Two of the most influential people in my life are Warren Buffet and Jay-Z. On the surface it looks like these guys have nothing in common. Warren Buffet is in his mid-80’s, lives and grew up in Omaha, NE and is much more qualified to have a discussion about how much he loves drinking coke than how he came up on selling coke on the streets. As the world already knows, this is exactly how Jay-Z got his start in the Marcy Projects of the Bedford-Stuyvesant area of Brooklyn, NY.
Both of these moguls, though extremely different in some respects, are exactly alike in others. They have both found amazing success due to their discipline and mindset regardless of their backgrounds and the industries in which they operate. The stock and hip-hop markets can both be very fickle. Many participants in both are all about the flavor of the day or hot new trend.
Investors routinely deploy large sums of money in companies that appear to be riding the latest fad only to see valuations become unreasonable and result in a crash, as we saw with the dot-com bubble bursting in the early 2000’s. Similarly, record companies are known to spot a new style or hot rapper and push them for an album or two before the market loses interest.
At the other end of the spectrum there is Warren and Jay. Both have been around since they started their careers and are the epitome of consistency. Warren is famous for finding and purchasing undervalued companies and holding them. A bad day in the market means nothing because over the long-term the market has consistently risen and this is something Warren preaches in all of his interviews. Pay no mind to the daily ebbs and flows of the market, in the long run it will result in success (assuming a sound investment in the first place) and allow you to sleep at night. The majority of investors take a drastically different approach, looking to make a quick buck and capitalize on the short-term fluctuation of securities. This is more of a guessing game resulting in higher fees and frequent capital losses.
Jay’s first album, Reasonable Doubt, came out in 1996. Since then he put out an album a year through 2003’s The Black Album when he “retired”. After “un-retiring”, he then went on to release five more albums, with his latest 4:44 coming this year. On top of this, Jay has been involved in fashion, real estate, sports, sports clubs and streaming music services just to name a few. This type of consistent hard work, growth and amazing success is not something you see everyday.
Warren Buffett and Jay-Z are the models of consistency. These two have been able to stay true to themselves and stick to what they know over two very long and successful careers.
Apply this lesson in your life.
Be consistent in what you go after, how hard you work to get it and how you present yourself to others. With a disciplined approach and the right mindset, you will undoubtedly achieve success.