Charlie Munger is a financial genius.
His secret is he reads widely across a whole range of disciplines, and then uses the “frameworks” to help him make decisions.
His resulting returns as an investor have been exceptional, with a net worth of $1.2 billion.
Here’s some of his 3 best tips for living
ON LEARNING: “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.”
How many hours are you reading per week? What’s the quality of the books you are reading? This is the fastest and cheapest way to expand your horizons and create a new level of results.
GET THE EDGE: “Why should we want to play in a competitive game in a field where we have no advantage – maybe a disadvantage – instead of in a field where we have a clear advantage?”
Your property investing strategy could play to your strengths, so you ‘cash in’ on your existing skills, contacts and resources. Does your current property investing strategy do this?
FOCUS ON YOUR STRENGTHS: “Each of you will have to figure out where your talents lie. And you’ll have to use your advantages. But if you try to succeed in what you’re worst at you’re going to have a very lousy career. I can almost guarantee it. To do otherwise, you’d have to buy a winning lottery ticket or get very lucky somewhere else.”
Imagine if Oprah had remained a bank clerk, instead of finding a platform as a T.V host. She would have lost untold billions in opportunity cost, and millions of people would have never been touched by her.
What are your top strengths? How you can capitalise on them?