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Benzinga @Benzinga on x 306.7K followers
Created: 2025-07-19 01:59:52 UTC
Charlie Munger once laid out a simple three-step strategy for building wealth from scratch: save diligently, seize opportunities, and invest in self-education.
At a 1998 Berkshire Hathaway shareholder meeting, Munger said the first key is saving a meaningful portion of your income. He gave a straightforward example: if someone earning $XXXXXXX a year saves $XXXXX each month, they’ll have $XXXXXXX in just over three years.
Step two is being ready to act when opportunity strikes. Munger believed that knowledge and rationality are powerful tools, especially when it comes to starting a side business or making smart investments. He emphasized that wealth often grows faster when you put your brain to work outside of a standard paycheck.
The third step is constant learning. Munger believed investing in your own skills and education pays the highest long-term returns. He credited much of his success to reading, thinking, and understanding how to make better decisions.
He also highlighted the power of compound interest. Once you hit $100,000, your money starts doing the heavy lifting—and that gap between what you earn and what your money earns only widens over time.
Munger’s philosophy is timeless: save hard, stay alert, and never stop learning.
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