Munger | Five advice

 The two billionaires also weighed in on how to chase success—and an important part of it is keeping away from “toxic” people.

“The great lesson of life is get them the hell out of your life—and do it fast,” Munger said of people who are a bad influence. But that’s not all: He advises people to also be prudent with money and always be open to learning throughout their lives.

"It's so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification. If you do all those things, you are almost certain to succeed. If you don't, you're going to need a lot of luck."

Buffett agreed with Munger, noting that cutting out toxic people should be done “tactfully.” But while distancing from toxic influences is important, the Oracle of Omaha warned against vilifying people. He said that burning bridges would lead to a worse outcome: having no friends at all.

“I’ve never known anybody that was basically kind that died without friends,” Buffett said. “And I’ve known plenty of people with money that have died without friends.”