Final Parting Words of Advice to Build Wealth From Boone Pickens

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Jun 18, 2010
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Boone Pickens says his wealth was built through some key principles, including:
  • A good work ethic is critical.
  • Don’t think competition is bad, but play by the rules. I loved to compete and win. I never wanted the other guy to do badly; I just wanted to do a little better than he did.
  • Learn to analyze well. Assess the risks and the prospective rewards, and keep it simple.
  • Be willing to make decisions. That’s the most important quality in a good leader: Avoid the “Ready-aim-aim-aim-aim” syndrome. You have to be willing to fire.
  • Learn from mistakes. That’s not just a cliché. I sure made my share. Remember the doors that smashed your fingers the first time and be more careful the next trip through.
  • Be humble. I always believed the higher a monkey climbs in the tree, the more people below can see his ass. You don’t have to be that monkey.
  • Don’t look to government to solve problems — the strength of this country is in its people.
  • Stay fit. You don’t want to get old and feel bad. You’ll also get a lot more accomplished and feel better about yourself if you stay fit. I didn’t make it to 91 by neglecting my health.
  • Embrace change. Although older people are generally threatened by change, young people loved me because I embraced change rather than running from it. Change creates opportunity.
  • Have faith, both in spiritual matters and in humanity, and in yourself. That faith will see you through the dark times we all navigate.