good afternoon Mr Buffett Mr Monger could you please advise us on what major mistakes we should learn we should avoid in both investing and in life I would also like to have Mr munger's thoughts to please thank you very much Charlie Charlie said the major mistake you can make then you know you're you're lucky to be in the United States to go around the world you don't have a lot of choices some in some places but but you can you should write your obituary and try and figure out how to live up to it uh
and uh uh you know that's that's something you get wiser on as you uh go along the business mistakes you just want to make sure you don't make any mistakes to take out of the game or come close to digging out of your game you should never have a night when you're worried about uh investing I mean assuming you have any money doing best at all and you should you should get to spend a little bit less than you earn and you can spend a little bit more than you earn and then then you've got
debt and the chances are you'll never get out of debt or make an exception in terms of of a mortgage on your house but but credit card debt we're in the credit card business big time and the board will stay in the credit card business but why get behind the game and if you're effectively paying 12 or 14 or whatever percent you're paying on a credit card you know you're saying I'm going to earn more than 12 14 of money and if you can do that come to Berkshire Hathaway so it uh and it it's
it's I hate to say this when Charlie's around me but it's straight out of Ben Franklin and uh it's not that complicated well I'll give you a couple lessons on you know Tom Murphy the first time I met him said two things to me he said you can always tell someone to go to hell tomorrow well that was great advice then and think about great advice it is when you sit down on the computer and screw your life off Forever by by telling somebody to go to hell or something else in 30 seconds and you
can't erase it and you know you haven't lost the option and he said you know Praise My Name criticized by category well what makes more sense than that I mean who do you like to criticizes you all the time and uh you don't need to you don't need to vilify anybody to make your point on on on subjects of discussion and and then they give you another General piece of advice I've I've never known anybody that was basically kind that died without friends and uh I've known plenty of people's money that have died without friends
including their family but I've never known anybody and then and uh you know I've seen a few people including Tom Murphy Senior and and maybe Junior who's here but certainly his dad uh he I never saw him I watched him for 50 years I never saw him do an unkind act I didn't I didn't seem to have very many stupid acts either I mean it wasn't he was not discriminating he just he just uh he just decided that that there's no reason to do it and uh wow what a difference that makes in life Charlie
well it's it's so simple to bend less than you earn and industrially and avoid toxic people and toxic activities and try and keep learning all your life etc etc and do a lot of deferred gratification because you prefer life that way and if if you do all those things you are almost certain to succeed and if you don't you're going to need a lot like a lot of luck and you don't want to need a lot of luck you want to go into a game where you're very likely to win without having any unusual look
I had one more thought too I you need to know how people can manipulate other people and then you need to resist the temptation to do it yourself oh yes the the toxic people who are trying to fool you or lie to you who aren't reliable meeting their commitments a great lesson of life is get the hell out of your life and do it fast do it fast and I would add with Charlie wouldn't totally agree with me do it tactfully if possible too but do get them out of your life yes yeah I don't
mind a little tact or even a little Financial cost but the question is getting the hell out of the law [Music]
