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Sit-on-your-ass-investing.

Written by Cole Schafer

You should choose a vocation and commit to it for as long as you possibly can. You should commit to it until you have abundantly clear evidence that you should do something different. People change life courses faster and more often than a chipmunk high on crack-cocaine; and they wonder why they don't get anywhere.

Investor Charlie Munger coined a term called "sit-on-your-ass-investing". He was notorious for making one to two investments every few years and then holding onto those investments for decades at a time. He cited his reasoning as: paying less to brokers, listening to less nonsense and gaining an extra 1 to 3 percentage points a year in tax breaks.

Choosing and committing to a vocation has its own unique set of advantages.

For one, as you become better at something, you learn to enjoy that something––and so with commitment comes fulfillment.

For two, once you become good at something––and perhaps even great at something––your earning potential doing that something increases substantially. Look at any vocation and you will find that "great" earns 2x, 3x and sometimes 10x as much as "good".

For three, few people have the ability to commit to one thing for a very long time and so with each passing year, your commitment will reward you with your competitors dying like grapes on the vine.