Byron Wien: 20 Lessons He Learned in His First 80 Years!

For those of you who are unfamiliar with Byron Wien, he is an American investor and vice chairman of Blackstone Advisory Partners. He is known for publishing every year a list of 10 surprises that he believes have more than a 50% chance of happening, but for which the average professional would give only a 33% chance of happening.

Back in 2013, Wien was scheduled to speak at an investment conference about his thoughts on the outlook of the market when the organizer told him the audience was more interested in the lessons he had learned over the course of his career.

So, with that, Byron Wien presented 20 of the most important lessons he had learned in his first 80 years, which is what we will be reviewing in this blog post.

20 Life Lessons from Byron Wien

 (1)  “Concentrate on finding a big idea that will make an impact on the people you want to influence.”

In other words, find one thing that you can do to differentiate yourself from everyone else. For Wien, since 1986 this has been his list of 10 surprises.

(2)  “Network intensely”

As we discussed in a previous post, lucky people like being around others and the more people you are around, the greater the opportunity for chance encounters. Chance encounters can lead to various new opportunities.

(3)  “When you meet someone new, treat that person as a friend.”

As Wien says: “Assume he or she is a winner and will become a positive force in your life.  Most people wait for others to prove their value.  Give them the benefit of the doubt from the start.  Occasionally you will be disappointed, but your network will broaden rapidly if you follow this path.” ¹

 (4) “Read all the time.”

As we have said many times on this blog, leaders are readers!  Wien also recommends reading a book with a point-of-view already in mind that the author either confirms or refutes as it will help you read faster and comprehend more.

 (5) “Get enough sleep.”

Wien believes sleep is critical and that you need 7 hours a night up until you are 60 years old, 8 hours a night between 60 and 70, then 9 hours a night after that which includes 8 hours at night and a 1-hour nap!

 (6) “Evolve.”

As Byron Wien recommends, “Try to think of your life in phases so you can avoid a burn-out.  Do the numbers crunching in the early phase of your career.  Try developing concepts later on.  Stay at risk throughout the process.” ¹

 (7) “Travel extensively.”

Travelling exposes you to new experiences and new people – which Wien recommends you seek out during your travels and keep in touch with throughout your life.

 (8) “When meeting someone new, try to find out what formative experience occurred in their lives before they were seventeen.”

Wien believes that there are certain things that happen to us during our adolescence which shapes who we are and influences us on all that occurs afterward.

 (9) “On philanthropy, my approach is to try to relieve pain rather than spread joy.”

The idea here is to give to institutions that help the disadvantaged such as social service institutions, hospitals, and education rather than causes that already have many affluent supporters such as museums and theatre.

 (10)  “Younger people are naturally insecure and tend to overplay their accomplishments.” 

Wien believes that “most people don’t become comfortable with who they are until they’re in their 40’s.  By that time they can underplay their achievements and become a nicer, more likable person.  Try to get to that point as soon as you can.” ¹

(11)  “Take the time to give those who work for you a pat on the back when they do good work.”

Before moving on to the next challenge make sure to take some time to thank and acknowledge those who have helped and supported you in whatever endeavor you have been involved in.

(12) “When someone extends a kindness to you write them a handwritten note, not an e-mail.”

Handwritten notes are rare these days which means they stand out and really make an impact.

 (13) “At the beginning of every year think of ways you can do your job better than you have ever  done it before.”

This is right in keeping with the concept of “Kaizen” or continuous improvement that we discussed in a previous post.  The idea is to figure out some ways to do your job better, put them into action and then come back to them later to see how they worked out and how you can improve on them even more!

 (14) “The hard way is always the right way.”

Wien showed his sense of humor when he said, “Never take shortcuts, except when driving home from the Hamptons.  Short-cuts can be construed as sloppiness, a career killer.” ¹

(15) “Don’t try to be better than your competitors, try to be different.

There is always someone out there who is better than us, but there may not always be someone who is more creative or imaginative.

 (16)  “When seeking a career as you come out of school or making a job change, always take the job that looks like it will be the most enjoyable.”

This, in my opinion, is great advice, money is necessary and great but if your job sucks and you hate it you are simply trading time for money.

 (17)  “There is a perfect job out there for everyone.”

As Wien advises, “Most people never find it.  Keep looking.  The goal of life is to be a happy person and the right job is essential to that.” ¹

(18)  “When your children are grown or if you have no children, always find someone younger to mentor.”

Helping someone through life’s obstacles is not only extremely satisfying, but you will also learn a lot of stuff yourself in the process.

 (19)  “Every year try doing something you have never done before that is totally out of your comfort zone.”

Whether it is sky diving, meeting new people, running a marathon – whatever, the idea is to get out of your comfort zone to engage in the essential process of self-discovery.

(20)  “Never retire.  If you work forever, you can live forever.” 

Wien believes that working forever means that you will live forever. I’m not so sure about that and I think retirement is great IF you have a plan for how you will spend your time in retirement. If you don’t and just lie around all day you will go downhill fast.

I Want to Add a 21^st to the List!

I think there is another one Byron Wien should have added and that is being overly optimistic.

You see, when he introduced his life lessons he said:

“Here are some of the lessons I have learned in my first 80 years. I hope to continue to practice them in the next 80.” ¹

But then again, with advances in medicine and technology who knows – he may be right!

One thing is for certain, we won’t know until then, in which case see you in 80 years and until next time…PYMFP!
–Rick

What Do You Think?

What do you think of these 20 life lessons from Byron Wien, do any of them resonate with you more than others? Please share your thoughts in the comments below!

References

¹ https://www.blackstone.com/media/press-releases/article/blackstone’s-byron-wien-discusses-lessons-learned-in-his-first-80-years

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