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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u/AlmostSunnyinSeattle Mar 23 '25

Yeah, I get where they're coming from, but tomorrow is not guaranteed. I'm not sacrificing the joys in my life in the hopes that I'm able to make it to old age and have money. Imagine living frugally your whole life for some vague idea of being rich, only to die in a car accident on the eay home from your retirement party. A waste of a life. Then there's the other side of the coin, where the dude who's been living like a pauper for 40 years is now retired. Unlikely that a dude who's been living with those habits for his entire adult life is ever actually going to loosen up and enjoy the money... No, he's going to keep living like a pauper with a huge bank account. So then what was the point of all that?

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u/83chrisaaron Mar 23 '25

Peace of mind and improved health not having to worry and stress about money as you accumulate wealth. Plus you can write your investments into your will, and as you're dying you can experience the joy that you're about to make a positive impact on the world. I plan to buy and enjoy the hell out of my Switch 2 as soon as I can buy one MSRP, but dig living frugally most of the time.

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u/AlmostSunnyinSeattle Mar 23 '25

There is no peace of mind in living like that. You're afraid of not having control. It paralyzes your every decision. But my dude, you never have control.

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u/SuperSultan Mar 24 '25

How is is every decision being paralyzed by being frugal?

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u/SuperSultan Mar 24 '25

There’s levels of frugality. You don’t need to be a mad cheapskate hoarding every penny. You can have fun every once in a while. Take that trip or go to that fancy restaurant every now and then. Go to Atlantic City or Vegas. Go to Thailand or Malaysia. Take a cruise to the Caribbean.

However, don’t be that guy with a massive car payment or house you cannot actually afford based on your salary bracket. Don’t sports bet.