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Most people dream of the big house. The white picket fence, maybe a few extra bedrooms, and a garden that is large enough for barbecues and children running around. A nicer house feels like the ultimate milestone – the proof that you made it. And if a good house makes life better, then a vast mansion should definitely make it perfect, right?
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According to billionaire Charlie Munger, the old right hand of Warren Buffett in Berkshire Hathaway. Munger, who died at the age of 99, could have offered every estate he wanted. But just like Buffett, he chose to live in the same modest house in Los Angeles for seven decades. And he insisted that decision was not about deprivation – it was about wisdom.
Munger knew real estate better than most. He started his career as a real estate lawyer and worked under development before he tied the forces with Buffett. Over the years he saw friends getting rich and building what he called ‘really chic houses’. The result was not what people expect. “I would say that in any case, they make the person less happy, not happier,” said Munger in a CNBC interview that was recorded just a few weeks before his death.
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He acknowledged the profession. A basic house “really helps you,” he said. A huge one? Not so much. “It is good to have a very chic house, it is good to entertain 100 people at the same time. It is very expensive to do. And it doesn’t do you so well.”
His choice to prevent that lifestyle was intentional. “I decided not to live in which I looked like the Duke of Westchester or something. And I would avoid it. I did it on purpose.”
And the wrinkle effects went beyond his own happiness. Munger admitted that he thought a palace-like house could damage the way his children grew up. “I didn’t think it would be good for the children,” he said. “You grow up in a rich family, your duty is to use the wealth and to live in a big way. That is what everyone does with the money. You learn from people who do it.”
It is a perspective that can feel counter -intuitively in the current market, where buyers extend their budgets to end up larger houses, convinced that more square meters means more satisfaction. Yet the observation of Munger – that mansions can cause more problems than joy – speaks to a truth that people still agree with.
And although not everyone can take indications of a billionaire, the frustration around homeowner is really today. With the interest rates still high and sellers who are reluctant to lower prices, buyers often feel stuck in the stalemate. Even when you stretch your budget, the repair costs and maintenance can take off quickly.
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The point of Munger was not that houses didn’t matter. A comfortable, well -maintained house can “really help you”, as he expresses it. But haunting something excessive, whether it is about performances or from the conviction, it guarantees happiness, often counterproductive. His friends built mansions; He built stability. Eventually, he said, the vast estates left their owners less happy, no longer.
For everyone who was overtaken in the race for larger and flashy, countries are words like a dash of cold water. Perhaps the secret is not in buying the chicest house on the block – but by remembering that even billionaires knew that a modest house could be enough.
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This article Billionaire Charlie Munger said people think that a ‘really chic house’ is the key to happiness, but ‘in practically any case’ it is precisely the opposite originally appeared on Benzinga.com
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