⚡Over the years, I've developed a fixed habit: at the beginning of each year, I reread Charlie Munger's works— I believe that people are most prone to distorted judgment when things are going well. Therefore, it's crucial to repeatedly remind myself during the most lucid and decisive time of the year— I must deliberately distance myself from the root causes of long-term failures. Munger summarized it well: Debt, drama, and stupidity—avoid these three things, and you're already ahead of 90% of humanity! 1️⃣Debt is leverage that accelerates your destruction. The truly cruel aspect of the market is that: Losses always happen faster than you expect, while recovery always takes longer than you imagine. If you lose 50% of your capital, you need a 100% return to break even; If you lose 75%, you need a 300% return; If you lose 90%, you need a 900% return. And debt accelerates this misguided path. Those without debt are truly freed from a slave mentality and won't easily head towards self-destruction. 2️⃣ Dramatic Saga: The Silent Killer of Wealth Any conflict, entanglement, or chaos that consumes your time and energy without generating value is drama and must be avoided! Bad partnerships, toxic relationships, lawsuits, family discord, office politics, etc., are all the same thing. The most dangerous aspect of drama isn't the waste of time, but its systemic destruction of your judgment. Whether it's a transaction or a relationship, if you need to constantly manage and resolve conflict, end it quickly, thoroughly, and without hesitation. Focus on things that generate compound interest. 3️⃣ Associating with Foolish People Will Kill Your Life Get away from the following types of people: Those who are irrational, arrogant, and dishonest. Those who make bad decisions and expect you to save them. Those who don't learn from their mistakes. Those who mistake aimless busyness for progress. Most people are driven by self-fear, envy, and greed. They make decisions based on emotions and then justify them with logic. If you spend too much time with these people, you'll start doing the same thing. And this is often the starting point for everything to spiral out of control! Ever since we last read this, the lessons are still fresh, and we must remain constantly vigilant!