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do you know how charlie munger went from working in a grocery store to billions of dollars how has charlie mungus amassed an incredible amount of wealth over the recent years being one of the greatest investors of all time charlie munger shares some of his tips to help young investors navigate their way through the trials and tribulations of life remember that charlie munger started his career by working in a grocery store today he is worth billions of dollars and we are going to share his secrets with you passive income when it comes to investing there aren't many names that can outshine charlie munger and warren buffett being the vice chairman of berkshire hathaway and the closest ally of warren buffett arguably the greatest investor of all time charlie munger has spent most of his life finding ways to solve complex financial situations as well as problems of all kinds today we bring you the words of wisdom from charlie munger avoid all the folly out there most of the time it's the mind that is playing games on us comparison is the murderer of joy manga explains this while exemplifying his father's friend who is a surgeon with a vast mechanical ability he was better in every aspect than him he tried but he was never as good as him in any situation there was always someone that was better than him there was all this folly out there and then manga realized that what if we avoid all the folly it really works to tackle much of life by inversion twist the problem and answer it that way when charlie munger had all of his children together he simply asked them if there was a one-on-one tournament in america and the national champion became the national champion on two separate occasions 65 years apart he asked his children to name the activity seven of charlie's children could not remotely do it the eighth was a phd physicist and he solved the problem in a blink of an eye and made it look easy all he did was twist the problem and answer it that way he started off by breaking the problem no 85 year old can win an athletic championship and neither can he win a chess tournament but that led him to checkers a game you can almost master with enough experience and that was the correct answer which took him around 15 seconds all kinds of difficult problems when you turn them around they quickly solved look for the big ideas always be looking to think out of the box according to charlie munger you should never restrict yourself to a small number of academic references instead you should always look to gain self-knowledge no matter the source from which they're coming be willing to expand your repertoire be willing to look for bug ideas don't be afraid of living your old ways of thinking according to manga you should always look to interplay ideas by that he also means that you should always try to integrate one discipline with another discipline because in this way you're going to find yourself in a territory where there is not much competition try to learn through books seminars podcasts and whatever resource you're open to always take the high road in life because it is less crowded and that is where you'll find the greatest opportunities this road is going to involve a lot of conflict and ideas and that is going to demand synthesis a lot of people will retreat immediately from whatever orthodoxy they came from don't be afraid of cloning great ideas there is no shame or harm in copying old ideas that were successful in the past be a continuous learning machine for you to compete in the world constant learning is very important according to charlie munger you will not get very far in life based on what you already know so one thing is for certain always be improving the speed at which people learn also plays an important role in determining their financial well-being don't get overwhelmed by instant gratification always look for chances to improve look to diversify your knowledge don't super specialise in a certain field by that you're limiting your potential always try to speak a little about a lot strive to become a little better every day and improve yourself continuously through voracious reading manga explains that he has never met any wise person in any subject who did not read all the time charlie munger believes that reading is the key to success for him reading has been an essential part of life no better teacher than history to predict what's going to happen in the future many people see history as something full of stories but according to manga history tells us what to do and what to stay away from more than often history repeats itself and if it doesn't it always rhymes an important part of his success in stock market investing has been to look at history and predict what is going to happen in the future stock market investing demands the investors to be a prolific predictors of what's going to happen next for that purpose it is imperative to consult history before making any important decision for example when you're going to pick some stocks that will pay you stable dividends on an annual basis you should always look at their dividend paying history before making any rash decisions learning from the mistakes people made in the past is far better than making mistakes yourself knowledge and action should go hand in hand most of the time we get overwhelmed by procrastination and silly things according to manga taking action is an important part of navigating your path to success you should be a person with action instead of a person with mere words because in the end it is the action you took that matters instead of the knowledge you acquired we are all learning and modifying ourselves but don't get rigid and stiff always be striving to look at the other side of the argument before making any decision with growing competence and the drive for acquiring financial success it has become extremely important to manifest the idea of investing in our lives for that purpose we have provided you guys with a free ebook in the description below which explains the six stock categories and they're all different to analyze so what do you think about charlie mungus wisdom how do you plan to incorporate these tips into your life financial freedom
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