The 88-year old Buffett calls it the “newspaper test”.

How would you feel about any decision if you knew it was going to be written up in the local newspaper the next day?

Buffett adds it would be “written by a smart but pretty unfriendly reporter” and everyone in your life — family, friends, everyone – would read it.

“If [the decision] passes that test, it’s okay. If anything is too close to the lines, it’s out.”

Buffett credits his father for making him aware of his “inner scorecard”.

But people often live by their “outer scorecard”.

In other words, reputation is everything and the ultimate guide to doing what’s right when making tough decisions.

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