Of the many virtues in business and life, one of the most commonly overlooked is that of humility.  It is not hard to see why this is the case, since ambition and bravado are frequently looked upon with awe by popular culture.  However, it is the virtue of humility and prudence that creates the most success in the long-term.

For people who possess initiative and intelligence, there is a risk of developing arrogance that can render us blind to risks.  This arrogance frequently accompanies a series of successes that lead us to believe that we possess a special quality that allows us to find one phenomenal deal after another.  Eventually a deal comes by that looks too good to be true, but our ego takes over and allows us to talk ourselves into denying reality.

Of course, reality cannot be dodged indefinitely and the deal that is ‘too good to be true’ inevitably turns out to be all too untrue.  The size and scope of this fraud spans from small-time fraud artists running scams to hedge fund managers promising unrealistic returns to governments and corporations that promise entitlements & benefits that they know cannot be sustained and will eventually result in default, bankruptcy, or widespread inflation.

The best favor that any of us can do for our long-term future is to practice the art of humility in our personal, professional, and financial lives.  Learn to respect and appreciate the thoughts and contributions of other people.  Seek their counsel before making major decisions.  Approach all situations from the perspective of finding what you can learn.  See setbacks and roadblocks as an opportunity for you to grow stronger in preparation for a greater future.  Seek your fortunes by following the steady path to wealth.  Turn away from the ‘get rich quick’ schemes that grip so many people.  Seek the path of wisdom and understanding in all that you do.

The practice of humility is one of the most important virtues to master and simultaneously one of the most difficult to maintain.  The temptation to develop overconfidence and arrogance is intense and relentless.  The people who achieve ‘real’ success will be the ones who master their hubris and become self-aware.  Each of us have been blessed by god with a self-aware consciousness.  The thing that every person must decide is whether they will pay attention to that consciousness or allow it to be drowned out by their ego.