Advice from Warren Buffett and Charlie Munger (2023)

Core Life Philosophy

• 💡 Charlie Munger advised to write your obituary and then live a life that aligns with how you want to be remembered, applying a reverse engineering approach to life's decisions.
• 🤝 Kindness is paramount; gentle people do not die without friends, contrasting with those who may have wealth but lack companionship.
• 🚫 It's crucial to avoid toxic people and activities, removing them from your life quickly, even if it incurs a financial or social cost.

Prudent Financial Management

• 🎯 Warren Buffett emphasized avoiding "big mistakes" that could take you out of the game, highlighting that compound interest requires sustained participation over time.
• 😴 Never let investments rob you of your peace or sleep; if an investment causes excessive worry, its risk might be too high.
• 💸 Always spend less than you earn and steer clear of credit card debt, as its high interest rates act as compound interest working against you.

Wise Behavioral Guidelines

• ⏳ When angry, defer your reaction until tomorrow, especially in the digital age where impulsive online actions can have lasting negative consequences.
• 🗣️ Practice praising individuals by name while criticizing issues by category, fostering constructive feedback without demonizing others.
• 🧠 Understand how manipulation works to avoid becoming a victim yourself, and crucially, resist the temptation to manipulate others.

Continuous Learning & Growth

• 🌱 Commit to lifelong learning, as Charlie Munger believed it is a moral duty to become less ignorant each day.
• 🕰️ Cultivate delayed gratification, learning to wait and think long-term, planting efforts today for future rewards.