You Only Have to Get Rich Once

You Only Have to Get Rich Once

Charlie Munger recently appeared on the Acquired Podcast. Needless to say, we are fans of Munger and recommend listening to the full interview.

The interviewers asked Charlie what advice he would give to young people today. Charlie was, unsurprisingly, quite modest in his response. He spent considerable time talking about how hard it is to be successful (in the context of investing) and how rare it is for great investment opportunities to come along, if ever, in a person’s lifetime.

Plenty of self-proclaimed gurus are ready to sell you their latest stock tips, economic forecasts, and get-rich-quick real estate schemes. Charlie was more straightforward about identifying investment opportunities: “It was never easy, and it’s harder now.”

What truly struck me, however, is what Charlie said next:

“The beauty of it is, you only have to get rich once. You don’t have to climb this mountain four times. You just have to do it once.”

We could not agree more. Peak recently updated some pages on our website, and one of those updates was to include a section that articulates our purpose as a firm:

“To empower clients by earning trust, sharing our expertise, simplifying the complex, and building and maintaining financial security.”

From our perspective, once you’ve achieved financial security, the goal should be to never go back.

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