I read an interesting interview with Billionaire Warren Buffet's sidekick, Billionaire Charlie Munger. Good read, This Grandpa agrees 1000% with his advice. I wish I had learned earlier to realize almost everyone lies...(sometimes to themselves) but especially, all politicians and religious leaders.
What advice would you as a grandparent add?"
At 99, billionaire Charlie Munger shared how to avoid major mistakes in life: Dodge âtoxic people and toxic activitiesâ
https://www.cnbc.com/2023/12/05/billionaire-charlie-munger-on-avoiding-mistakes-avoid-toxic-people.html
"Avoiding mistakes in business and life comes down a few simple things, according to billionaire investor Charlie Munger, who died last week at age 99: good financial habits, integrity and âavoiding toxic people and toxic activities.â
Munger shared the advice during a Q&A session at Berkshire Hathawayâs annual shareholders meeting in May.
An investing icon in his own right, Munger was the long-time business partner of Warren Buffett, the enormously successful investor and CEO of Berkshire Hathaway. For decades, shareholders have flocked to the companyâs annual meeting just to hear Buffett and Mungerâs advice.
People are âalmost certain to succeedâ if they spend less than they earn, invest shrewdly, learn continually and remain disciplined, Munger continued. Without those traits, youâll need a lot of luck to be successful, he said.
As for avoiding toxic people, look out for those âwho are trying to fool you or lie to you or arenât reliable in meeting their commitments,â Munger said. âA great lesson of life is get them the hell out of your life â and do it fast.â
Mungerâs advice echoes comments he made in 2019 to CNBCâs Becky Quick about living a âlong and happy life.â
The secret to a happy life is being cheerful despite your troubles, and avoiding traits commonly associated with toxic people, like envy or resentment, Munger said. As a rule, you should âdeal with reliable people, and you do what youâre supposed to do.â
âAll these simple rules work so well to make your life better. And theyâre so trite,â Munger said in 2019.
At the shareholders meeting in May, Buffett shared his own thoughts on the topic. To him, most major mistakes in life can be avoided by simply being a good person who acts with integrity.
In making his point, Buffett recalled advice he received from his longtime friend and business partner Tom Murphy: âYou can always tell someone to go to hell tomorrow.â
âThink about what great advice it is when you sit down at a computer and screw your life up forever by telling someone to go to hell, or something else, in 30 seconds and you canât erase it,â Buffett said.
In other words, think twice about giving someone a piece of your mind. As tempting as it may be in the moment, itâs likely not worth the long-term risk to your reputation. After all, how you treat others is a reflection of your own values.
âWrite your obituary and figure out how to live up to it,â he said, adding that heâs never known a kind person who âdied without friends.â