Charlie Munger's '3 basic rules for career satisfaction' that he suggested to young people

Warren Buffett and Charlie Munger in 2019.

Investor Charlie Munger's death on November 28 at the age of 99 marked the world bidding farewell to an individual whose life journey was far from conventional. In an exclusive piece penned for CNBC Make It, Munger reflected on his experiences, offering invaluable insights into his unconventional path to career satisfaction.

Here, we delve into Munger's three fundamental rules that guided his extraordinary career—a career that transcended law, ventured into investing, and ultimately led to a partnership with the iconic Warren Buffett.

He said that the rules can help any young person evaluating a career decision and while meeting all three is "nearly impossible", he suggested that they are worth a try.

"Don’t sell anything you wouldn’t buy yourself."

Charlie Munger's first rule for career satisfaction echoes the golden rule—deliver to the world what you would buy if you were on the other end. In Munger's worldview, this ethos is the bedrock of success, going beyond mere financial gains to encompass the respect and trust of those one deals with. "Reputation and integrity are your most valuable assets," Munger emphasized saying they “can be lost in a heartbeat”.

"Don’t work for anyone you don’t respect and admire."

Munger's second rule serves as a reminder of the importance of working under those we truly admire. He warns against the perils of subjecting oneself to authority figures who lack our respect, emphasizing the danger inherent in such professional relationships. Munger's personal strategy involved identifying and maneuvering to work under people he admired, a shrewd approach that allowed him to shape his career in alignment with his values.

“I coped in my time by identifying people I admired and by maneuvering, mostly without criticizing anybody, so that I was usually working under the right sort of people,” he said adding that life’s outcome will be better if you can work under someone you admire.

"Work only with people you enjoy."
In Munger's view, intense interest in any subject is the key to excellence. His third rule underscores the importance of immersing oneself in work that sparks genuine passion, alongside individuals whose company is enjoyable. Munger's personal success is attributed not just to assiduity but also to the selection of partners with shared interests and a willingness to persevere.

“I have been incredibly fortunate in my life when it comes to these basic rules. With Warren Buffett, I had all three,” he wrote.

He met Buffett at a dinner party in Omaha and shared many ideas on business, finance, history and investing. Munger wrote that Buffet persuaded him to quit the law at the earliest and they then got into business together, which he called an "incredibly good decision."

Charlie Munger was Vice Chairman of Berkshire Hathaway, and Warren Buffett’s closest business partner.