Billionaire Charlie Munger received very simple but meaningful lessons from his father and he also passed them on to his children. Those lessons are now shared with everyone.
Don't let people around you affect your nature.
When I was very young, my father practiced law. One of his closest friends and clients was Grant McFayden, in Omaha. He was a brilliant, self-made, charming, and upright man.
On the other hand, my dad had another client (X) who was very arrogant, unfair and difficult. One day I asked him: “Why do you do so much work for Mr. X, who is so pushy, instead of doing more service for great men like Grant?”
“Grant treats his employees and customers well. However, he lacks the experience and ability to run a large business. Mr. X is a typical example of business talent,” my father said.
This conversation taught me that sometimes you may have to sell your services to an unreasonable pushover, especially if it helps you feed your family. But live life like Grant McFayden.
That was a great lesson my dad shared so well. I have never forgotten it and have applied his teaching methods to my own children and grandchildren. My two children, Charles and Wendy, have shared the important lessons they have learned from me over the years. I hope they will retain all of these until their 100th birthday.
Always return a borrowed vehicle with a full tank of gas.
On the last day of our family ski vacation in Sun Valley, when I was about 15, as my dad and I were driving back, he took a detour, spending an extra 10 minutes to fill up the red Jeep we were driving.
We were in a hurry to catch a flight home. I was surprised to see that the fuel gauge was still half full. I asked my dad why it took so long when there was so much gas left. He said to me, “Charlie, when you borrow someone else’s car, always return it with a full tank.”
My freshman year at Stanford, an acquaintance lent me his car. The red Audi Fox had a half-empty tank of gas, reminding me of my dad’s Jeep. So I filled it up before returning it to my friend. He noticed. We became 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 dinner 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 issue 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 frankly talked about it.
“This was a terrible mistake and we don’t want you to make the same mistake again,” the director said. “But everyone makes mistakes and we can forgive them. You did the right thing by admitting your mistake. If you tried to hide it even for a short time, you would be out of the company. So we want you to stay and continue to contribute to the company.”
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