Charlie Munger, veteran investor and long-time business partner of Warren Buffett, believes it has never been harder for young people to make money and remain rich.

Speaking at the annual meeting of the LA-based newspaper company, Daily Journal Corp, in February, Munger said young people have been finding it difficult to navigate the world of investments in the past few decades. He said it is unlikely that the future would give those graduating from college this year “nearly that easy

“It’s going to be way harder for the group that’s graduated from college now ... to get rich and stay rich,” CNBC Make it quoted Munger as saying in February.

According to the 98-year-old investing icon, costs of living in the US have also witnessed a significant rise.

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“Think what it

According to the California Association of Realtors, the median price for a house in California was $800,000 last year. The median house price in 1980 was $80,055, CNBC reported.

Munger believes that it is now difficult to give young people a “one-size-fits-all investment” advice. Earlier, he often advised people to invest in a diversified portfolio of common stocks, a strategy which had the potential to earn intelligent investors about 10 percent return, he said.

However, with investing becoming more complex now, he can no longer share this advice. In such a situation, understanding one’s own level of skill and getting personalised advice could help, he said.

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The 98-year-old business partner of Warren Buffett stepped down from his role as chairman of Daily Journal Corp on March 28, according to a recent filing.

Munger had chaired Daily Journal since 1977. He will continue to remain a director of the newspaper company and the vice-chairman of Warren Buffett’s investment and holding firm Berkshire Hathaway.

(Edited by : Shoma Bhattacharjee)