Sharing his wisdom on life, hardships, and opportunities, Charlie Munger believed goals changed and that sometimes ‘you give up with time’
Billionaire Charlie Munger, who passed away at the age of 99, shared some wisdom about life in an interview with CNBC just before his birthday on January 1st. He talked about his bucket list and why he left it behind.
When asked about his bucket list, Munger seemed surprised and replied, “It’s an interesting question. When I was 96, I became so old and feeble that I didn’t want to catch a 200-pound tuna anymore. It requires a lot of work and physical strength.”
So, he stopped doing it. When I was young, I had to pay any amount to catch a 200-pound tuna on my bucket list. I never caught one. And now, if given the opportunity, I would refuse. I think you accept defeat with time.”
According to a Business Insider report, Munger, mainly known for his investment strategies, shared a similarity between fishing and investing in 2017. He said, “I have a friend who says the first rule of fishing is to fish where the fish are. The second rule of fishing is never forget the first rule. We’ve been good at fishing where the fish are.”
On living a fulfilling life, Munger told CNBC that he considers his active lifestyle a result of “inappropriate benefits.” He said, “I’m good at recognizing inappropriate benefits, and I’ve received inappropriate benefits in old age, just as I did in youth. And when they come, I grab them quickly.”
Munger stated that he left behind a luxurious lifestyle, opting to live with Warren Buffett in the same house for decades. Despite becoming wealthy, Munger and Buffett chose not to build extravagant homes like their friends. Munger said, “I had a large number of children, and I still decided that I wouldn’t live a life where I appear as the Duke of Westchester or something. I wanted to avoid that. I consciously did it.”
When asked why, Munger told CNBC, “I didn’t think it would be good for the children. Coming from a wealthy family, you feel your duty is to use your wealth for a grand lifestyle. Everyone else is doing the same with money.”
About writing his own obituary, CNBC asked Munger about the advice he once gave to Buffett – write your obituary the way you want to read it and then go live your life. Munger responded, “I’ve written my obituary the way I’ve lived my life. If they want to overlook it, that’s fine. I’ll be dead, what difference does it make? Write it, but I think it’s a non-issue.” Negative thought.
He mentioned that when he was 30, he wrote the obituary he would like for himself, and he continues to write the same one today. “I fundamentally believe in a military-style system. Many difficulties will come, and you have to handle them well through struggle. And some rare opportunities will come, and you have to learn to recognize them when they present themselves. Those are simple life lessons,” he said.
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