| Charlie Munger and Warren Buffett explain why wishing for a million dollars isn’t a good strategy for high achievement in a capitalistic society. In the second part of the video, Mr. Munger also elaborates on his approach to goal-setting and reveals his 2 core principles to getting wealthy. (as a billionaire) The question goes: “Mr. Buffett and Mr. Munger, my family’s been associated with Berkshire since 1968. So I ask this question with a great deal of respect for your integrity and your wisdom. I work as an inner-city schoolteacher, where there is a rising and pervasive sense of hopelessness. When I ask my students, “What would make you happy?” their predominant response is, “A million dollars.” As some of the richest men in the world, I wonder what your response to them might be. And as a second part of this question, the philosophical underpinnings of capitalism have largely ignored a systemic perspective involving issues of ongoing depletion of limited global resources exploited to sustain a market economy, widening gaps between the very wealthy and the severely impoverished, and an international view of America as a country whose primary values are greed and imperialism. As we move into the 21st century, do you see a need to re-envision capitalist premises towards original notions of democracy, justice, and humanitarian concerns?” From Berkshire Hathaway Annual Shareholders Meeting. (2001) Being a vice chairman of Berkshire Hathaway and the closest partner (right hand man) of Warren Buffett, Charlie Munger has a net worth of around $2 billion. He is a profoundly wise man who is absolutely worth listening to, especially when it comes to investing, stocks, the psychology of wealthy people, rationality and life experience. Share this video with a friend if you found it useful! Consider subscribing to the channel for videos about investing, business, stock market, building wealth, passive income, and other finance-related content! Charlie Munger DESTROYS Poor People... |
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
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