Everyone's life is full of choices. It is not easy to make a decision, but everyone needs to face it.

A person's success sometimes depends on a decision, and those super tycoons often face severe decision-making scenarios. Therefore, a legendary investor like Warren Buffett will make a systematic decision when faced with a choice.

In the decision-making process, there are several factors that will have a negative impact on our decision-making results. This includes our past experiences, cognitive biases and so on.

If all these factors are gathered in a tense environment, it is easy to make a wrong decision subconsciously.

The legendary Warren Buffett has a famous rule of10/110, which can help us make wise choices from a long-term perspective.

This rule is very simple, you just need to remember these three questions:

It sounds a bit mechanical and monotonous, but rational thinking is so much-it is a good way to improve yourself by answering these three questions carefully and then making reasonable and wise decisions.

I use the10/10 rule to decide whether to use a credit card:

1. 10 minutes later, what will I think of this decision?

Cool! I don't want to limit my weekend because of one shopping trip, and I don't want to count my money all my life.

2. 10 months later, what will I think of this decision?

If I had a well-paid job, I would have a happy weekend. But after 10 months, I can't find a job or the salary is average, so I will worry about how to repay this debt.

3. 10 years later, what will I think of this decision?

No matter what I choose, I should have a job at that time. However, if the salary is average in the short term, the credit card debt will snowball, and you may regret defaulting on your debt in a few years.

Therefore, I continued to live a frugal life for some time, so I didn't have to be in debt. I'm glad I saved an extra sum of money to cushion myself in case I lose my job in the cold winter.

Our brains are intuitively inclined to short-term happiness, but as rational people, we need to make wise choices for long-term happiness satisfaction.

As Dr. StephenCovey said, "Happiness can be defined as a fruitful ability to criticize what we want to do for what we want to do."

Buffett's method is more in line with this idea, and the biggest advantage is that it is easy to achieve. So the next time you need to make a decision, try to think from a long-term perspective, and you will understand the difference between different options.

Xiao Xiaoguang, read an excellent English blog every day.

Buffett talks about credit card consumption: the interest rate is too high, and all credit card debts should be paid off.

In the early morning of May 3, Beijing time, the 2020 Buffett Shareholders' Meeting expected by the global investment circle was officially held. Affected by the COVID-19 epidemic, this shareholders' meeting was held for the first time in the form of webcast. Warren Buffett, chairman and CEO of Berkshire Hathaway, and Greg Abel, vice chairman of the company's non-insurance business, attended the meeting and answered questions submitted by shareholders.

Some investors have asked about the credit card industry. The interest rate charged by credit cards has been getting higher and higher for so many years, but the current government interest rate is so low. From this perspective, will credit card companies lower interest rates in the future?

Buffett said that all these will affect the banking stocks purchased by Berkshire Hathaway, including American Express. Of course, this is also the competition of credit card companies, because the possibility of losses in this area will be reduced.

"For these credit cards, we are not very interested in Berkshire itself, but we know that using credit cards can be another source that can be used." For example, Buffett said, "A lady came to me. She has a certain amount of money, but not much. What should I do with the money? I said I would return your credit card. She owes a sum of money. I don't know how much interest she owes. Bank charges 18%. I don't even know how to get 18% interest. I don't even have such a high income. If I have money, I will keep any credit card debt, and I will pay it off immediately because the interest rate is so high. After that, she talked about her daughter. She has one or two thousand dollars. What should I do with this one or two thousand dollars? I told her I asked her to lend you money. If you are willing to pay 8% more interest on the bank credit card debt, why not pay this interest to your daughter? ? "

"I encourage everyone, if you have money, reduce the credit card debt, even if it is 12%, and don't repay the credit card company and pay off the credit card debt completely. Some people want to establish their own credit and are willing to pay credit card interest continuously. " Buffett said.

Greg Abel said, "I have three children who are very careful about their credit cards. Many people use a lot of credit cards, especially when they enter the electronic world and do business online. They are all paid by credit card, because you have to use credit card to do business now. The risk has increased, but for many people, this is a very convenient thing. "

However, Buffett added: "I will have difficulties. If I borrow money and pay 12% interest, I don't think this is a good thing, and even Berkshire won't pay so much. "

Buffett lost 50 billion yuan because of the epidemic: but his financial advice to his children is worth listening to.

Part number 1

Last month, 89-year-old Warren Buffett held a general meeting of shareholders. At the conference, Buffett announced his profit in the first half of the year:

Huge losses of nearly $50 billion!

Converted into RMB is about 350 billion!

At the press conference, Buffett is still in high spirits. He feels that the economy is very good and the future will definitely be better. But I am not calm, not to mention 350 billion. Even if the fraction of "100 million" is removed, 3500 yuan will hurt me for a long time!

This wave of epidemic affects not only our lives, but also our money bags!

The American stock market is amazing recently.

More than two months ago, the American stock market crashed, and 10 was blown four times in a day, and each time it fell even harder.

For example, you have 10000 yuan in the stock market. Because of this fuse, it will shrink to 9000 in a few days, 8000 in a few days and 7000 in a few days. In other words, you don't have to do anything. In just one week, the money in the stock account was 30% less. This decline is really unbearable!

Seeing such a decline, I couldn't help my heart pounding, so I quickly cleaned up and sold my stock as soon as possible.

However, although the epidemic situation in the United States has not completely improved, the unemployment rate has been heading for 25%, and riots have occurred in various places during this period, but the stock market has soared.

Every time I watch the stock market soar, I regret it a little. Why am I so impatient that I didn't buy stocks on dips before?

Reality is really cruel. It is often that after I buy any stock, any stock will fall, and after I sell any stock, any stock will rise, which is amazing.

So my friend said to me, "You can buy stocks in the future and just follow you. Reverse operation will definitely make money!"

I'm depressed.

During this time, I locked myself in my room and reflected on the lesson of failure, that is, "financial quotient is not enough." If I had trained a financial quotient as a child, I might have earned my first pot of gold by investing in stocks, houses and bitcoin!

So I decided not to let my own tragedy repeat itself on my son, so I wanted to give Hanhan an early financial enlightenment.

the second part

Speaking of financial and business enlightenment, the best cartoon I have ever read should be SecretMillionairesClub made by Buffett, whose Chinese name is Buffett's mysterious club.

Buffett integrated his 80-year-old successful experience into this cartoon to teach children how to exercise financial intelligence.

In the cartoon, Mr Buffett incarnates as the director of the mystery club and discusses how to invest and manage money with three children with different ideas and personalities. The content covers the knowledge points involved in various economic markets. As a financial enlightenment cartoon, it is worth collecting by parents.

"SecretMillionairesClub" has been broadcast for two seasons, with 52 episodes of * * *, each episode is about 5 minutes, and each episode is about the knowledge of financial business, suitable for children aged 4 to 15.

1

Problem-oriented

In the past, reading financial books was a bunch of honest words, which was really difficult for children to understand, which was why I was very tempted when I first saw Buffett.

In animation, each episode will focus on a specific financial and business issue: what happened? What's the solution? What have you learned?

Through this specific case, introduce Mr. Buffett's financial management concept to children.

For example, the first episode "Soda is also afraid of deep hutongs".

1, problem.

Lina's classmates set up stalls to sell soda, hoping to earn some money for the class trip. But the biggest problem is that no one buys it at all. What's more, she must earn enough money in 24 hours. what can I do?

This is the question, which is actually the most basic problem that anyone who wants to do business will encounter.

2, the discussion of the problem

The characters in the play begin to discuss, which is a form based on mind mapping. Around the keyword "retail", all the elements related to retail are listed:

After analyzing all the elements one by one, Lina finally found the key to the problem. The retail business must choose a good location. Her classmate's booth is located in a very remote corner, and no one cares at all.

3. Overview of the problem

After solving the problem, Mr. Buffett finally made a personal summary according to the problem.

"Just as the retail industry needs a good location to attract customers, you should also consider the location. When you are in class, you should also choose a good seat. The closer you are to the teacher, the clearer you listen, the more focused you are, and the better your grades will be. "

So, you see, the knowledge of this "site selection" is clearly introduced through three steps. There are scenes brought in, children's discussion and analysis, and Buffett's summary. With story scenes, it is particularly easy for children to understand the reasons for the location selection in animation.

2

Describe various financial and business skills.

I watched the first season, and each episode listed a financial management skill, a total of 26. Each episode can also be summarized by a keyword.

1

LemonstoLemonade (soft drinks are afraid of deep hutong)

Keywords: location

This episode is mainly about when selling things, we should first pay attention to the location. Only by finding a good location can we attract customers.

2

Car washer (car wash story)

Keywords: advertising (advertising)

No matter what products you sell, you should publicize them among customers to make them stand out. Advertising is to build a brand image for your company.

three

Knowledge of walking dogs

Keywords: plan

This episode is to teach children how to make plans. If you want to do a small business, you must first make a plan to ensure that the plan is feasible.

four

Savings and wealth

Keywords: save (keep)

This episode tells children the importance of saving money, just like children saving a bunch of lucky money in the New Year. Show them this book and you will know how to deal with lucky money.

five

Understanding of PC (unfamiliar)

Keywords: understanding (understanding)

This episode teaches children that they need to learn to understand the needs of customers, so as to help them make reasonable plans.

six

Mofaka home

Keywords: error

This episode is about how to avoid making mistakes in business and invest in reliable people. What is reliable is wise.

seven

Debt problem

Keywords: Debt (debt)

This episode introduces the debt problem and tells children that a company must control its debt reasonably.

eight

trade-off

Keywords: decision (trade-off)

This episode teaches children how to weigh the pros and cons and make the right choice.

nine

Credit card (credit card)

Keywords: responsible (responsibility)

This episode teaches children how to cultivate a sense of responsibility.

10

GottaDance (dancing by yourself)

Keywords: dream (dream)

This episode tells children to have dreams so that life will be full of motivation and hope.

1 1

ItTakesTwo (cooperation * * * wins)

Keywords: cooperation (cooperation)

This episode tells children the importance of friends, and learn to cooperate with others to win.

12

Special delivery (excellent service)

Keywords: service (service)

A good service attitude, regarding customers as God, can make your business stand out.

13

Study, baby, study (study hard)

Keywords: learning (learning)

This episode is about the importance of learning. In order to remain competitive, operators should learn more about customers, competitors and changing markets.

14

Sorry, Ican's Thai Ryou (learn to listen)

Keywords: listening (listening)

Successful business is inseparable from good communication. The best way to communicate is to ask questions and be good at listening.

15

High demand and high cost (demand and price)

Keywords: supply and demand (demand and price)

The price of a commodity is determined by the demand for it. The greater the demand, the higher the price you are willing to pay.

16

Why is it more expensive?

Keywords: experience

By creating the brand of products through pleasant experiences, consumers will buy products because of a certain feeling brought by products.

17

ToughCookies (perfect)

Keywords: perfect (perfect)

The principle of a successful career is to do small things well every day.

18

AllFallUp (never be discouraged)

Keywords: persistence (persistence)

If business is to succeed, it needs to keep trying.

19

Do you have any experience? Do you have any experience? )

Keywords: experience

The experience of others is the best lesson you can find.

20

Don't just say no! (Don't just say no)

Keywords: open-minded (open-minded)

To do business well, decision makers must respect the opinions of others.

2 1

Successful design

Keywords: design (design)

In order to succeed, every enterprise must be properly packaged, and the external performance of things will strengthen its internal behavior.

22

TooGoodtoBeTrue (too good to be true)

Keywords: reason

If it is too good to be true, we must be rational and thoughtful.

23

domino effect

Keywords: impact (consequence)

Operators must consider the consequences before making a decision.

24

GoingMentalforRental (change your mind)

Keywords: idea

When doing business, we need to consider some new ideas.

25

TheRealSkinny (misnamed)

Keywords: Don't make assumptions.

Before launching a new product, operators should not predict or assume that customers will like a certain product, but should try their best to understand the real needs of customers.

26

CancelMyReputation (precious reputation)

Keywords: reputation (reputation)

This episode teaches children how to pay attention to reputation. The biggest profit of an enterprise is a good reputation.

the third part

A few days ago, Han Han said that he also wanted to trade stocks like Buffett, so I set up a virtual stock account for him.

Unexpectedly, the little guy actually earned 184.99 dollars in a few days, which really surprised me!

My son will surpass my father in the future, and I really have some tears in my eyes, all thanks to watching this cartoon!

Moreover, I think what moved me most after reading this cartoon was not only to learn the skills of financial business, but also to understand a lot of principles of being a man.

For example, you should learn to listen, learn to learn, learn to cooperate, learn to persist, and more importantly, cultivate a good reputation. These are all essential elements for a person's success.

I arranged a viewing session of this cartoon backstage.

You can reply to the animation in my official dialog box to get the viewing link.

Comics have been translated into Chinese, suitable for children aged 4~ 15!

Click "Han Dad is in America" under the title of the hymn, and then "enter the official account of WeChat". Click the keyboard icon on the left side of the "Article Directory" at the bottom, and a place where you can type like WeChat chat will appear. Enter keywords there and you will get a reply.

animation

In the cartoon, I was particularly moved by a sentence:

"The best investment is to invest in yourself, because if you invest in yourself, no one can take it away from you!"

This is also the greatest significance of taking children to watch this cartoon!

Han's father is in America.

Dad, an engineer in Silicon Valley, sharing American educational ideas and resources and focusing on English, mathematics and scientific enlightenment will definitely open your mind!

WeChat official account ID: Han Han USA

Weibo: @ Jingjing Jingjing is in the United States.

Buffett's speech on the credit cards and banks he invested in ended here. I wonder if you have found the information you need?