The late Charlie Munger said 'you only have to get rich once' but warned making that first $100K is the biggest hurdle

Core Insights - The article emphasizes the importance of diversifying investments beyond the stock market to hedge against inflation, highlighting Charlie Munger's investment philosophy [1][5]. Investment Platforms and Strategies - Moby's stock picks have outperformed the S&P 500 by an average of 11.95% over the past four years, aiding over 5 million users in identifying promising investments [2]. - Platforms like Moby provide tailored stock research for everyday investors, making stock picking safer by leveraging expert insights [2]. - For retirement savings, financial experts suggest millennials will need between $3 million and $4 million to retire comfortably due to current inflation rates [3]. Asset Classes for Diversification - Fine art is presented as a stable investment option, with platforms like Masterworks allowing investors to buy fractional shares of high-value contemporary art [7][8]. - Real estate is highlighted as another effective diversification tool, with new platforms simplifying access to this market [9]. - Homeshares offers accredited investors access to the $36 trillion U.S. home equity market with a minimum investment of $25,000, providing exposure to owner-occupied homes [10]. - Non-accredited investors can use crowdfunding platforms like Arrived to invest in rental and vacation properties starting from $100 [11][12]. Gold as an Investment - Gold is noted as a long-term inflation hedge, with Gold IRAs providing tax advantages while allowing investment in physical gold [13][14]. - Thor Metals is mentioned as a resource for opening a Gold IRA, combining the benefits of gold investment with retirement account advantages [14]. Investment Philosophy - Charlie Munger's wisdom emphasizes that one only needs to "get rich once," suggesting that effective savings vehicles can help secure retirement funds amidst market uncertainties [15].