Charlie Munger on the six core false assets 1. Mansions beyond one's means: Vanity-driven home purchases lead to lifelong debt 2. Luxury cars: A car depreciates by 20% the moment it is bought, with annual losses of 15%-20%; should be kept within 10% of annual income 3. Complex financial products: High-fee active funds lose over half their returns in 30 years 4. Non-productive assets: Gold and Bitcoin have no cash flow; essentially a game of fooling the foolish (I disagree with this point) 5. Frequent trading: Disrupts compounding, incurs fees, leads to emotional decision-making 6. Credit debt: High-interest credit cards are wealth vampires