Charlie Munger, Warren Buffett’s lesser-known but highly influential business partner, recently shared a profound life lesson he learned when he was 7 years old. Munger, the now 99-year-old vice chairman of Berkshire Hathaway Inc., revealed that the secret to a long and happy life is simple yet often overlooked.
In an interview with CNBC's Becky Quick, Munger emphasized the importance of cultivating a mindset devoid of envy and resentment. He highlighted the significance of living within one's means and maintaining a cheerful disposition, even in the face of adversity. These principles, according to Munger, apply not only to personal life but also to business endeavors.
"You don't have a lot of envy, you don't have a lot of resentment. You don't overspend your income, you stay cheerful in spite of your troubles," Munger said, encapsulating the essence of his life philosophy. He stressed the value of associating with trustworthy people and fulfilling one's responsibilities, underscoring the effectiveness of these seemingly basic guidelines in enhancing the quality of life.
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Munger's realization of these "simple rules" occurred at a remarkably young age. Even as a child, he keenly observed the irrational behavior exhibited by some adults, a perspective that has greatly influenced his approach to life.
Reflecting on his early understanding of the world's irrationality, Munger said he could see at a young age that some adults were a “little bonkers." This ability to recognize and navigate irrationality has been a guiding force throughout his life, enabling him to make wise decisions and maintain a positive outlook.
Munger further revealed that he has devoted significant thought to both the causes and prevention of irrationality over the years. This introspection has solidified his belief in the wisdom of staying cheerful, as it serves as a prudent strategy for navigating life's challenges.
With nearly a century of life experience and a track record as a brilliant investor, Munger's words and advice carry profound significance. Despite his advanced age, Munger continues to serve as Buffett's right-hand man showcasing his enduring wisdom and expertise.
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