Lawrence D. Ackman on Life's Lessons

• Don’t retire. Mental decay will inevitably set in. Stay active in something — philanthropy, business, mentoring, teaching.
• Don’t risk everything you’ve saved on any one “deal.”
• The more philanthropic you are, the longer you’ll live.
• Good business ethics is good business. Reputations are made slowly and can disappear quickly. You can be very successful without compromising your business ethics.
• Give each decision a small test before going ahead with it.
• Don’t give children or grandchildren money. It takes away their incentive.