Munger, 93, also chimed in on the topic: "I've got some advice for the young: If you've got anything you really want to do, don't wait until you're 93."
In this, they agree with Apple CEO Tim Cook, who recently told students, "Don't work for money ... You'll never be happy."
Instead, he advised, "You have to find the intersection of doing something you're passionate about and at the same time something that is in the service of other people. I would argue that, if you don't find that intersection, you're not going to be very happy in life."
Munger and Buffett also stressed that millennials should focus on becoming good and decent people.
As Munger puts it, "What you don't want to be is like the man, and they have his funeral and the minister said, 'now it's the time for someone to say something nice about the deceased.' And nobody came forward. And nobody came forward. And he said, 'surely, somebody can say something nice about the deceased.' And nobody came forward.
"Finally one man came up and he said, 'Well, his brother was worse.'"
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