written by
Laurel Staples

If Warren Buffett Had A Podcast...

Mindset 2 min read

The most successful podcasters are focused on a small number of goals. Prioritization and focus are necessary for success.

Warren Buffett is famous for being incredibly wealthy and giving good advice. Although he's never given any advice on podcasting, he's shared plenty on time management and goal setting, which will help you to better do your podcast.

One of Buffett’s most famous pieces of goal-setting advice is commonly referred to as the 2-List Strategy or the 25:5 List Strategy. The system is simple, but effective.

Let's look at how it works.

How many goals do you have right now? If you’re honest, you probably don’t have any. On the other hand, having 10 goals isn’t an optimal strategy either. This is where Buffett’s idea fits in.

Warren Buffett's 2-List Strategy

Follow this process to use Buffet’s 2-List Strategy to prioritize your goals and focus your energy:

  1. List the top 25 goals you'd like to accomplish in your lifetime.

    Take all the time you need to compile a long list of goals. Many of them you’ll know right off the top of your head, but many will require more thought.

    It might take a few days to a week to complete this step. Once you get started, you’ll find that additional ideas pop into your head at random moments. Be sure to capture these.

    Note that you can make your initial list much longer than 25, but ultimately limit yourself to 25.
  2. Choose the five most important goals on your list.

    This is a little tougher. Again, you might need some time to complete this step.
  3. Create two lists.

    Put the five most important goals in one list, and the remaining 20 in another list. Keep both of them handy. Both are useful, just not for the same reasons.

How The System Works

The list of your top five goals now becomes your focus.

The list of 20 items might seem important to you, but according to Warren Buffett, they are to be avoided at all costs – they're just a list of appealing distractions that will keep you from accomplishing your most important goals. Keep this list available and remind yourself regularly of its items. View them as poison to your success.

Spreading yourself too thin is a recipe for disaster. When your attention is scattered, you’ll accomplish little. Prioritizing, and then limiting yourself to just five, ensures that you’re magnifying the effectiveness of your time and energy.

Can you ever do any of those 20 items? Yes, but only after the first five have been accomplished.

After completing your five most-important goals, start the process again – you won’t be the same person anymore. Your priorities and interests will likely be different. Start from scratch to create a new list of 25 goals.

Too Intense? Try This Variation

Warren Buffett has proven that his advice is worth considering, but his 2-List Strategy is intense and sometimes too much for people to tackle, especially if you're not used to setting goals.

The goals you list don't have to be life-changing. You can use this process just on your podcasting-related goals to start with something a little more manageable. Or, just take the concept of being more focused on what you want, which will go along way to helping you achieve those things.

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