7 Things I Learned From Charlie Munger

But I’ve learned a lot from Charlie Munger, and in this video, I’ll share the best advice I ever got from him. I never did get the chance to go to Nebraska and meet them at the conference, but I wouldn’t have anything different from what they’ve been saying for years.

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1. Life is about the Renewal of your Mind

– What that basically means is, is learning and replacing stupidity with truth
– Its every single day trying to get less and less ignorant

When I found Charlie I was not Christian but years later I did become one
– And I found out, that the apostle Paul said the same things over 2,000 years ago
– And it’s in the bible ( Romans 12:1,2 )
– I used to think that life was about what I thought and that the truth was based on my definition, but it’s not that

Ps. When I learned that from Charlie, I used to it to read over 200 books on finance, which taught me a lot about money but not much about life

2. Buy a House When You Need a House
– I learned this lesson a little too late
– That’s the worst way to learn but thankfully I was able to get myself out the house that I did buy
– And restore a portion of my capital

This lesson was not just about the house:
– But it was about making thoughtful decisions in life and not going through life, like everything was based on a rule of thumb
– Here is my weakness at the time
– Currently I have to battle often

I love preparing for things before I need to:
– 24 years old and I have a 3bed 2 bathroom house, for a family, that I don’t have ( and I didn’t even have a girlfriend )
– Moving and renting out an apartment with 3 bedrooms, so I have space to grow a family ( when I’m not married, and if I do get married, my child wouldn’t need the space for at least 1-3 years )
– Buying a Minivan with 3 rows of seating to be able to carry a family of 5-6, then again I don’t even drive anywhere really and I don’t have kids

My point is:
– Preparing to this level, can be awful because a lot can change
– Better to wait until the situation presents itself
– And save the cash you need

3. Genesius don’t Go around asking how to do things ( they have been doing them since childhood)
– Honestly, I would have liked to think of myself as the next warren buffet
– But Charlie often laughed and made jokes about those people
– Who didn’t know much about anything, but thought they were on their way

I learned to play the right game ( based on what I was willing I do )
– I went from stock picker
– To index fund investor
– And I’ve more money now than I ever did ( by calling it quits )

4. Know your limits ( he knew he could never be mathematician so he chose wisely )
– Charlie had this pile, he called it, his to hard pile
– These were things that he wouldn’t think about
– Like how to fix the government ( it was too hard so he wouldn’t spend time on that )

I personally used this to give me peace with my investments
– I don’t worry about the market and what it will do tomorrow
– I don’t care about interest rates going up or down
– I try not to worry about what I can’t control

Ps. When I became Christian this especially change
– Because I realized that I’m called to make an effort
– But to trust in Christ 100%
– Because the result is not on me ( God is in Control )

5. Money is good for the independence it gives you

6. Don’t marry someone you need to sign a lot of paperwork with

7. Always fill a man’s tank up after using his car

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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