American billionaire leaves behind 3 lessons young people need to remember for the rest of their lives

Billionaire Charlie Munger received incredibly simple yet meaningful lessons from his father, which he passed on to his children. He now shares these lessons with everyone.

Don't let the people around you influence your true nature.

When I was very young, my father practiced law. One of his closest friends and clients, Grant McFayden, was in Omaha. He was a brilliant, independent, charismatic, and upright man.

Conversely, my father had another client (X) who was very arrogant, unfair, and difficult. One day, I asked my father, "Why do you do so much for Mr. X, who is so overzealous, instead of serving more wonderful men like Grant?"

“Grant treats his employees and customers well. However, he lacks the experience and ability to manage large-scale business operations. Mr. X, on the other hand, is a prime example of business talent,” my father said.

107343325 1701793444021 170807 02 21 copy.webp — Billionaire Charlie Munger on a fishing trip with his son.

This conversation taught me that, sometimes, you might have to sell your services to an absurdly boastful person, especially if it helps you support your family. But live life like Grant McFayden.

That was a great lesson my father shared in a very skillful way. I've never forgotten it and have applied his teaching methods to my children and grandchildren. My two children, Charles and Wendy, have shared the important lessons they've learned from me over the years. I hope they will retain all of this until their 100th birthday.

Always return borrowed vehicles with a full tank of gas.

On the last day of our family's ski holiday in Sun Valley, when I was about 15, as my dad and I were driving home, he took a detour, adding 10 minutes to the gas tank for the red Jeep we were driving.

We were in a hurry to catch our flight home. I was surprised to see that the fuel gauge was still half full. I asked my dad why we were wasting time when there was still plenty of gas. He told me, "Charlie, when you borrow someone's car, always return it with a full tank."

During my freshman year at Stanford University, an acquaintance lent me his car. The red Audi Fox was half-empty, which reminded me of my dad's Jeep. So I filled it up before returning it to him. He noticed this. Since then, we've been good friends, and he was my best man at my wedding.

My father's example taught me how to make a good friend, as well as how to keep a good friend.

Never try to hide your mistakes.

“My father often used the family dining table as a place to educate his children. One of his favorite educational tools was the ‘moral story,’ in which a person is faced with a moral dilemma and must choose the right path.”

I remember the story he told us about a finance employee at his company who made a mistake that cost the business hundreds of thousands of dollars.

After realizing his mistake, the employee went directly to the manager and spoke frankly about it.

The director said, “This was a terrible mistake, and we don’t want you to repeat it. But everyone makes mistakes, and we can forgive that. You did the right thing by admitting your mistake. If you tried to cover it up, even for a short time, you would be removed from this company. So, we want you to stay and continue contributing to the company.”

(According to CNBC)

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