Hi, I'm Huyen

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Fulfillment in business and life requires a growth mindset.

It requires one to understand the world is highly dynamic and constantly evolving. To be successful and to meet expectations in your practice and as a successful entrepreneur requires one to be mindful of the trends and to be mindful of your own habits and what you want to aspire to.

In the last rough years that we had, we know that adapting to change isn’t always easy and all we can do is to be resilient, adaptable and think ahead.

Why not turn to the best ideas of legendary investor in the world, Warren Buffett?

Warren Buffett calls this man the smartest man he knows:

Charlie Munger.

Together they've built a $699 billion empire. And his speeches are a masterclass in decision making, rationality, and success.

Here're 9 of his best ideas to help you win at business and life:

1. “Knowing what you don’t know is more useful than being brilliant.”

Most people spend their lives wrestling with the consequences of poor decisions. But the truth is it’s much easier to avoid stupidity than try to be smart.

Admit you know nothing. Remove ego from the equation.

2 “A majority of life’s errors are caused by forgetting what one is really trying to do.”

We set goals, pursue them, then get distracted.

To achieve something meaningful, you need to constantly correct course.

Set a north star and keep it front of mind.

3. “Mimicking the herd invites regression to the mean.”

If you do the same as everyone else, you’ll get the same results.

But most people are:

  • Unhappy
  • Unfulfilled
  • Unmotivated

Following society’s standards traps you in them.

Be bold. Go against the grain.

4. “To get what you want, you have to deserve what you want.”

Naval once said the world is an efficient place.

You can’t control results, but you can control your:

  • Character
  • Work ethic
  • Willingness to learn

Earn what you want.

5. “The fundamental algorithm of life – repeat what works.”

It’s easy to overcomplicate success.

But the truth is everything you do creates feedback. Smart people listen.

When something goes poorly, do less.

When something goes well, do it much more.

6. “Those who keep learning, will keep rising.”

Most people stop learning at 18. Munger is still going at 98.

Knowledge is an asset that compounds over time.

The more you know, the better you think. Better choices, great consequences.

Schedule time to study.

7. “You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time.”

Berkshire Hathaway is valued at $991.89 billion.

Buffet and Munger’s approach?

Rationality and patience.

It isn’t a sexy approach, but the results sure as hell are.

 8. “The best thing a human being can do is help another human being know more.”

The best way to live your life is in service to other people. Especially now with the online opportunities.

Be generous with your ideas. Share what you know and help others win.

9. “We insist on a lot of time being available almost every day to just sit and think.”

We live at a time of constant input. Everyone wants to maximise every moment for productivity.

But life is cause and effect.

Decisions are the key to success. Time to think is the priority.

Study mental models. Build a toolkit. Treat your mind like your greatest asset.

Remember if the journey of running a successful practice was that easy, then everyone can do it!

2022 was an interesting year for all of us. The economic consequences of Covid still continue, we have been side by side with our clients the whole way, helping them take advantage of the situation and prospering through the crisis.

I’d like to say goodbye to this challenging year and may your new year be all about prosperity and profit! You work very hard and truly deserve all the best in return.

Now it’s time for all of us to thrive in 2023.

All the best from OMD team 💕

Huyen Truong

Hi, I'm Huyen

Our work (and this site) is devoted to sharing ideas, tools and resources that will help you automate, grow and scale your practice.

huyen

Learn More

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