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We don’t like trading agony for money

Charlie Munger

If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.
CHARLIE MUNGER

Basic Habit Mental Reading Structure Wisdom
Whenever you think something or some person is ruining your life, it’s you. A victimization mentality is so debilitating.
CHARLIE MUNGER

Life Mental Person Ruin Thinking Yourself
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
CHARLIE MUNGER

Better Experience Hard Lesson Yourself
Never, ever, think about something else when you should be thinking about the power of incentives.
CHARLIE MUNGER

Power Thinking Yourself
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
CHARLIE MUNGER

Intelligence Job Ourselves World
We have found in a long life that one competitor is frequently enough to ruin a business.
CHARLIE MUNGER

Business Competition Enough Life Myself Ruin
I don’t spend much time regretting the past, once I’ve taken my lesson from it. I don’t dwell on it.
CHARLIE MUNGER

Lesson Myself Past Regret Time
The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.
CHARLIE MUNGER

Attraction Nature Reward Rule Yourself
Opportunity comes to the prepared mind.
CHARLIE MUNGER

Mindset Opportunity Preparation
People always underestimate the ability of earth to increase its carrying capacity.
CHARLIE MUNGER

Ability Capacity Carry Earth People
We try more to profit from always remembering the obvious than from grasping the esoteric.
CHARLIE MUNGER

Ego Profit Remember Try
The big money is not in the buying and selling, but in the waiting.
CHARLIE MUNGER

Big Marketing Buy Money Sell Wait
If you want to understand science, you have to understand math. In business, if you’re enumerate, you’re going to be a klutz. The good thing about business is that you don’t have to know any higher math.
CHARLIE MUNGER

Business Goodness Mathematics Science Understand Yourself
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.
CHARLIE MUNGER

Broke Live Mistake Myself People Psychology Trick
I like people admitting they were complete stupid horses’ asses. I know I’ll perform better if I rub my nose in my mistakes. This is a wonderful trick to learn.
CHARLIE MUNGER

Learning Mistake People Stupidity Trick Wonderful
You don’t have to have perfect wisdom to get very rich – just a bit better than average over a long period of time.
CHARLIE MUNGER

Average Better Perfection Rich Wisdom Yourself

We don’t like trading agony for money

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We don’t like trading agony for money

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