Many people perceive Charlie Munger as perfect, but in reality, he experienced at least two major setbacks, perhaps even worse than bankruptcy. The first was in 1953 (age 29): divorce, the death of his son from leukemia, his savings depleted by medical expenses, and mounting debt, bringing him close to bankruptcy. He was physically, mentally, and financially devastated. The second was in 1974 (age 50): his partnership fund lost 31.9% in 1973 and another 31.5% in 1974. Munger had leveraged his investment by 100%, resulting in a significant reduction in his personal net worth. He felt he was on the verge of bankruptcy. The partnership fund was liquidated and closed in 2010. This was a crisis of wealth and reputation for Munger. However, Munger lived to be 99.9 years old. Those hardships only affected the first half of his life, leaving him with invaluable wisdom for the second half. So no matter what you've experienced, remember that even Munger only began to truly understand life after the age of 50. You may mature later than Buffett, but you're probably more mature than Munger. Munger's summary of the first half of his life: As long as you're a little better today than yesterday, that's huge progress. Maintain that state of mind. Don't get stuck at 29 or 50, and don't think about the highlights of 28 or 49. Look forward in life. "If you hear the truth in the morning, you can die content in the evening." It's never too late to turn back when you realize you've made a mistake.