Wisdom of Charlie Munger

Are you familiar with Charlie Munger?

Charlie Munger was an investing genius who served as vice chairman of Berkshire Hathaway. Warren Buffett attributed the company’s success to the inspiration, wisdom, and participation of Munger. He emphasized buying wonderful businesses at fair prices. And, he believed that lifelong learning is the key to long-term success. Munger died in November at 99 and left a fortune estimated at $2.3 billion.

Charlie Munger believed in old-fashioned values like putting family first. He always wanted to be in a position to help others when troubles came. He was prudent and sensible. He believed that being reasonable was more important than being rich or important. When asked about the secret to a long and happy life, he said, well that’s easy because it’s so simple. Quote: “You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do.” His personal financial wisdom boiled down to these things: spend less than you earn, invest prudently, avoid toxic people and toxic activities, and defer gratification.

Munger lived a long life. He said, “The best armor of old age is a well-spent life preceding it.” To that, I say a hearty “Amen!” Psalm 90:12 says: “Teach us to number our days that we may get a heart of wisdom.” May that be our mantra for 2024!

Has overspending led to burdensome credit card debt? Let Christian Credit Counselors help. They can create a debt management plan specifically for you. For more information call the Crown Helpline at 800-722-1976 or visit online at crown.org/ccc.