Warren Buffett Believes 1 Big Decision in Life Will Be the

Expert Opinion By Marcel Schwantes, Inc. contributing Editor, Executive Coach, Speaker, and Author  @MarcelSchwantes

Warren Buffett, the greatest investor of our time, has shared some precious lessons that have significantly impacted many of us, including myself.

So, the question is: Do we actually put his advice into action? I'm not talking only about his investment advice, but advice that will improve our lives. Buffett once said, "You only have to do a very few things right in your life so long as you don't do too many things wrong."

That means we should simplify our lives and focus on making solid, wise choices every day. Let's be honest: Everyone has messed up at some point, and some of us have messed up in big ways. And it's probably going to happen again.

So, to minimize those royal mess-ups, we need to focus on making good decisions to pave the path to success. Buffett has lived by a life rule that's worked for him, and it could be a life changing choice for all of us to think about. He called it your "inner scorecard."

Buffett's rule of the "inner scorecard"

The inner scorecard works like this: When setting the bar for your own goals, don't fall for the trap of evaluating it by other people's measure of success. Instead of trying to keep up with the Joneses, Buffett calls us to measure ourselves by our "inner scorecard."

What is it? The inner scorecard defines your own standards -- not what the world imposes on you. It's a principle Buffett learned from his father; it comes from deep within and speaks your truth. It gives meaning to who you are and how you naturally behave and see the world on the basis of your values and beliefs, not someone else's. In short, it's taking the higher road to achieve success because it comes from the heart.

This is different than measuring yourself by your "outer scorecard," which is seeking validation from external sources like societal norms, peer opinions, and metrics of success such as wealth, status, or popularity. The outer scorecard is more about measuring your life by how others see you, which is not sustainable.

So, if you're going to evaluate yourself based on your own values, principles, and standards rather than seeking validation or approval from others, you should probably have a plan to keep you on track. Here's what I suggest:

How to cultivate your inner scorecard

• Clarify Your Values: People who follow their inner scorecard focus on their own values and live by their integrity. They make decisions based on what they believe is right, even if it's unpopular. Starting today, identify what truly matters to you. Write down your core values and principles to guide your life and revisit them regularly.
• Seek Internal Validation: Now that you're clear on your set of values, find satisfaction by leaning on and living according to your values. Eventually, this will become richly rewarding.
• Self-Reflection: Regularly reflect on your actions and decisions to ensure they align with your values. This is especially key when you're at the crossroads of a big decision or transition in life.
• Set Personal Goals: Define your success based on your own criteria. Focus on personal growth and achievements that matter to you. What is it that will make you better? Make you more financially stable? Create more happiness in your work and life?
• Long-Term Thinking: Focus on long-term goals rather than short-term gains and external rewards. This aligns with sustainable success and ethical decision making.
• Limit Comparisons: Reduce the habit of comparing yourself to others. Everyone's journey is unique. Focus on you and where you're at on your journey.
• Pay it forward: By valuing your own internal measures of success, you can encourage other people in your sphere of influence to develop their own inner scorecards, promoting work cultures and communities of self-motivation and intrinsic rewards.

Photo Credit: Getty Images.