Legacies stem from character, ethics, and morality, not wealth or status

Reflect on your positive or negative impact on the world, your circle, and your community. Aim to leave a legacy of values and kindness, prioritizing positive influence over material wealth. Ensure your actions uplift others, defining your legacy with integrity and compassion.

Your legacy is defined by your character, ethics, and how you treat others, not material possessions. Focus on building integrity, trustworthiness, honesty, and kindness, as these traits shape your memory. Pay special attention to ethics, which involve following community, industry, and societal standards, and morality, which is about acting according to your sense of right and wrong.

When leaders neglect their moral judgment, they risk damaging their legacy, as their character ultimately shapes how they're judged by future generations.

Your character needs work, like a muscle, to stay strong. It takes effort and focus but is vital for a good reputation. There are no quick fixes for building a strong character. Ignoring morals can ruin how people see you in the future.

Some think they know the truth, ignoring facts.

Many people have flaws in their “moral operating system”, driven by emotions rather than logic. They base their beliefs on ideology rather than what's right or wrong, often reacting angrily to differing opinions. It's crucial to recognize and correct these biases for better decision-making.

Holding onto wrong beliefs without thinking properly can make it hard to make good moral decisions. It stops you from thinking logically and making smart choices, making you too sure of yourself. People who are too sure of themselves think they're always right and don't think about if they're wrong. It's important to always think about what you believe is right so you can make good choices and grow as a person.

Character leads the way.

Leading with character means being open-minded and willing to learn from others. It's about putting aside our desires and considering what's best for everyone. Instead of just sticking to our own beliefs, we should welcome different perspectives to become better leaders.

Good Leaders always think, act logically, and care about what's right. This means putting aside selfish desires and focusing on what's best for everyone. We achieve this by always working on our ethics and making conscious choices.

“Soulful reflection” counters evil

Evil is everywhere and can harm you, but you can fight it. Spend a few minutes each day reflecting on your thoughts and actions to strengthen your moral character. According to psychological theory, understanding yourself is crucial for a meaningful life. Identify and either accept or change the qualities that define you through deep self-reflection.

Character promotes ethical corporate culture.

The term "character" comes from the Greek word "kharakter," which means a tool for shaping metal or rock. Just as a craftsman carves out a sculpture from stone, people develop their character through daily ethical choices. Your leadership style and how you treat others reflect the effort you put into shaping your character. To inspire others positively, strive to be an example of ethical leadership.

Leaders with strong character can shape a culture where ethics and morality are valued most. Every choice, action, and word from a leader either builds or weakens this ethical culture within the organization. 

The 2007-2008 financial crisis showed the harm of ethical lapses on millions.

The 2008 financial crisis, comparable to the Great Depression of the 1930s, highlights the vast impact of ethical shortcomings. Trillions of dollars were lost globally, with millions losing jobs, particularly in the United States, in 2008 and 2009. Families faced home and savings losses and struggles to afford education for their children.

This crisis occurred due to various reasons: lack of proper corporate governance and risk management, regulators ignoring conflicts of interest, and credit-rating agencies neglecting Wall Street violations for profit. It also involved analysts who overvalued risky mortgages, underwriters who deceived, predatory lenders exploiting vulnerable borrowers, and loan officers persuading asset-poor borrowers into hefty loans. Understanding these roles can prevent similar financial disasters in the future.

The pattern of unethical actions by business leaders, aware of their harmful deeds, is extensive. Any system built on greed, self-interest, and corruption is doomed to fail, leading to global financial crises.

Leaders could have prevented the financial crisis by acting ethically.

Strong ethical leadership in 2007-2008 could have prevented the financial crisis. Potential key players who could have influenced events include bankers, stock traders, investment advisors, politicians, regulators, financial reporters, private lenders, and others. 

The economic crisis wasn't solely caused by bad individuals; blame also lies with good people who turned a blind eye or compromised their morals for profit. Despite their strong reputation, many leaders succumbed to the temptation of financial gain and ignored unethical behavior. Understanding why they ignored financial wrongdoing is crucial; often, the momentum and monetary rewards of questionable decisions were too enticing to resist. 

Missed Opportunities to Act

When unethical behavior became apparent, vigilant observers could have alerted authorities and demanded action, yet they chose not to. Instead, they passively accepted the prevailing corrupt practices.

Sadly, many individuals fail to hold themselves accountable for the tragic outcomes caused by their inaction. They justify their lack of action by claiming they were just following the crowd or obeying orders. These individuals neglected to strengthen their moral resolve, resulting in their inability to withstand the pressures of negative financial events.

Learning from failures like the financial crisis emphasizes vigilance against unethical behavior. Examples such as Enron, WorldCom, and Arthur Andersen as well as Bernie Madoff highlight the consequences of ignoring wrongdoing. 

Leaders' declining character is a concerning trend.

A lack of character among business leaders is a pressing issue, evident from the rise in CEO dismissals due to ethical lapses surpassing those related to financial performance or board issues in 2018. This character crisis extends across various sectors, including government, finance, sports, media, healthcare, and religious institutions. 

Reflect on moral dilemmas in a daily journal.

To strengthen your character, dedicate 10 minutes daily to journaling about your moral choices. Reflect on your fairness in interactions and assess the morality of your decisions, aiming for improvement each day. Maintain this journal for at least three months, then take a break before resuming for an additional two months. This practice enhances moral awareness and cultivates the ability to discern right from wrong, aligning actions with personal character and ethics.

Create a personal creed for moral guidance.

Replace a mindset focused on what you can get away with by creating a personal creed that reflects your core beliefs and values. Think of this creed as your moral compass, guiding you in distinguishing right from wrong and setting your life's direction. Creating your creed requires deep reflection and planning. To develop your character, consider these practical suggestions for ethical leadership.

• Prioritize empathy over winning:  Consider empathy over competition as advocated by developmental psychopathology professor Simon Baron-Cohen. These traits serve as the foundation for moral behavior.
• Take accountability, don't avoid it: Take ownership of your responsibilities instead of passing them on to others. Ethical leaders address unfinished tasks and uphold accountability.
• Consider outcomes before acting: Many people don't like to think about the consequences of their actions, it may be tempting to act impulsively, but thoughtful reflection on the outcomes is crucial for ethical behavior.
• Develop positive character: traits such as empathy, generosity, reliability, strength, fairness, and judgment. Striving to embody these qualities sets you apart and promotes a sense of pride in your character.