“Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari’s – I wanted the independence. I desperately wanted it. – Charlie Munger”
Charlie is the guy behind the scene. We don’t hear from him as much as we can hear from Warren Buffett. Yet the guy is crazy intelligent. He’s in fact the one who influenced Warren from buying “cigar butts holding one last puff” or companies at a bargain to buying extraordinary companies at a fair price. That’s a better and easier way to get rich. As long as you’re able to follow this advice below from Charlie Munger again :
“It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that. – Charlie Munger”
Compound interest is like magic. Like a snowball, your savings can amass sufficient momentum to grow by themselves. But, for this to happen, one must be able to wait a long long time. Perhaps, the real magic of compound interests really starts to show after at least 20 years. So if you haven’t started investing yet, now is the perfect time to start!