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The part of this video that is incredibly interesting is what he did as a youth. While both Buffet and Munger acknowledge that in large part due to taxes and regulations it’s harder for young people to generate wealth they posit that old American values still work! Read these words from Charlie Munger…

"It took a long time to get ahead," he said. "I will say, in retrospect, I'm glad it took so long because it was interesting."

"You have to get better and better or you will lose. Try harder, work harder and you'll do better," Munger added, suggesting people spend less than they earn and invest their savings.”

In it’s purest essence this the cornerstone of “old fashioned” U.S. values work consistently. Put effort into your life, develop skill sets and you will succeed. Watch the video….

Charlie Munger's bad news for young people: It's harder to get rich today than in the past Warren Buffett's sidekick flagged home prices, portfolio returns, taxes, regulations, valuations, and competition as headwinds to building wealth.

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