Charlie Munger had this interview where he said that, “if you’re consistently not crazy, you get a big advantage in life.”
It sounds funny how he words it but in essence it basically means to have the mental stability to make the right decisions in the long haul.
A few advice from Charlie Munger I remember from the top of my head. I have a summary of Tao of Charlie Munger here.
- Find the right spouse
- Stick to your area of expertise
- Don’t be greedy
- Live below your means
- Be patient