Billionaire Charlie Munger Dies at 99, Leaves Behind Wisdom on Success
Last week, billionaire Charlie Munger passed away at the age of 99, leaving behind a legacy of financial success and a unique philosophy on how to achieve it. In a recent interview with CNBC’s Becky Quick, Munger revealed that there is no secret to becoming ultra rich.
“I don’t know the secret,” Munger told Quick. “My method for getting ahead — in life and at work — was pretty cut and dry. I avoided the standard ways of failing, because my game in life was always to avoid all standard ways of failing. You teach me the wrong way to do something, I will avoid it.”
Munger’s avoidance of “standard ways of failing” extended to his personal life as well. He famously lived in the same modest home for 70 years, eschewing the lavish mansions of his wealthy peers. In fact, he believed that extravagant houses only made people less happy.
His cautiousness extended to his views on cryptocurrency, which he referred to as “crypto crappo” and “crypto s—,” and he criticized it as “totally absolutely crazy, stupid gambling.”
Munger’s conservative approach to spending was also evident in his business dealings. Even when his longtime business partner, Warren Buffett, needed to replace a company jet, Munger found the $6.7 million price tag to be excessive.
His avoidance of obvious risks, frivolity, and “crazy” situations were instrumental to his financial success and longevity, according to Munger.
In reflecting on his life and strategy for success, Munger had a simple piece of advice: “Avoid crazy at all costs. Crazy is way more common than you think. It’s easy to slip into crazy. Just avoid it, avoid it, avoid it.”
Munger’s pragmatic approach to life and business has left a lasting impact, and his wisdom will continue to be remembered by those seeking success.