and with minimal risk. >> when you boil down all that advice from charlie munger and from the warrenorld, boring is better. >> boring is better, especially better the you wind up with more money at the end. we face a catastrophe for the retirees of this country. they're just not going to be prepared. an enormous number have virtually no savings for retirement. quite a large number have literally zero savings for retirement. what are they going to do? their future is bleak. i recently had a conversation with the head of a huge company that sells insurance and annuities, who said the number of people who will be able to retire at the same level of living they had in their mid 50s is below 10%. >> whose fault is that, the market or theirs? >> it's their fault. but it's also the market's fault. no one could have predicted such a bad market we've had the last ten years. no one would have predicted the real estate crash as bad as it was. a lot of people predicted a correction, but as bad as it was, i don't remember anyone predicting that. >> the whole world thought this time is different.

the state from a secretive organization in arizona almost certainly the koch brothers, who are charlie munger $13 million in checks last night. you have a few who are trying to stop the 2.5 million workers in california from having a voice. >> eliot: this also has the union impact. that says to corporate spending without any of the shareholder approval saying corporations yes, unions, no. >> absolutely. absolutely. and, look, political money is out of control. we all know that. we all see it. asif you live in ohio, you see it even more. in california, what happens here effects the rest of the country. if this should be passed it will be replicated everywhere. unions will no longer be able to contribute. >> eliot: money washing over politics is an enormous president obama, and it needs to be remedied. this is not an even balanced remedy. how do you handicap the race right now. >> we're ahead. the no-worker votes are ahead. i urge people to go to courage campaign.org , check out the facts and vote no on 32. >> eliot: prop 30, which would be a tax increase designed to forestall an automatic spen

you know who charlie munger is? of course you do. vice chair of berkshire hathaway.ry famous lawyer, best friend of warren buffett says it's not necessary to do extraordinary things to get extraordinary results with money management. all you have do is simple things. invest in broad indexes of stock, don't play games with commodities, don't play games with futures and things you don't understand, don't play games with foreign exchange, don't trust your money to people who promise a certain result, don't go on margin, make a definite plan to match assets with liability. incredibly simple stuff, yet the results are breathtaking. >> how about just going by your gut. like your gut really tells you should go with something everyone -- >> don't do it. just buy the indexes, the broadest possible indexes. you can get them for almost no money from fidelity or vanguard. just go with them and you will make a lot of money over a long period of time and with minimal risk. >> thanks, ben. i'm christine romans with this week's "mastering your money." >>> now to the big stories in t