Living a Life Without Regrets: Lessons from Buffett and Munger
No more “what ifs”
When faced with a major life decision to make, what immediately comes to your mind?
For me, it’s the fear of regret.
“What would life had been like if only I had the courage to take that leap of faith?”
These days, I use this as the driving force behind every decision I make in life (even the smallest ones).
Warren Buffett and Charlie Munger may be the OGs in investing, but they are also big proponents of this concept.
Besides having deep investing knowledge, the legendary investing duo showed another side of them by sharing valuable life lessons that can help us lead a fulfilling and regret-free life.
1. Write Your Obituary and Live Up to It
Buffett suggests that you should write your obituary, then aim to live a life that aligns with it.
This encourages introspection and helps us identify the values, accomplishments, and relationships that truly matter to us.
Envision the legacy we want to leave behind, in order to make more intentional choices.
2. Be Kind
Buffett and Munger spoke about the importance of kindness in both personal and professional relationships.
Treating others with respect, empathy, and understanding can foster stronger connections and create a positive environment.
Kindness not only benefits the recipients but also enhances the mental and emotional well-being of the giver.
It cost $0 to be kind, so why not?
3. Avoid Debt Outside of Home Mortgage
Buffett and Munger caution against accumulating debt, especially outside of a home mortgage.
Excessive debt can lead to financial stress and limit your ability to seize new opportunities or overcome unexpected challenges.
By living within our means and avoiding unnecessary debt, we can achieve greater financial stability and peace of mind.
If taking up debt to service a home mortgage scares you, renting is a wise alternative.
4. Never Have a Sleepless Night Worried About Investing
Investing should not give you sleepless nights. If it does, it means you’re gambling, not investing.
Buffett and Munger are firm advocates for a long-term, value-oriented approach to investing. This approach focuses on the fundamentals of a business over short-term market fluctuations.
Emotions are the number one obstacle that gets in our way of investing success
One way to totally remove emotions is to fully automate the investing process, as I have done with by using the uSMART APP.
5. Embrace Deferred Gratification
Deferred (or delayed) gratification is central to the investment philosophy of Buffett and Munger.
It involves resisting the temptation of immediate rewards in favour of more significant, long-term benefits.
If you can resist the temptation of having a marshmallow today, you’ll get 2 tomorrow, and so on.
This principle can be applied to all aspects of life, be it saving for retirement, pursuing higher education, or investing in personal growth.