Foreign Property News | Posted by Si Thu Aung
The late Charlie Munger, the esteemed investor and vice chairman of Berkshire Hathaway Inc., chose a path less traveled by those of immense wealth.
Known for his sharp wit and wise investment strategies, Munger amassed a fortune but remained dedicated to a remarkably modest lifestyle. For over 70 years, he lived in the same understated home, avoiding the lavish living standards that often accompany financial success.
In an interview with CNBC, before he died at age 99, Munger discussed his choice to maintain a simple life despite his wealth.
“And I would say in practically every case, they make the person less happy, not happier,” Munger said.
This observation reinforced his commitment to simplicity, believing that grandeur could adversely affect one's happiness and family life.
He noted that while a larger home might increase one’s ability to host gatherings, it brings little else of value and is costly. Munger, a father to nine children from two marriages, believed a humble living environment is crucial to fostering the right values.
Buffett, Munger's longtime business partner, shares a similar view on living modestly. Buffett has resided in the same Omaha, Nebraska, home he purchased for $31,500 in 1958. At Berkshire Hathaway's 2014 shareholder meeting, he said that owning multiple homes would likely decrease, not increase, his quality of life.
Ref: Charlie Munger Lived In The Same House For 70 Years — He Watched Rich Friends Buy Fancy Homes And Become 'Less Happy, Not Happier' (finance)
