If you don’t know who Charlie Munger is, he’s got a net worth of $1.3 billion. With a “B.”
He’s Vice-Chairman of Berkshire Hathaway, attended Harvard Law School and both Warren Buffett and Bill Gates consider him one of the smartest dudes they’ve ever met.
But hey, who’s got time to study billionaires, right?
When there’s a Google Hangout going down and Tito the top earner’s about to make a big announcement?
I mean, according to the 17 templated emails–with no shortage of extra hype-y headlines, yellow highlighter, exclamation marks and vagueness–you just received from 17 different sheeple on Team WUKAR (for example), it’s supposed to be a total game changer.
Tell you what.
You attend story time. I’ll be over here, with the adults.
Here’s my summary of seven universal truths shared by I-get-money-Munger (his new nickname) at a USC Law commencement speech back in the day.
1) To get what you want, deserve what you want.
It’s simple, but irrefutable. “Deliver to the world what you would buy if you were on the other end,” says Munger. “By and large, the people who have this ethos win in life.”
Most network marketers? Shatter this golden rule.
Their actions are completely one-sided. It’s all about them. They use hype, hope and even manipulation to sell “air” (a comp plan) to anyone dumb enough to listen and weak enough to follow.
When a transaction goes through, they win while the new recruit loses.
The standard of selling I’ve seen in the MLM industry is undeserving at best and downright shameful at worst.
The ethical, exponentially more effective alternative is to earn it. Which brings us to number two.
2) Getting smarter is a moral duty.
It’s not something you do just to advance in life; it’s your obligation.
Munger describes his longtime homie Warren (Buffett, not G) as a perpetual learning machine. Half of Buffett’s free time, he estimates, is spent reading. The other half? Consulting with other bright minds.
Weird. Books and mentors, huh? That’s the recipe I hear repeatedly as I study the all-time legends.
Yet, if you listened only to top earners, you’d think success hinges entirely on a better compensation plan, being in the right place at the right time and picking their team because they’ve got some stupid done-for-you funnel.
Read my dumb donkey story if you find yourself making time to entertain such nonsense.
Stop being a fool. Start going to bed a little wiser than you woke up each day.
3) Always invert to get answers.
Flip it upside down.
Instead of asking how to get to $10,000 per month, ask yourself what you shouldn’t do to hit that number.
Said different, what poor thoughts and bad habits would surely prevent you from ever hitting $10,000 per month?
See how much easier that is to start making progress?
Instead of trying to pull a blueprint out of thin air, you can begin making a long list of no-no’s that you need to avoid at all costs. Now you’re getting somewhere. And it’s a much more scientific approach to your end game goal.
Invert, invert, invert.
4) Don’t be lazy, unreliable or extreme.
Munger says these three character flaws are the surest way he knows to fail.
The first two are pretty obvious. It’s tough to achieve greatness if you’re a certified couch potato who’s wishy-washy about work.
The third–having extreme beliefs–was more unexpected. But makes total sense.
Think about it. Have you ever noticed that those with the strongest opinions are typically low-to-middle class?
It’s like, hey smarty, if you know so much, why are you on state aid?
Munger says that he won’t even allow himself to have an opinion on a given subject unless he can argue against himself better than the person he’s debating.
In other words, he’d have to know their side better than they do.
Extreme ideology is counterproductive to becoming wise.
You should avoid it.
5) Work only under people you admire.
Not all coaches can bring the best out of you. Just because greedy guru’s on the company leaderboard doesn’t mean you respect him.
And if you don’t? You shouldn’t be learning from him.
Find a mentor who you hold in high esteem and roll with him or her instead. The outcome will always be more satisfying and rewarding.
If you feel uninspired by your current teachers, move.
You’re not handcuffed to anybody.
Think of yourself as a world-class MMA fighter who travels the globe seeking the perfect practitioner of each discipline.
You should build your online business the same way. ‘Cause when that cage door closes, you’re in deep shit if you’ve settled for just “so-so” training.
When I get a freaking autoresponder from my mentor? I’m excited.
6) Intense interest makes excellence easier.
If at all possible, says Munger, align work with passion.
It’s funny, I hear a lot of conflicting advice on whether or not to follow your passion, and the pros and cons of doing so.
Some say it’s the only way.
Others say it’s lazy, thoughtless advice that may or may not have a good outcome.
Not to speak for Charlie, but given his earlier tip on avoiding extreme ideas, I’m sure he’s somewhere in the middle. More like, do what you like and learn to love it sorta thing.
That’s what I’ve done with local lead generation.
Did I wake up one day and go, “You know what sounds incredibly sexy? Using the internet to get brick and mortar businesses more customers.”
Uh, no. Not quite.
But I like internet marketing and after exploring local, I slowly became hooked. The money and lack of competition didn’t hurt.
Today? I’ve got that intense interest Munger talked about and my income has grown month after month.
7) Go through life expecting the worst.
This might sound like he’s advocating pessimism. But he’s not. Munger’s simply saying be ready to perform should shit ever hit the fan.
This way of thinking didn’t make him unhappy at all.
It didn’t have a negative impact on his quality of life.
Quite the opposite. He was prepared, level-headed and avoided making costly mistakes.
As a result, he became one of the wealthiest tycoons on the planet. Oh, and guess what? He’s still going strong at 91 years old.
I hope you take these ideas to heart.
In this industry, there’s a massive need to shift away from fast-talk about systems, loopholes, bonuses and bullshit and toward mental frameworks and best practices used by the real giants.
Even if you decide to stay in the network marketing space, the more you can disassociate yourself from the masses, the better off you’ll be.
Study above your competition. Get better. Bring more to the table.
Separate yourself from average by learning to think, then act, like a Charlie Munger. Or a Bill Gates. Not Sammy the smooth-talking spammer.
I was a little less witty with this one on purpose, because I didn’t wanna water-down the wisdom with laughter.
Or because I didn’t have as much caffeine. Probably both.
But still. I’m here to stretch you as a person and help you wake up happy everyday. Don’t gloss over this stuff.
Circle back and reread the entire post if you’re serious about deserving a good life.
If you have any questions or feedback, I’d like to hear from you below.