Charlie Munger: Top 10 Lessons Learned On Success

Charlie Munger passed away yesterday, November 28th, 2023, at the age of 99. He was an inspiration and an example to millions of people about how to create success through highly ethical behavior. This episode includes my top 10 lessons learned from studying Charlie Munger over the past three years on creating success and living a better life. Here are the lessons I cover in the episode: 1. BE RELIABLE / FULFILL YOUR DUTIES WELL: The best source of new business is the work on your desk. 2. VORACIOUS READING/LEARNING: "Spend each day trying to be a little wiser than you were when you woke up." 3. PATIENCE: "You make money by sitting on your ASSETS!" 4. NON-DIVERSIFY: "Diversification is for the know-nothing investor." 5. DELAY GRATIFICATION: "If you get up every morning and keep learning every day and you're willing to go in for a lot of deferred gratification all your life, you're going to succeed." 6. AVOID ENVY: "Envy is a really stupid sin because it's the only one you could never possibly have any fun at." 7. INTEGRITY: "Don't sell anything you wouldn't buy yourself." "Deliver to the world what you would buy if you were on the other end." 8. DON'T BE STUPID / INVERT (THINK BACKWARD): "It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent." 9. PRAGMATISM: "It's pragmatism…it's just that simple…we're demonstrating what might be called the fundamental algorithm of life: repeat what works." 10. DESERVE IT: "The safest way to try to get what you want is to try to deserve what you want." Rest in peace Charlie Munger.