Billionaire Charlie Munger praises this ability of Warren Buffett



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2. Exercise your brain

There are several ways to work your mental muscles. (Netflix, unfortunately, is not one of them.)

Buffett plays bridge – and that keeps him, at age 88, sharper than ever. "I play a lot," he said in an interview with The Washington Post in 2017. "At least four sessions a week, about two hours per session."

Munger practices "multidisciplinary thinking," which essentially means constantly learning new perspectives from the world – and then putting them into practice.

In his speech, he argues that you can not make smart decisions with only single facts. The knowledge you collect by "learning all the great ideas and all the major disciplines" will help you tackle problems from different angles.

"I went through life constantly practicing this model of disciplinary approach," he says. "I can not tell you what's done for me." It made life more fun, it made me more constructive, it made me more useful to others, and it made me enormously rich.

3. Pass on your wisdom

It is impossible to achieve a legendary status while maintaining valuable knowledge for oneself.

According to a 2009 study published in the Journal of Science Education and Technology, teaching can also increase motivation to learn, meaning that people who strive to learn with the intention of teaching others have stronger communication, greater confidence and leadership. Researchers call this "protected effect."

As Munger says, "sacrifice, wisdom, and the transfer of values ‚Äč‚Äčthat come from one generation to the next can never be underestimated."

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