Infomarine On-Line Maritime News - Charlie Munger once revealed 3 reasons Warren Buffett was ‘so much richer’ than him

This is how it works: If you purchase a snack for $5.30, Acorns will round up the price to $6.00 and invest the 70-cent difference. Throughout the year, all this extra change on your daily purchases can snowball into a sizable investment, with zero work on your end.

Buffett also believes it’s essential to find undervalued smaller companies to invest in, as he initially built his wealth on small-caps like furniture and candy stores.

“I probably would be focusing on smaller companies because I would be working with smaller sums and there’s more chance that something is overlooked in that arena,” he said during a 1999 shareholder meeting. (4)

Read more: Warren Buffett says you can’t buy time — but landlords are finding a way. Here’s how savvy real estate investors are avoiding 12 hours a month in tedious admin (for free)

While his strategy is proven to work, it’s not always easy to keep up with the ever-changing market. If your 9-to-5 doesn’t revolve around monitoring the stock market, you might feel overwhelmed trying to find that next undervalued business to invest in.

Moby helps make this process easier by finding these companies and consolidating all the research for you in one place.

The platform lets you make smarter financial decisions by providing tailored, data-driven insights on various companies. It can help you navigate these complex markets and make informed investing decisions.

All this info is then wrapped up in three weekly hand-picked investment opportunities, delivered straight to you.

Moby’s technology can also integrate seamlessly with many of your favorite financial tools, providing accurate recommendations, analysis and financial planning assistance.. They also offer a 30-day money-back guarantee so you can try before you buy.

Buffett also believes in the importance of investing within your circle of competence — meaning sticking to that which you already know and understand. The majority of his wealth comes from two areas he is exceptionally competent in: financial services and consumer goods.

If you want to expand your own circle of competency, it might be worth working with an advisor whose expertise is in a different area than your own.

If you’re not sure where to find a qualified advisor, consider Advisor.com. All you have to do is answer a few quick questions and provide your ZIP code to be matched with the best potential advisors for your needs.

Book a no-obligation call with your favorite picks to find the right advisor for you today.

How Charlie Munger reached billionaire status

While Munger’s wealth never came close to Buffett’s $100+ billions, he was still a billionaire, which is a level of wealth reserved for the privileged few.

His early success came from focusing on real estate, where he earned his first million, before he ever began investing in the stock market. (5)

Real estate investing can feel overwhelming. Being a landlord is not for the faint of heart, but that doesn’t mean you can’t tap into Munger’s strategy and use real estate to grow your wealth.

If you’re interested in investing in real estate, but not ready for the commitment of managing a property on your own, Arrived can help you enter the market.

Backed by world-class investors like Jeff Bezos, Arrived lets you invest in shares of vacation and rental properties, creating a passive income stream that avoids midnight maintenance calls and burst pipes.

To get started, just browse their selection of properties, all vetted for appreciation and income generation potential. Once you choose a property, you can start investing with as little as $100 to see if Arrived is right for you.

Arrived also offers a secondary market for selling your shares with a full rollout of properties slated for November. This can give you more flexibility to move money around, especially when compared to managing a mortgage.