How To Live A Meaningful Life

Wealth inspiration #46

Photo by Aziz Acharki on Unsplash

Wisdom can often come in small packages, and wisdom about building wealth is no different.

Today’s quote is from Charlie Munger, vice-chairman of Berkshire Hathaway and Warren Buffet’s right-hand man:

“There is no way you can live an adequate life without making many mistakes.”

Like so much that comes from Munger, this is such a simple, but powerful idea.

If you spend your life focused on avoiding mistakes, you will struggle to do well.

For example:

• can you invest in the stock market, even in low-cost index funds without sometimes having “bad timing” causing you to lose a lot of money on paper?
• will you likely get a great deal on your first real estate investment when you just start or are you more likely to pay retail price?
• are you likely to know the perfect product and who your perfect customers are when you first start a new enterprise?

Some real-life examples:

• Sony’s first product was an electrically heated cushion that often caught fire (Sony is now worth $110 billion)
• When Buffett bought Berkshire Hathaway, it was a struggling…