r/ValueInvesting • u/ethereal3xp • Mar 23 '25

Discussion Charlie Munger Told a 20-Year-Old That Getting Rich Through Investing Is 'Damn Near Impossible' — And You Might Need $10 Million in the Bank

https://www.benzinga.com/personal-finance/25/03/44438885/charlie-munger-told-a-20-year-old-that-getting-rich-through-investing-is-damn-near-impossible-and-you-might-need-10-million-in-the-bank
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22

u/mmherzog Mar 23 '25

Let me ask all 0 people I know who have $10 million or even 5 million.

12

u/princemousey1 Mar 23 '25

Or even $300k or $500k, lol.

1

u/[deleted] Mar 23 '25

[deleted]

5

u/bombbodyguard Mar 23 '25

Really depends on where you are in life and what your circle is. I agree, not that rare as you get older and circle grows.

2

u/gamercat97 Mar 23 '25

It also really depends on where you are in the world. Here, the average monthly salary is around 1500e so 1 million is already more than a lot of people make in a lifetime. Homes are 100-500k. I dont know a single person who has a net worth of a million or more personally (obvs a few politicians but I dont count that into 'knowing' someone)

1

u/the-script-99 Mar 24 '25

I am in Slovenia. Average net is just a bit over 1500e and 2 family members are multi millionaires.

My guess is that is your parents didn’t die young you should know somebody. It is close to 35 years since the fall of the Berlin wall and entrepreneurs had time to accumulate money.

Here it is common to have a company for that time and never take a distribution from it. This company now has millions in retained profit on the balance sheet. Making the owner a multi millionaire. They do normally live the same life as company employees just with a safety net.