Quote of the day: Billionaire Charlie Munger's advice on getting rich — ‘It takes character to sit with that cash...’

What does it mean?

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.

Charlie Munger's advice to be rich:

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.

• 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.

Who is Charlie Munger?

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.