You know that Warren Buffett and Dick Young made more money after age 65 than at any time before. Morgan Housel explained Buffett’s wealth after 65 to CNBC’s Lorie Konish, who writes:
“His skill is investing, but his secret is time,” Morgan Housel wrote in the bestselling business book, “The Psychology of Money.”
“That’s how compounding works,” Housel wrote.
To that point, 99% of Buffett’s net worth was accumulated after he was 65 years old, Housel said during a 2022 interview with CNBC.
“If Buffett retired at age 65, you would have never heard of him,” Housel said.
At the 1999 Berkshire Hathaway shareholders’ annual meeting, Buffett himself compared investing to a snowball rolling down a hill, and said: “The trick is to have a very long hill, which means starting very young or living … to be very old.”
Action Line: The first step to rolling a snowball down a hill is getting to the top of the hill. That’s building your investment plan. Inertia makes getting started the hardest part. I can help you beat inertia, build a plan, and start climbing the hill. Email me at ejsmith@yoursurvivalguy.com.
