Why Warren Buffett Won't Necessarily Help You to Get Your First Million
And why other figureheads at the top won’t help you achieve what they inspired you to be.
I’ve always known this in my heart. Now I know exactly why, and it's scientifically proven.
Why do people always look up to the top dogs? It has always puzzled me. When you think about investing, you’ll think about Warren Buffett, when you think about technology, you’ll think about Steve Jobs, Bill Gates, and Tim Cook. When you think about dreaming big and going for unconventional methods, you’ll think about Elon Musk. Who doesn't dream about being Jeff Bezos?
I know, I get it. They are all top dogs in their own respective fields. Who else to get ourselves motivated and aspired to, if not the men and women who are at the highest echelon. On this premise alone, it’s no wonder that most, if not every one of them, would have a book written about them, their childhood, their upbringing, how they got started, how a single event change their perspective and life. From there, it’s not hard to imagine there are millions who read these books and are inspired to be like them and emulate what makes them successful.
Except for the fact that we are not them.
Far from it, we are not even remotely similar to them, and by that I mean even before they started out as who they are now. We might be born in a different era, different region, different culture, different everything. That’s just a start. If you compared ourselves with their success now, there is an insurmountable gap between us, so much so that you be demoralized instead. For fun, check out Jeff Bezos’s wealth, explained in rice.
How could anyone get motivated with this? I certainly couldn’t. Instead, I have always believed that we learned more from people who are closer to us, people who are just a little bit better than me, someone who I could learn a few things from them and then move on to the next person. I know it works better for me. It wasn't until recently that I know it is scientifically proven.
The Goldilocks Rule
The Goldilocks rule stated that humans experience peak motivation when working on tasks that are just right on the edge of their current abilities. Not too hard, not too easy.
Just like in the fairy tale Goldilocks and the Three Bears, Goldilocks (and to an extension, every one of us) prefers the porridge just at the right temperature, neither too hot nor too cold. The concept is of just the right amount. We need just the right amount of difference between us to motivate ourselves to be the better version of ourselves.
Years ago, I stumbled upon the best example with my own experience. I was actively joining running events. From 10K run, I have just upgraded and challenged myself to half marathons. I had 3 half marathons in the space of 4 weeks. Although my aim is to complete the half marathons, those being the first of my half marathons, I’ve also wanted to challenge myself to run the whole way for the first 10 kilometers (approximately 6.2 miles). Up until then, I have completed a couple of 10K runs but have never run the whole way.
If you have been running by yourself but have never participated in a running event, I encourage you to do so. You’ll find yourself motivated to run more and run faster in these events. Why is that so? Simply because you have other runners around you. You’ll be motivated to outrun some, follow some others, and try to beat those ahead of the pack. In this case, who motivates you? Those out of sight frontrunners vying for the prizes? No, you get motivated by the runners around you. I completed my target of running the 10K all the way, by running behind a runner who was just slightly faster than me, who also ran the whole 10K. He was the reason I achieved my goal. He was an unnamed person in my life but I am eternally grateful for him. Would I be able to achieve my goal if I have chosen a much faster runner than me? No!
Inspire By The People Around You
Rather than looking up to the impossible people, who could be half a world away, try looking around you for inspiration. Look for those that have similar past experiences like you but have gone through the dark cloud and emerged out of it for the better. Look for those that might have a different experience than you, one who might either show you the grass is not greener on the other side, or show you that you really ought to try out and venture into new areas.
Look for someone who, despite being better than you in the area you are focusing on, they are not too far in front of you that you could not relate to them. Likewise, they could relate to the struggle that you are going through, the difficulties you face, and advise accordingly, rather than giving you textbook advice.
Keep an open mind. Everyone around you could teach you something. They might not teach you everything, but there must be something. Something that is lacking in you. The beauty of life is that everyone has different experiences. Even if some may be in the same situation, their perspective is different. That accounts for different experiences. A cleaner might not teach you finances, but they could teach you the value of responsibility, which in hindsight might impact your finances. The constantly arguing couple next door shows you how you should choose your partner.
The key is to open your mind and learn from everyone at every opportunity.
It’s All Relative to Yourself
Instead of comparing yourself to one of the greatest people in the field, and risking the chances of getting demotivated and not doing anything at all, the only person you should be comparing to is yourself. You are your greatest adversary. Why compare yourself with another person, who might have advantages or a headstart over you for whatever reasons. Everyone is unique, so why start with an unfair comparison?
The only fair comparison is between yourself, across time. Are you better than yesterday, last month, last year? Are you financially better than before? Are you more knowledgeable than before? Are you wiser with experiences than before? These are the only comparisons that matter.
No matter what you do, don’t stand still. Grow. Even if it’s at a crawling pace. If you would just move forward constantly, no matter how slow, I can guarantee you that you will in a better position than before. Even if you are able to read a page each day, save a few dollars here and there, do it. One of the biggest qualms that we have when we look back is the regret of not that we did something. It’s that we did not do anything. A couple of years on, looking back, you would regret that you did not start on the new venture, or save little by little for your retirement, or anything for that matter. Let’s hope it’s not decades before you realize it.
You are your own north star.