According to the late investor Charlie Munger’s public statements on pursuing happiness, his method was to first identify things that cause pain and then try to avoid them.
Munger passed away in November 2023 at the age of 99, just about a month before his 100th birthday. He had been a long-time partner of the legendary investor Warren Buffett at Berkshire Hathaway, remaining sharp-minded and straightforward in his speech even in his later years.
Munger was not one to promote morning rituals or positive thinking slogans. His preferred tool was “inversion”: instead of asking how to be happy, he would ask what things are most likely to cause pain, then try to steer clear of them. He often joked that he only wanted to know where he would die so he could avoid going there forever.
Based on Munger’s public statements, here are five habits that are particularly worth letting go of in one’s later years:
Jealousy and Comparison
Munger once said that jealousy is a foolish sin because it is “the only one from which you get no enjoyment.” Overeating at least provides temporary enjoyment, but jealousy only brings misery.
In a commencement speech at Harvard School in Los Angeles in June 1986, Munger delivered a list of “prescriptions for guaranteeing a miserable life” to the graduates in a satirical manner, with jealousy being one of them.
Resentment and Self-Pity
Having faced many setbacks himself, Munger understood the detrimental effects of resentment and self-pity. He believed that these negative thought patterns were disastrous. He advised that once one recognizes self-pity, it should be stopped immediately because it does not solve any problems.
Unrealistic Expectations
Munger emphasized the importance of low expectations for a happy life, stating that holding unrealistic expectations will only lead to a lifetime of misery. He lived a disciplined and hardworking life, continuing to work into his nineties.
Unreliability
In his 1986 Harvard School speech, Munger included “being an unreliable person” as part of the recipe for a miserable life.
Ceasing to Learn
Munger was an avid reader throughout his life, delving into various fields such as science, history, psychology, biographies, and business, maintaining this habit well into his nineties.
In his 2007 speech at USC Gould School of Law, Munger observed that lifelong learners were like “learning machines,” becoming smarter each night when they went to bed. He believed that this habit yielded the greatest rewards in life.
Even in his later years, Munger continued to attend Berkshire Hathaway and Daily Journal shareholder meetings, spending hours answering questions from attendees.