One indispensable quality affects every relationship in your life.
It holds together all your associations. It determines whether you realize your dreams, both personal and professional.
And it virtually defines you to others. Without it, true success is impossible.
Stephen M.R. Covey is even more emphatic. He writes:
“There is one thing that is common to every individual, relationship, team, family, organization, nation, economy, and civilization throughout the world — one thing which, if removed, will destroy the most powerful government, the most thriving economy, the most influential leadership, the greatest friendship, the strongest character, the deepest love.
“On the other hand, if developed and leveraged, that one thing has the potential to create unparalleled success and prosperity in every dimension of life. Yet, it is the least understood, most neglected, and most underestimated possibility of our time.
Simply put, trust is confidence. It is other people feeling good about relying on you.
And its value can hardly be overstated. Trustworthiness is the universally accepted test of good character.
When you trust someone, you have confidence in his honesty and abilities. You can delegate things easily and effectively. You can relax. You have peace of mind.
But when you doubt someone’s integrity, question his accomplishments, or worry about his agenda, confidence is replaced by suspicion and anxiety.
Take a moment and picture someone you trust implicitly. It could be a spouse, a parent, a sibling, a friend, or a business associate. How does this relationship make you feel? How easily do you communicate? How quickly do things get done?
Now imagine someone you distrust. How does this relationship feel? How easily do you communicate? Do you enjoy this relationship? Or is it complicated, cumbersome, and draining?
The difference between a high-trust and low-trust relationship is night and day. In a high-trust relationship, you can say the wrong thing and your listener still understands you. In a low-trust relationship, you can choose your words carefully, be very precise, and you may still be misunderstood.
Sadly, trust is at an ebb in our society. A Harris poll reveals that only 27 percent of Americans trust the government. Only 22 percent trust the media. Only 12 percent trust big companies. And only 8 percent trust political parties.
Personal trust is waning, too. Many people look back on contracts or commitments as something to negotiate. Half of all marriages end in divorce. Many (perhaps most) founder on a lack of trust.
We naturally gravitate away from individuals we can’t believe or rely on and towards those we can. Low trust is the very definition of a bad relationship. And once you forfeit someone’s confidence, it’s awfully hard to win it back.
This is particularly true in business.
We all survive by selling a product, service, or skill. Yet every sale has five basic obstacles: no need, no money, no hurry, no desire, no trust.
If trust is lacking, forget the other four. You’re done. The moment someone suspects your motives, everything you do becomes tainted.
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That’s why successful companies make a priority of building and maintaining confidence. John Whitney, Professor Emeritus of Management at Columbia Business School, estimates that mistrust doubles the cost of doing business.
You may have the best product, great service, competitive pricing, mountains of supporting facts and figures, and testimonials galore. But if you don’t command and deserve trust, you will not enjoy long-term success.
It is never enough to simply invite trust. It must be earned.
In personal relationships, that means handling responsibility, proving your credibility, allowing yourself to be relied upon again and again. It’s not just about integrity. It’s about looking out for the other person’s interests as well as your own.
Employers build trust with employees by assigning them important responsibilities, giving them the freedom to make mistakes, and setting an example. Real leadership is about getting results in ways that inspire confidence.
In a world that changes as quickly as ours, trust is a critical factor. It is the vital currency.
Business consultant Tom Peters calls trust “the issue of the decade.” Trust makes work easier and more productive. It makes relationships stable and predictable. It creates a sense of community.
That’s why it’s crucial that we not violate it. Trust can take years to build but only a moment to destroy. And you may not even get an opportunity to try to restore it.
For each of us — and for every organization — trust is something to be built up, protected, valued, cherished, and carefully preserved.
It is the one thing that changes everything.
[Ed. Note: Alex Green is the author of The Secret of Shelter Island: Money and What Matters, as well as the editor of "Spiritual Wealth," a free e-letter about the pursuit of the good life.]
More from Masterson…
Why Stocks Must Take a Hit This Year
Two-thirds of the U.S. economy is driven by consumer spending. That’s the reason our politicians keep telling us to spend.
Spending itself is not bad. But spending more than you have — that’s plain stupid. Yet, that is what the Bush administration told us to do in 2005, 2006, and 2007. Consumer spending, compared to disposable income, hit its peak in 2007. Americans were spending 32 percent more than they had.
Since then, consumers have slowed down their spending. But just a bit. Last year, we outspent our income by 24 percent.
The long-term solution, our own Steve McDonald says, is painful: Save and invest. Hard to convince most people to do it.
The Obama administration’s solution is taxing more, borrowing less, and spending more. A logical impossibility.
What does this mean for investors?
Steve says the reduced spending will cut into growth and affect the stock market. “If you plan to make money long-term,” he says, “diversify out of the stock market. Corporate bonds are a logical choice. They allow you to sidestep the market’s crazy volatility. And they can give you super-safe returns as good as or better than stocks.”
How Drug Companies Are Fighting Generics
When it comes to Advil, I’m a brand sucker. I know I can get the same stuff for a fraction of the price by buying a generic. But I can’t get the reptilian part of my brain to accept that.
Generics become available when a drug’s patent expires. Big pharmaceutical companies hate when this happens. It greatly reduces their profit margins. Walmart and other retailers offer $4 per month prescriptions on many generics. That’s nearly a $100 savings on brands like Lipitor.
Big Pharma is fighting back with a strategy they call “pay for delay.” They’re making deals with generic drug makers to delay the launch of their copies. According to The Economist, the FTC estimates these deals cost Americans $3.5 billion a year. The Justice Department has said the practice is probably illegal. (They are investigating further.)
Most prescription drugs aren’t necessary. But if you need to take them, Total Health Breakthroughs editor Melanie Segala says, generics are by far the most cost-effective way.
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