Quote Of The Day: Billionaire Charlie Munger's Advice On Getting Rich - 'It Takes Character To Sit With That Cash...'

(MENAFN- Live Mint) Late billionaire Charlie Munger, the partner in capital of Warren Buffett, the former CEO of Berkshire Hathaway, had a very simple rule for getting rich: don't confuse activity with progress.

“It takes character to sit with all that cash and to do nothing. I didn't get to where I am by going after mediocre opportunities,” Munger said in a quote.

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This quote means that having money creates pressure to act-to invest, buy, expand, or jump at opportunities. However, according to Munger, real strength comes from resisting the urge and waiting. He also noted that even when you can act, act with self-control and confidence – Success came from being selective, not busy.

Munger implied that chasing average,“good enough” options can actually hold you back - The real gains come from waiting for exceptional opportunities.

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In one of his final interviews, the billionaire said earning the first $100,000 is the hardest step.“You only have to get rich once. You don't have to climb this mountain four times. You just have to do it once,” Munger said.

“The big money is not in the buying or selling, but in the waiting” - He believed in four core ideas:

• Patience over action
• Avoid stupidity before seeking brilliance
• Long-term thinking
• Inversion thinking

Munger's stance wasn't about ego; it was about edge. He said, if you understand the business, you don't need 47 backups. And if you don't understand it, that also is fine, just don't pretend as if you do.

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Charles Thomas Munger was one of the architects behind Berkshire Hathaway 's success. He shaped Berkshire Hathaway's investing style, pushing Warren Buffett away from cheap“cigar-butt” stocks toward high-quality businesses at fair prices.

Known for his sharp wit, brutal honesty, and no-nonsense thinking, Munger was Buffett's best friend.

He was the vice chairman of Berkshire Hathaway from 1978 until the day he died at 99 in 2023.

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