Principles of Success From Charlie Munger, Finding Inner Calm, & The Science of Well-Being – Finger Financial Five #116

“Take a simple idea and take it seriously.” – Charlie Munger

I feel to navigate life there are core principles that increase your odds of success and happiness.

Here are some insights from Charlie Munger, Jack Kornfield, and Laurie Santos.

Charlie Munger is Warren Buffett’s partner at Berkshire Hathaway. He has been a long-time hero of mine. 

In honor of his 99th birthday recently, here are 24 quotes of wisdom from this legend: 

1. The big money is not in the buying and the selling, but in the waiting.
2. Those who keep learning, will keep rising in life. 
3. We have three baskets for investing: yes, no, and too tough to understand. 
4. Knowing what you don’t know is more useful than being brilliant. 
5. Spend each day trying to be a little wiser than you were when you woke up.
6. Live within your income and save so that you can invest. Learn what you need to learn. 
7. 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. 
8. People calculate too much and think too little. 
9. To get what you want, you have to deserve what you want. 
10. It is not supposed to be easy. Anyone who finds it easy is stupid.
11. When you mix raisins and turds, you still get turds. 
12. If you keep learning all the time you have a huge advantage.
13. Opportunity comes to the prepared mind.
14. You should avoid sloth and unreliability.
15. Envy, resentment, and self-pity are disastrous modes of thought. Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse. 
16. You must force yourself to consider opposing arguments.
17. Reputation and integrity are your most invaluable asset and can be lost in a heartbeat. 
18. Always take the high road, it’s far less crowded. 
19. You cannot live an adequate life without making mistakes. 
20. Invert, always invert. Look at your problem backward.
21. Don’t let fear or greed drive your decisions. 
22. Good businesses are ethical businesses.
23. Don’t be afraid to admit you don’t know something.
24. Don’t let short-term thinking cloud your judgment

Which ones are your favorite?

What I am listening to:

The Knowledge Project with Shane Parrish: #156 Jack Kornfield: Finding Inner Calm.

Laurie Santos teaches a class called The Science of Well-Being. Click the link to sign up for the online class. 

If we can be at peace regardless of outside circumstances, then we can work to have external success and be happy along the way. 

If you have any questions email me at [email protected] or CLICK HERE for a phone appointment.

On the lighter side, when I get home from work, I usually change into my soft fleece black pants and a green fleece long-sleeve shirt. I chose warm and comfy. Iren and Elliott decided to go to the outlet stores on a Wednesday night. I tagged along without changing my clothes. We stopped by Walmart at 9 pm. Elliott looked around at the other people in the store, looked at me, and said, “it takes us being in Walmart on a weeknight for you to finally be dressed appropriately.”  

I laughed and laughed. He was right, but I was comfortable. 

Hope all is well with you and your family,

Jeremy 

Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.

Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.