July 1, 2008
One of the rules we learned, or should learn, when we started out in life is to count the cost of our own egos. A wise man sacrifices his ego for the sake of money, peace, career advancement, or other benefits.
If you were given an opportunity to take a class on investing from Warren Buffett, but you knew that Buffett thought you were basically an idiot, and he was only letting you in to take his class as a favor to a relative, would you quit the class because Buffett privately mentioned the fact that he thought your talents were limited? Or would you swallow your pride, stay in the class, and learn some of the techniques Buffett has used to make himself a multibillionaire?
Because the payoff is high enough, you probably would stay in the class. But, generally speaking, I have found over the years that most people are unwilling to put up with any affront to their egos, even for the sake of making money, saving money, or advancing their careers. They may put up with bosses who have the power to hire and fire, but that is the limit of their willingness to coddle their own egos.
Pride is a universal affliction. We have to get control of it early. The free market teaches us that there is a price to pay for letting our egos run wild. We are forced to swallow our pride in order to advance our careers. This is a good practice. It is another advantage of the free market. It forces us to count the cost of our own egos.
Every once in awhile, a subscriber demands that I pay attention to him. Maybe he wants a question answered his way. When I don't do things his way, he cancels his subscription. At my age, and in my tax bracket, this has no measurable effect on my financial future. Somehow, egomaniacs think that by canceling their subscriptions, they are giving me a piece of their mind. When they do this, I am reminded of a scene in the movie that I saw at least 50 years ago, in which one of the characters said, "I'd give you a piece of my mind if I thought I could spare it." That fellow showed good sense.
When someone does this -- and I can usually see it coming as his demands intensify -- I think, "This guy is not interested in information. He is interested in getting me to admit he is correct." When the cancellation letter comes, I am confident that I am not the first person who has gained his escalating wrath by not paying sufficient attention to him. This is a lifelong pattern in his life.
These folks think they are invaluable to others. They aren't.
Don't imitate them if you want to be successful.
The fact is, you probably will not get much respect. I suggest that you buy a copy of Aretha Franklin's "Respect," play it at home when your nose is out of joint, but keep your mouth shut.
Do a cost benefit analysis before you cut off your nose to spite your face.
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