3 Ways Berkshire Hathaway’s Charlie Munger Lived Frugally
A prolific investor and long-time business partner of Warren Buffett, Charlie Munger had accumulated a net worth of $2.2 billion by the time of his death in November 2023. Although Munger could have easily afforded to live lavishly, he remained frugal during his lifetime.
Here are a few of the ways Munger lived frugally.
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He Lived in the Same House for Decades
Both Munger and Buffett “lived in the same house for decade after decade after decade,” Munger told CNBC in one of his last interviews.
Munger admitted that he was tempted to upgrade at some points, but didn’t want his children to be spoiled.
“All of our friends get rich and build bigger and better houses, and naturally, we both considered bigger and better houses,” he said. “I had a huge number of children, so it was justifiable even, and I still decided not to live a life where I looked like the Duke of Westchester or something. I was going to avoid it.
“I did it on purpose,” Munger continued. “I didn’t think it would be good for the children.”
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He Drove His Own Car
Until he was wheelchair-bound, Munger drove himself around rather than hire a private driver, Reuters reported. The outlet noted that Munger “lived modestly” throughout his life.
He Preferred Buses to Private Jets
In his 1989 chairman’s letter to Berkshire Hathaway shareholders, Buffett wrote that the company had sold the corporate jet it had purchased for $850,000 three years prior and bought another used jet for $6.7 million. In the letter, Buffett said that Munger wasn’t a fan of private jets and joked about his frugal preferences.
“His idea of traveling in style is an air-conditioned bus,” Buffett wrote, “a luxury he steps up to only when bargain fares are in effect.”
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