Want to Know Warren Buffett’s Nudge?

Smart people can have a difficult time accomplishing their goals due to mental paralysis that comes from over analysis and other mental crutches. The question we have to ask ourselves could be; is there is some way to overcome our mental paralysis to move forward in executing our goals?

The answer is…yes, but you are going to have to risk something of value to move forward.

In assignment number nine and eighteen of Young Profit Pros, I talk about using nudges to move people forward in accomplishing their goals. In my personal experience, the most effective of the motivating nudges is accountability. Being accountable to someone is a great way to be motivated to accomplish something you want to get done, but that you have difficulty motivating yourself to accomplish.

One of my favorite examples of how this can be put into action comes from the Billionaire Warren Buffett. In a story I saw on CNBC, Warren Buffett talked about writing $10,000 checks to his children that were only redeemable if he was not a certain weight on scheduled dates. Because of his thrifty ways, Mr. Buffett avoided overeating and his children never got to cash a single one of the checks.

How can you use Warren Buffett’s Accountability Method?

You need to get an accountability buddy that you trust. Just telling yourself you will give $100 to charity for not getting something done is not going to cut it. You need to find someone that you personally know that can keep you honest and get them to agree to keep you honest.

Write that person a check for an amount that will not hurt you financially, but will motivate you not to lose it. I understand that many of us do not have $10,000 to put into accomplishing a goal. Heck, many of us don’t have ten cents, but you can still apply this to your situation with some ingenuity.

If you don’t want to put up money, then write a contract out that tells how you will exchange labor for not accomplishing something. That way if you don’t accomplish your goal, then you will have to clean your accountability buddy’s house, do lawn work, or perform some task that you hate.

You now have some monetary penalty or other punishment being held over your head. Now get done what you told your buddy you will get done. If you don’t get it done, then prepare to suffer the financial or physical penalty of not getting your goal done.

When you are setting up this method, make sure you find an accountability buddy you trust and that is working on a similar goal to your own. Being able to trust someone to keep you honest is important, and having someone with a similar goal also helps you see that someone is working on a goal similar to your own.

Do you have an accountability buddy?

Can you use this method to push through resistance and get your goals accomplished?

I would love to hear your thoughts in the comments.

P.S. The comments are only open for 14 days. I have found that leaving them open any longer makes them a spam target. If you want to let me know what you thought of the article after 14 days, then contact me from my contact me page.

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