RE:Some Words of Wisdom
Interesting perspective on many topics. I frequently share the same view as Munger on the topic of this generation having a far better quality of life than other's throughout history - I believe I read in Stephen Harper's book, "Right Here Right Now: Politics and Leadership in The Age of Disruption", nearly 1 billion people have been lifted out of poverty globally, since the fall of the Berlin Wall in 1989... So, albeit dangerous at times, printing money seems to be a powerful tool to feed people. As a member of a younger generation (I am an older millenial), I can testify to forgoing luxuries and reducing spending as necessary to building wealth. I have always found it easy to spend money whether I was making lots or little, but doing a budget and remaining determined and disciplined to ensure there is always margin available to save and invest is the hardest part. It takes money to make money as the old adage says... They say the first million is most difficult but I go even further to say I think the first $10,000 is most difficult because of the lifestyle habits and skills required to put it aside. The cost comes directly out of one's quality of life (dining at restaurants, Tim Hortons or Starbucks, forgoing favourite concerts, perhaps traveling via more modest means). One of the best investments I ever made was getting a dog and spending most of my free time at a nearby dog park (which by the way helped me get the right kind of wife - which, not to ramble too much but - a wife that doesn't want to buy $700 bathing suits is probably the most valuable asset our home has!) Haha, one of the other best investments I made was a trip to Australia when I was 18 - two friends and saved for a year working at the same $11 / hr job then we blew our savings in a month on Contiki tours in Australia! So I guess balance is required based on willingness to work, willingness to forego (or should say defer) quality of life, and willingness to save. A friend of mine quit school in grade 10, made great money framing houses instead during the early 2000s and invested most of it with his aunt, a financial advisor - his decision to do that has set him up handsomely for an early retirement (despite having a wife that I suspect enjoys $700 bathing suits lol). Anyway I say all this because our current quality of life in Canada and ability to improve our quality of life is still available for those who want it - I just hope the rest of my generation figures out that socialism isn't best (and hopefully the public sector shrinks a bit rather than continues to grow).