Billionaire investor Charlie Munger was never interested in comparing his fortune to others. Billionaire Charlie Munger’s fortune is estimated at $2.2 billion, according to Forbes estimates, placing him 1335th on the list of the richest people in the world.
Instead, the billionaire said his motivation in accumulating wealth has always been to ensure independence, the freedom to do what he wants, both in business and in life. However, according to Charlie Munger, investors generally don’t have this view and expect more people to follow his view.
“The world is not driven by greed but by jealousy,” the American billionaire said at the Daily Journal’s annual meeting earlier this year. At the same time, he also pointed out that people are easily jealous. No matter how much wealth you have, there will always be someone who has more than you.
“All my life I have learned to overcome jealousy and not to envy anyone. I don’t care what other people have, but a lot of other people are going crazy with jealousy.”
Billionaire investor Charlie Munger. Photo: CNBC.
Jealousy is a great cause of human suffering. Billionaire Charlie Munger pointed out: “Envy really is a stupid sin because it never makes you happy. This emotion causes a lot of pain and no joy. Why would you? want to get into that ’emotional car’.”
When this jealousy is mixed with ego, greed and fear, they become stronger. These emotions can weigh heavily on the mind and greatly diminish one’s ability to think, as well as one’s entire mental capacity.
This isn’t the 98-year-old billionaire’s first time talking about jealousy. In 2019, Charlie Munger spoke out against jealousy, claiming that staying away from this emotion is one of the simple secrets to a long and happy life.
Research in 2018 found that people with jealousy are more likely to experience physical and mental decline.
In a 2017 interview, Charlie Munger said that he always tries to avoid feelings of envy and jealousy in business. This kind of thinking can affect the person’s own career because they are more likely to make biased decisions that lead to undesirable outcomes.
Speaking at a Daily Journal meeting, billionaire Charlie Munger wondered why people today are dissatisfied with what they have, especially when compared to the hard times previous generations went through.
Charlie Munger lived through the Great Depression himself. He used the example of poor living conditions and low life expectancy in the 19th century to prove his point: how humans have evolved and progressed.
“The reality is everyone is five times better off than they used to be, but they take it for granted. All they think about is who has more wealth or how unfair it is if someone should have it and others don’t.”
Charli Munger is known as the vice chairman of the famous holding company Berkshire Hathaway and the “right-hand man” of the world’s sixth richest billionaire Warren Buffett (with a fortune of $105 billion). Like Warren Buffett, Charlie Munger is also an active philanthropist and donates millions of dollars to universities.
In addition, he also takes on the role of chairman of newspaper publishing company Daily Journal Corp. and sits on the board of directors of retailer Costco.
Billionaire Warren Buffett (left) with billionaire Charlie Munger. Photo: Actualne.
Source: CNBC