Secret To Success? Get Toxic People Out Of Your Life — Fast, Says Billionaire Charlie Munger

At a recent Berkshire Hathaway, Inc (NYSE: BRK-A) (NYSE: BRK-B) shareholder meeting, vice chairman Charlie Munger discussed various ways to chase success and achieve personal and professional growth.

But Munger was more direct on one piece of advice: Keep toxic people away.

"The great lesson of life is getting them the hell out of your life — and do it fast," Munger said during the Q&A session.

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Munger also advised people to be prudent with money and always be open to learning throughout their lives. 

"It's so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification," Munger said. "If you do all those things, you are almost certain to succeed. If you don't, you're going to need a lot of luck."

Berkshire chair Warren Buffett agreed, adding that toxic people should be eliminated "tactfully." However, he also warned against vilifying people and said that burning bridges would lead to a worse outcome: having no friends at all.

Also Read: Warren Buffett's Success Mantra - 'The Amount You Are Loved Is The Ultimate Measure Of Success'

Buffett said that people need to recognize that others can manipulate them and avoid falling into that behavior as well. 

"I've never known anybody that was basically kind that died without friends," Buffett said. "And I've known plenty of people with money that have died without friends."

Buffett used an obituary as an analogy during the meeting. "You should write your own obituary and then try to figure out how to live up to it," he said.

Berkshire Hathaway reported that its operating earnings increased about 12% from the prior year to $8.065 billion in the first quarter. The company posted a $35.5 billion first-quarter profit.

The company also bought back approximately $4.4 billion in stocks, and its cash hoard increased to $130.6 billion from $128 billion in 2022 Q4.

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This story is part of a new series of features on the subject of success, Benzinga Inspire.