How Trust is Important and How to Build It

by MoneyNing · 2 comments


Everyone is trying to tell us that the economy will be better in the long run these days. While listening to President Bush’s reassurance did not help at all, a similar message from Warren Buffet made a big difference. All it really took was a quote from him that said “I am buying stocks”. It didn’t change the crisis, nor did the statement in some way affect the economy.

My Trust in Legendary Investor Warren Buffet
It worked because even though I don’t know him, I trust his decision (based on his reputation, impression of him through media etc). While I am willing to bet my money that Mr. Buffet is using his fame and doing all these interviews to keep his investments from losing money, I trust that he won’t throw his money into the toilet if he didn’t think that it was at least a decent time to be investing.

Trust in the Stock Market
Isn’t trust one of the main reason why our economy is in such deep trouble? If the federal reserve is lending money to everyone and every bank is lending to everyone else, there wouldn’t be a credit crisis and things probably wouldn’t be as bad.

The former CEO of Lehman Brothers, Richard Fuld is a brilliant man, but would anyone trust him ever again?

Trust in Everyday Life
We make decisions based on who we trust all the time. Today, I bought groceries at Costco without thinking twice about the price tag because I trust that Costco has one of, if not the lowest prices of any item around my area.

Subconsciously, I also trust that Costco won’t keep food that’s gone bad on their shelf. On the contrary, I wouldn’t have the same level of trust in a smaller supermarket if I haven’t shopped there before. Even if the prices seem much cheaper, I will be much more cautious with my purchases.

How Does Poeple’s Trust in Me Help?

I know some people who literally believe that being trusted means more work for them, so what’s the big deal of building trust?  Here’s a few:

  1. First in Line for a Promotion – Who doesn’t want that?
  2. More Opportunities – You will be amazed at all the opportunities that come your way once people trust you.
  3. Get a Raise First – Even if you don’t get a promotion, you will be considered for a raise first
  4. People Listen to You More – This is so underrated because you need people’s help all the time. When people trust you, communication will be so much easier and work flow will be so much smoother!
  5. Get a Bigger Raise – A raise is never big enough but at least you are getting the biggest one amongst your peers.

How to Build Trust

Trust is no doubt important, so how do we build it?

  1. Have Trust in Others – If you cannot trust other people, forget about hoping that people will trust you.
  2. Do What You Say – If you make any promises, do whatever you can to keep it.  Even if you cannot keep the promise, be bold enough to admit it and try to repair the damage.
  3. Rather Be an Expert at One Thing than Mediocre at Everything – Spend your time perfecting what you are good at and stop trying to be good at everything.  Trust to a certain degree is based on expertise and sometimes very specific.  For example, I trust Warren Buffet’s stock picks but not necessary his medical advice.
  4. Open Up – Someone who is open with his/her feelings are always more trust worthy.
  5. Patience is Key – Trust is build through time so don’t expect it to be build immediately
  6. Speak Up but Only When Necessary – There’s no need to prove to the world that you know everything.  Offer your opinion when it’s the right moment and not all the time.
  7. Encourage and Help Others – You might not be an expert but everyone have helpful opinions in many subjects.  Be encouraging and offer help to others and their trust in you will build.

Tagged as: Career, Economy, Income

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{ 1 comment… read it below or add one }

marci October 21, 2008 at 8:19 am

Ah, David – you are renewing my trust in the younger generation! It seems that with all the corruption seen on TV and in the movies, and the perceived lack of need of trust, ie, it’s “cooler” to lie, that those being influenced by the media don’t think they need to be trustworthy any more. They don’t see the importance of it anymore.
Thanks for this post showing the importance of it!

Remember the old saying, “A man’s word is his bond.” How many people does that still apply to today?

One item to add to your first list: If there is a conflict within your office or your family, if you have built up trust with the higher ups/elders, you will be the one who’s word is taken as the truth. That can literally save your job at times! Or save you from an unwarranted punishment of some kind. I’ve actually been in that situation – where my word was taken over someone else’s as truth. (Someone who was trying to undermine me at a previous job) And you are right, it takes time to build that trust, but thank goodness it had been built!

And too bad the raise and promotion stuff does not follow when you are in a union job :( One reason I am soooo happy to be non-union now :)

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