Billionaire Investor Charlie Munger Dies at 99 and Leaves a Touching Message on Modesty
Charlie Munger, the billionaire investor and long-time business partner to Warren Buffett, passed away on Tuesday at the age of 99. He had previously filmed an interview with CNBC’s Becky Quick, which aired on Thursday evening, and discussed his rationale for living in the same California home over the past 70 years.
In the interview, Munger explained his decision to live in a relatively modest house by stating how he and Buffett had observed that many of their rich friends who built fancy houses were not necessarily happier. Munger noted that a larger home could help entertain more people but emphasized that it is a very expensive thing to do and doesn’t do that much good.
Another reason for avoiding mega-mansions, according to Munger, was his concern that it could spoil his kids by encouraging them to “live grandly.” Being the father of nine children, he made a conscious choice to avoid a life of opulence that could negatively impact his children.
Munger’s close friend and business partner, Warren Buffett, also lives modestly in the same house he bought in Omaha, Nebraska, for $31,500 in 1958. Buffett has consistently maintained that having multiple houses would not improve his quality of life.
Munger, who often preached the merits of living modestly, credited his success and longevity to avoiding standard ways of failing and an ability to “avoid all standard ways of failing.”
In addition to his financial success, Munger left behind a message advising others to avoid envy, overspending, and especially to avoid “crazy” at all costs to achieve long-term happiness and success.
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