Billionaire investor Charlie Munger passed away last week at the age of 99, leaving behind a legacy of wise advice for both business and life. During a Q&A session at Berkshire Hathaway’s annual shareholders meeting in May, Munger shared some key insights on how to avoid mistakes and find success.
According to Munger, good financial habits, integrity, and avoiding toxic people and activities are crucial components of both business and life success. He emphasized the importance of spending less than you earn, investing wisely, continuous learning, and discipline in order to achieve success. Additionally, he stressed the need to steer clear of toxic individuals who attempt to deceive or manipulate, advising to remove them from one’s life as quickly as possible.
This advice echoes comments Munger made in 2019 about living a “long and happy life,” emphasizing the importance of being cheerful despite troubles and avoiding toxic traits like envy or resentment. He also highlighted the significance of dealing with reliable people and fulfilling one’s commitments.
Warren Buffett, Munger’s long-time business partner and friend, also shared his thoughts on the topic during the meeting, emphasizing the significance of acting with integrity and kindness. He recalled advice from his friend Tom Murphy, stating, “You can always tell someone to go to hell tomorrow,” emphasizing the importance of thinking before speaking and avoiding actions that could harm one’s reputation in the long run.
Overall, both Munger and Buffett’s advice centers around good financial habits, integrity, and surrounding oneself with reliable, kind individuals. As Munger put it in 2019, “All these simple rules work so well to make your life better. And they’re so trite.”
In a world where success and achievement often seem complex and unattainable, their advice serves as a valuable reminder of the simple yet powerful principles that can lead to a fulfilling and prosperous life.