Munger – How To Get Really Rich

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In their recent episode of the VALUE: After Hours Podcast, Taylor, Mitchell, Brewster, and Carlisle discussed Munger – How To Get Really Rich. Here’s an excerpt from the episode:

Michael: No. Yeah, I just wanted to reiterate quickly just what Bill said, just to finish that thought on my end is, if you’re contributing your 401(k), never stop contributing to 401(k). Regardless of what you think about the market, just keep putting into your 401(k) and keep buying the S&P 500, whatever index you’ve decided to buy. It makes some sense. It’s a little bit different when you’re approaching it as, “This is where all of my family’s wealth is, and I’m actively managing it,” the question is, do you time it? Do you not time? It’s a big question.

If you want to try to time it, are you going to protect yourself? You’re going to go active and timing it? It’s a million questions that I’m not an expert at answering any of these questions, but I’d say the average person, like for my wife and her 403(b) at the hospital, we’re never going to stop contributing that. I didn’t stop contributing in March. We didn’t pull it. In my opinion, nobody else should either.

The point about Munger was a story he told. I think when he did that psychology speech and he was– I think that’s when he said it. A friend of his had the best advice for how to get really rich, and his answer was, “Always have $10 million in your pocket.”

Tobias: [laughs]

Michael: I think that was the answer, and if you think about it, it makes a lot of sense.

Tobias: That’s great. That’s great advice.

Michael: It was really good advice. Strong advice. The advice is always have– and the answer is, you always have a lot of cash when an opportunity comes, you’ll always be able to swing. You don’t have any cash, an opportunity comes… That was the Munger was talking about. [crosstalk] is talking about.

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