For Warren Buffett these 3 elections separate the winners from the losers

At the end of the road, these 3 life choices are the things that really matter, according to Berkshire Hathaway CEO Warren Buffett

Warren Buffett has said a lot of profound things and given a lot of useful advice. Aside from his solid investing wisdom, much of Buffett's advice is things we may have learned or heard a long time ago, from our parents, teachers or coaches.

Buffett's simple gospel of life mastery packaged in common sense is certainly legendary. But how many of us heed his advice and actually apply it in our lives, in our leadership positions, or in business decision-making?

It can be the difference between winning or losing. Here are three that stand the test of time.

The fact that Buffett has achieved so much means that his advice is highly sought after. He believes anyone can do the same if they follow one simple rule: the Buffett formula.

According to Buffett, the key to his success is going to bed a little smarter every day. Buffett pointed out the great similarity with investing when he said:

«This is how knowledge is accumulated. Like compound interest.

One of the ways you build your knowledge is by reading. A lot. Although Buffett is known to dedicate 80% of his daily routine to reading, whether or not you have time for such an ambitious goal is largely irrelevant. The point of Buffett's formula is to make whatever progress you can and improve your life on a daily basis.

From a teenager with a paper route and a talent for selling sodas for extra pocket money to a self-made billionaire with a wide and varied portfolio of shrewd ideas and investments, Buffett understands the value of hard work.

He also fully understands that all smart business and leadership decisions are built on a foundation of integrity. Because without integrity, let's face it, it is almost impossible to earn a good reputation.

I want to leave this planet having measured my success with one of Buffett's most powerful tests. The Oracle of Omaha once said:

«When you get to my age, you will really measure your success in life by the number of people you want to really love you. That is the ultimate test of how you have lived your life. “The more love you give, the more you receive.”

Buffett shared that golden nugget with a group of college students when they asked him his definition of success. The quote was collected in Buffett's biography The Snowball: Warren Buffett and the Business of Life.

Chances are, if your heart is in the right place, you love your employees, you love your customers, and you love the mission you serve.

Since the business or career you have chosen is a matter of the heart, you are motivated by love which gives you energy to give a lot to others. You won't work hard enough to become great if you're not doing what you love.

When you're doing what you love, you're loving the people around you who support your entrepreneurial efforts. Love travels in all directions serving all stakeholders in support of your mission. And love returns to you tenfold. At the end of the day, this is passing Buffett's “ultimate test.”