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Inner vs outer score card

“If the world couldn’t see your results, would you rather be thought of as the world’s greatest investor but in reality have the world’s worst record? Or be thought of as the world’s worst investor when you were actually the best?” – Warren Buffett.

The answer to this question would tell what kind of score card we all have in our minds. Outer or Inner.  The thing about outer score card ie worrying what the world others think of  you and doing things that would make them think you have arrived in the world is an endless rat race. It is fine to be ambitious and hard working but that must be because deep down you want to be better, not because you want the 1008 friends on facebook whom you have never met to think you are better. Why is this so? because peoples change all the time, and it is tough to have their approval all the time also we may erringly put up appearances for their sake.

Having an inner score card is more rewarding to yourself, and i would say less stressful. You would have lesser EMIs to pay, more money to save and invest for the long term.

An outer score card person may do something like this : Have a large car, big house for a small family, splurge on gadgets and holidays, send children to a ‘posh’ school because that is the best money can buy, keep buying new gadgets. The result will be a person whose sole aim in life is to make his bankers rich as he keeps borrowing more. He will find it difficult to sit down and enjoy because he has to work hard to pay for what he has bought. Michael Jackson and Mike Tyson were both worth hundreds of millions of dollars, in their peak. Yet MJ was forced to sell his mansion and Tyson is bankrupt today.

An inner score card person on the other hand will do something like this  : Live in a small apartment, have a two wheeler or a small car, eat out where the food is good,  Less hurried hence more time for family, is seen jogging  in the park or the playing in the beach with his family than in the mall or fancy restaurant. Travels by planning ahead and saving for a holiday instead of borrowing for it. Invests well for his goals like retirement, children’s higher education etc so that neither he depends on them for money in old age nor they depend on him for lack of education. He may not be the “king of good times” but he certainly is a happy and content man.

While the outer score card person worries about being better than others, the inner score card person thinks of being better than himself compared few years back.

Put this way, the answer seems obvious which score card to follow.

 

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