkas.org
Tunnel To Towers: Since 9/11, we have been helping America’s heroes by providing mortgage-free homes to Gold Star and fallen first responder families with young children and by building specially-adapted smart homes for catastrophically injured veterans and first responders. We are also committed to eradicating veteran homelessness and helping America to Never Forget September 11, 2001. https://dogood.t2t.org/give/320847/#!/donation/checkout
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
