The Client-centred Blog

The timeless wisdom of Charlie Munger

Charlie Munger

Charlie Munger (now 97 years young) is a billionaire businessman, vice chairman of Berkshire Hathaway and business partner of Warren Buffett, one of the greatest investors of all time.

There is a short video clip of Charlie being interviewed on CNBC and he shares some valuable insights.

He is asked about the secret to a long and happy life, and he replies:

‘You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles, you deal with reliable people, and you do what you’re supposed to do.’

The interviewer asks him how old he was when he figured this out and he said:

‘About 7!’ 

Maybe he was joking, maybe not. I think not.

Wisdom is often thought of as being accumulated over the course of your life and through experience, yet there is a deeper wisdom beyond the intellect.

I am just reading ‘The enlightened gardener revisited’ by the late Sydney Banks. Syd writes: 

‘True wisdom is not discovered, but uncovered from an uncontaminated innate intelligence. Wisdom lies beyond our delusory ego and personal thought system.’

Currently, I am running a couple of group programmes for financial planners and the basis of these programmes is not me sharing my knowledge with people.  

I am pointing people towards the source of their own wisdom.

Why do I do this?

I have come to see that our own wisdom will guide us through life with a sense of joy and ease. It is something you can count on, you can never lose, and is always available. 

The biggest (and only) problem we face, individually and collectively, is that we lose sight of our innate wisdom because we have developed the habit of over-thinking. 

In a busy mind our wisdom often gets obscured and then we can become tempted to look outside of ourselves for answers and it undermines our confidence.

Wisdom in action 

If you want to create magical client relationships the deeper the respect and understanding you have for your own wisdom, the more potential and possibility you have of bringing out your client’s wisdom.

And isn’t this the whole point?

There is nothing that will create greater value for your clients than bringing out their own wisdom. Sometimes just one insight can change a life.

P.S. I recommend this video, ‘Beyond the limitations of your thinking‘ with the wonderful Mara Gleason (8m40s). 

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Leave a Comment

Related articles

Are your financial planning conversations too nice?

What is the difference between a financial advisory conversation and a financial planning conversation?

Should Financial Planners stop talking about retirement?

Why should financial planners choose their language carefully in their financial planning conversations with clients?

Understanding your client’s world – key number 1

Financial Advice is so often delivered in very unimaginative ways that has little difference to how the majority of practitioners deliver it.

Financial planning – how to have clients sell it to themselves

You should never need to or try to sell financial planning to a client. When conversations are conducted in the right way the client will sell it to themselves and you will have no need to convince them of anything. In fact, trying to convince people is a mistake.

Why challenging your clients is great for business

The key difference between an adviser who focuses upon doing purely transactional business and a 'Trusted adviser' is how the adviser is positioned in the mind of the client. A 'Trusted Adviser' is someone a client turns to for their advice, opinion, viewpoint, and even coaching on important aspects of their...

Dealing with Imposter Syndrome

Imposter syndrome is surprisingly common and in one form or another blights many people's lives. The conventional approach on how to deal with it tends to centre on 'how to's', but this is often unhelpful. Ultimately, it is a deeper realisation into our true nature that can see it dissolve and cease to be a problem ever again.

What they don’t teach you at financial planning school

There are some key skills a financial planner should exhibit if they want to be successful, skills that aren’t necessarily taught during financial planning qualification process... 

Do you ever get in your own way? Here is how to stop

What is it that gets in the way of accomplishing your most desired goals and objectives? Of course, there are often external obstacles to navigate, maybe things that you did not anticipate, tasks you do not yet possess the level of skill for, or creating the time required. But these are rarely what really stop people.

Simple questions formula

Effective, heartfelt communication is a natural consequence of a free and present state of mind. This is why trying to use techniques so often diminishes the potential rather than improving it. Questions are a great example. Trying to memorise a question or a series of questions will more than likely work against you rather than for you. So, what can you do?

What use is good advice without strong leadership?

There is a famous story about a woman visiting Gandhi with her young son. She and her son had travelled a long way and when they eventually got their chance to speak with him, he asked how he could help, and the woman said: “My son eats far too much sugar; can you tell him to stop?”...