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JULY 2024 I SMT007 MAGAZINE 13 success basics, reading and learning, finance, and life. I hope you will savor, reflect, and benefit from them. Success Basics • "Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day, if you live long enough, you will get out of life what you deserve." • "I did not succeed in life by intelligence. I succeeded because I have a long attention span." • "Acknowledging what you don't know is the dawning of wisdom." • "Knowing what you don't know is more useful than being brilliant." • "Forgetting your mistakes is a terrible error if you are trying to improve your cognition." • "It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent." • "Recognize reality even when you do not like it. Especially when you don't like it." • "You must force yourself to consider opposing arguments. Especially when they challenge your best loved ideas." • "I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do." • "Patience is not just a virtue; it's a strategy. Success oen requires waiting for the right moment to act." • "Success comes from making rational decisions based on facts, not emotions. Remove the emotional cloud to see the clear path forward." Reading, Thinking, and Learning • "In my whole life, I have known no wise people who didn't read all the time. None. Zero." • "You'd be amazed at how much Warren reads, at how much I read. My children laugh at me. ey think I am a book with a couple of legs sticking out." • "If it is wisdom you're aer, you're going to spend a lot of time on your ass reading." • "e game of life is the game of everlasting learning. At least it is if you want to win." • "Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day." • "It's been my experience in life if you just keep thinking and reading, you don't have to work." • "We both (Warren Buffett) insist on a lot of time being available almost every day to just sit and think. at is very uncommon in American business. We read and think." • "It's extraordinary how resistant some people are to learning anything." • "I think a life properly lived is just learn, learn, learn all the time." Life • "Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won." • "We have a passion for keeping things simple." • "Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating." • "Invert, always invert: Turn a situation or problem upside down. Look at it backward." Finance • "Great investing requires a lot of delayed gratification." • "Once you get into debt, it's hell to get out. Do not let credit card debt carry over. You can't get ahead paying 18%." • "You don't have to have perfect wisdom to get very rich. Just a bit better than average over a long period of time." • "Live within your income and save so that you can invest."