Worldly Wisdom for Young Children

I love to interact with young minds. It keeps me younger. It gives me an opportunity to know the latest trends. It provides an insight on how things are changing and in which way? It makes me feel energetic, vibrant, and positive. Every generation is smarter than the earlier. They are more intelligent, wiser, and mature. Still, as one grows grey, one wants to share their experiences, which life has taught them. This is the worldly wisdom.

By this time, you are well aware that I am completely in awe of Warren Buffet and Charlie Munger. Not because they are the most successful investors, but because of their humility, honesty, trustworthiness, and the way they have lived their life. I am sharing these bytes of worldly wisdom from Charlie Munger’s book, “Poor Charlie’s Almanack.” This book is a collection of eleven talks given by Charlie at various prominent institutes. I personally follow and implement this. I preach this to my children. I have skin in this game too. If you follow this, I am sure your life will be enriched with happiness and success.

I have observed that many young children and even their parents hardly read. They are well educated and have great academic excellence, still, they don’t read. If I ask them which was the book they read last? They don’t know. I personally read a lot. I have inculcated this habit right from fourth grade. To date, I continue to read voraciously. I love reading. I want all youngsters to read at least one book every month.

Warren says,” Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.” In his book, Charlie says,” In my whole life, I have known no wise people who didn’t read all the time … none, zero. You would be amazed at how much Warren reads…at how much I read.” That’s how much is the importance of reading. Read, read and read….

Charlie is witty, and blunt in his advice. He emphasises what one should avoid rather than do. When a young shareholder asked his advice on how to succeed in life, he simply quipped,“ Don’t do drugs. Don’t race trains. And avoid AIDS-like situations.” Amazing stuff, simple and straight from the heart. When my elder son Parth was leaving for the USA for higher studies, I advised him on similar lines to avoid alcohol and be careful while dealing with girls. Most of the time, knowing what not to do is more important in life than knowing what to do.

We all know life will never be always smooth, enjoyable, and as expected. Life will give severe, unkind, and unfair blows. At times, life can be brutally hard. During such challenging situations, the first thing not to do is not to indulge in self-pity. Convert every blow into opportunity. Learn from these blows. Charlie says these three things will help deal with such difficult situations:-

• Have low expectations

• Have a sense of humour

• Surround yourself with the love of friends and family

Finally, Charlie has this overall life advice for young people, “ Spend each day trying to be a little wiser than you were. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. Slug it out one inch at a time, day by day. And at the end of the day, if you live long enough like most people, you will get out of life what you deserve.”

The most profound advice on life comes from Warren. He says the biggest decision of your life will be who you chose to marry. “ Marry the right person. It will make more difference in your life.” How true !!! Who knows this better than me?