Invest Like Charlie Munger, Warren Buffett’s Right Hand Man

Charlie Munger shares his secrets for successful investing

Charlie Munger can say what?s on his mind because he has the life experience so other people should listen. ??The article shares some of his quotes and how you can apply them to your investing strategy.? A common misconception is that you earn interest on your cash to get rich.? That?s not true though according to Munger ?The way to get rich is to keep $10 million in your checking account in case a good deal comes along?.? You of course don?t need $10 million in your account, you just need some cash when a good deal arises.

See why cash is king along with other tips from Charlie Munger.

?I don?t think anything that any average person can do easily is likely to be worthwhile.?

Good investing hurts.?It?s not any fun. It requires the ability to endure things most people aren?t, such as bear markets that last for years and times when you perform worse than average.

The above quote goes along with one of my favorites ?The finance industry is 5% rational people and 95% shamans and faith healers.? When someone thinks of investing they usually think of getting rich quick by ?making a great play? in the market.? There are not a lot of ways to get rich quick and investing isn?t one of them (unless you were the guy who made $2.5 million in 28 minutes last week). ?Even if you invest in a hot tech start up, they can fail and the ones that do succeed sometimes it takes 5-7 years to earn your money back.

Read all of Charlie Munger?s quotes on how to be a good investor.