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The Golden Rule

 

Wisdom acquisition is a moral duty

Read, read, read. Read about the great successes and great failures. And apply what you read to a framework of mental models. Learn to think like Charlie Munger. Learn social psychology. If you want to become wise and wealthy, you can’t do without it.[Source: Munger; USC 2007]

Wisdom acquisition is hard and you need to rag the problem

In studying Law or Physick, or any other Art or Science, by which you propose to get your Livelihood, though you find it at first hard, difficult and unpleasing, use Diligence, Patience and Perseverance; the Irksomeness of your Task will thus diminish daily, and your Labour shall finally be crowned with Success. You shall go beyond all your Competitors who are careless, idle or superficial in their Acquisitions, and be at the Head of your Profession. Ability will command Business, Business Wealth; and Wealth an easy and honorable Retirement when Age shall require it. [Source: Benjamin Franklin]

Why risk what you have and need for what we don’t have and don’t need

Massively underspend your income. Avoid Debt. Think what you do when you run into debt; you give to another power over your liberty. If you cannot pay on time, you will be ashamed to see your creditor; you will be in fear when you speak to him; you will make poor pitiful sneaking excuses, and by degrees come to lose your veracity, and sink into base downright lying. [Source: Benjamin Franklin]

Avoid Procrastination one of the deadliest of diseases

Never leave that till tomorrow which you can do today. You may delay, but time will not, and lost time is never found again. [Source: Benjamin Franklin]

Life will have terrible blows

Life will have terrible blows in it, horrible blows, unfair blows. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He said that every missed chance in life was an opportunity to behave well, every missed chance in life was an opportunity to learn something, and that your duty was not to be submerged in self-pity, but to utilize the terrible blow in constructive fashion. [Source: Munger; USC 2007]

 Build a solid foundation

In order to build a sky scrapper you need to lay a solid foundation. Similarly to get a decent achievement score you need to have a healthy body. How Rockefeller lived to 97? He avoids all worry. He takes plenty of exercise in open air. And he gets up from the table a little hungry. Also make sure you avoid eating crap. You were given exactly one container for this life, and the quickest way to damage it is by consistently eating lab-concocted, food-like substances pumped full of chemicals, hormones, and fake nutrition. Simply eat real food that came from something previously living in a recognizable form. [Source: Brent Beshore]

 

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