The 3 Rules Charles T. Munger, Warren Buffett’s Right-Hand Man, Lived By

Charles T. Munger, Warren Buffett’s right-hand man, died at the age of 99. The three basic rules the business tycoon lived by allowed him to succeed beyond his wildest dreams. Although he believed success wasn’t always “linear,” the keys that helped Munger grow his wealth are simple, effective, and achievable by anyone.

Munger worked with Warren Buffett to build Berkshire Hathaway Inc. into a global investing powerhouse. Not only did he understand the world of business, but Munger also wanted to share his knowledge with others. Among his many contributions to the world included hundreds of speeches with advice about investing and living well. Here is Munger’s best advice in both business and life, according to CNBC.

Munger first advised not to sell anything you wouldn’t buy yourself. He said, “The safest way to try to get what you want is to try to deserve what you want. It’s such a simple idea. It’s the golden rule. You want to deliver to the world what you would buy if you were on the other end.”

The second was don’t work for anyone you don’t respect and admire. “You particularly want to avoid working directly under somebody you don’t admire and don’t want to be like. It’s dangerous.” Munger continued, “I coped in my time by identifying people I admired and by maneuvering, mostly without criticizing anybody, so that I was usually working under the right sort of people.”

Munger’s third piece of advice was to work only with people you enjoy. He suggested, “I’ve found that intense interest in any subject is indispensable if you’re really going to excel. I could force myself to be fairly good in a lot of things, but I couldn’t excel in anything in which I didn’t have an intense interest or enjoy. If at all feasible, you want to maneuver yourself into doing something in which you have an intense interest alongside people whose company you enjoy.”

Bloomberg reported that Munger’s overall success was due to his interest in everything. He reportedly advocated for learning “all the big ideas in all the big disciplines.”

An abridged version of Charles T. Munger’s book, “Poor Charlie’s Almanack” will be released by Stripe Press on Dec. 5, 2024.