More than 40 years ago, Tom Murphy, Warren Buffett's "good friend" and "hero," taught him an invaluable life lesson about the importance of recognizing and controlling your emotions. //

Practicing emotional discipline
More than 40 years ago, Buffett wrote, Murphy taught him an "indispensable" lesson about the importance of recognizing and controlling your emotions. "He said, 'Warren, you can always tell someone to go to hell tomorrow,'" Buffett recalled. "It was one of the best pieces of advice I have ever received."

Murphy's point is that, often, in a heated situation, the smartest thing you can do is hold your tongue. If you lose your temper, you're more likely to do something you might regret later on. And once it's out there (especially in today's technological world, where anything you say can go viral), you can't take it back.

"It's such an easy way of putting it," Buffett continued. "You haven't missed the opportunity. Just forget about it for a day. If you feel the same way tomorrow, tell them then — but don't spout off in a moment of anger!" //

It's important to note that Buffett isn't advising people to not be emotional. Rather, he emphasizes the advantages of acknowledging, examining and understanding your emotions. By doing so, you create more time and space for clarity, which will then allow you to make more prudent decisions.