Skip to main content

Playing Your Own Game




“The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard. It helps if you can be satisfied with an Inner Scorecard.” - Warren Buffett

We all have a tendency to compare ourselves to others. We compare salaries, relationships, height. You name it, we compare it.

It's natural to be competitive, to size each other up. It can even be healthy. Some people represent a higher standard that drives us to be better. Role models are important.

However, without perspective, admiration can devolve into envy and discouragement. Seeing others succeed, especially those younger, can make you feel inadequate. You start to question your self-worth and your growth stalls.

It's important to remember external comparisons are fundamentally flawed. People are too different to fairly compare.

Those who have a higher net worth might come from a wealthy family. Those more physically impressive might have genetic gifts. Our starting lines vary.

Our goals and values also vary. Some hold professional achievement above all else and are driven to work, work, work. Others value freedom, seeing work only as a means to an end. Success looks different to different people.

This makes it impossible to compare yourself to others. It's better to compare yourself against yourself.

Measure against your goals and your progress towards them. Look at your finances through the lens of your circumstances, not your peers. You're only playing against yourself. This is a single player game.

External scorecards never fit and forces you to play under other people's rules. Having an internal scorecard frees you to play your own game.










Comments

Popular posts from this blog

The Art of Giving Feedback

Constructive feedback is an awkward affair. You don't want hurt feelings, but recognize the importance of honesty. You've tried the classic "hoping things will get better on its own" and unfortunately it hasn't played out. When giving feedback, here are a few things that I try to keep it mind. Start with empathy. Step into their shoes and understand their story. If you don't know, ask. Be genuinely curious. Feedback is a dynamic affair. Shared communication with a shared goal towards progress. Take the emotion out of it. Focus on the situation, not the person. Focusing on the person adds unnecessary weight to an already emotionally-bloated event.  Be specific. Give clear examples. Vague feedback equals dismissed feedback.  Doing above won't de-awkward things fully, but it will dampen it and increase the chance of better outcomes. 

Today's Special: Humble Pie

You champion a project, fight for an idea, and then...reality sets in. That churning in your stomach isn't butterflies, it's the realization you've missed the mark.  Pride will puff up your chest, and kick in the "defend at all costs" instinct. But arguing with the umpire never changed a call. Admitting you're wrong isn't a sign of weakness. It can strengthen your professional standing. In a world obsessed with the illusion of infallibility, the courage to adjust course is a breath of fresh air. It shows you're confident enough to be wrong, and adaptable enough to learn from it. Do your research, think critically, and stand behind your decisions. But when the data whispers (or screams) otherwise, don't be afraid to swallow that slice of humble pie. Be the first to acknowledge. Don't wait for someone to point out your mistake. Be open, take responsibility, and most importantly, focus on what you're going to do to address it. Don't dwell ...

Negative Feedback, Positive Lessons

In the battle against plastic bags, a five-cent tax was shown to be much more successful at deterring usage than a five-cent credit for bringing your own bags. Carrots satisfy but sticks sting, and they sting hard. So we default to the less painful choice of avoiding loss. Loss aversion impacts the way we process information. A 2019 study  invited participants to learn through a series of multiple choice questions. Each question only had two options to choose from. Whether guessing correctly or not, they would still learn the right answer.  Despite the identical learning opportunity, participants were much more successful at recalling the answers they guessed correctly than those they got wrong.  "You're right!" feels good. We savour the moment, analyzing every detail.  "You're wrong!" stings. We want to quickly forget, dismiss, and move on.  When we succumb to loss aversion, we miss opportunities to learn. Failure is part of the process. We'll experie...