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Charlie Munger: Fix Yourself FIRST | Collection: Charlie Munger #256



My question is where and how do you tell your most ambitious grandchildren to look for business opportunities?


Well, I don’t spend any time telling my grandchildren what business opportunities to look for. You know, I don’t have that much hope. (Laughter) I’m going to have trouble getting my grandchildren to work at all! (Laughter)

Anyway, I don’t think there’s an easy way to handle a problem of doing better and better with finances. Obviously if you’re glued together and honorable and get up every morning and keep doing it and keep learning every day and you’re willing to go in for a lot of deferred gratification all your life, you’re going to succeed.

It may not be as much as you want. But you’re going to succeed.

And so the main thing is to just keep in there, and be glued together, and get rid of your stupidities as fast as you can. And avoid the bad people as much as you can. And you’ll do reasonably well.

But try teaching that to your grandchildren. I think the only way you’ve got a chance is sort of by example. If you want to improve your grandchildren the best way is to fix yourself.



[YAPSS Takeaway]

Focus on yourself not others and live by example.

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