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No one is crazy, from their own perspective, about managing money. Why then, there are just 2668 billionaires among 8 billion persons across the world? The book by Housel confronts the reader with their innate relationship with money, which, at times, may not be very intuitive.
It is not the usual set of outcomes, but those 0.01% of miracles that might make or break you. Your success, both financially and otherwise, depends on how you seize these opportunities.
That being said, generalising these 'tails' or 'miracles' and learning from, and even worse, applying them could lead to catastrophes.
Good investment isn't necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can't be repeated. Its about earning pretty good returns that you can stick with and which can be repeated for the longest period of time.
Getting wealthy requires you to be bold and risk-taker, while staying wealthy is a long-term approach to getting 1% better each day, and accepting with humility that whatever you've made can vanish in an instant. It's pure survival.
Quoting Morgan, "Good investment isn't necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can't be repeated. It's about earning pretty good returns that you can stick with and which can be repeated for the longest period of time."
The most happiness that money can give you is not by providing you with the ability to buy whatever you desire, but by letting you be in control of what you do with your time.
When I see a person driving an expensive car, I look not at the car, but at the person, and seek the respect he enjoys from others.
Richness might manifest itself in form of the tendency to spend money flamboyantly, but being wealthy is instead, saving money, not showing off and investing it wisely.
The most important part of a plan is to plan for when things don't go according to the plan.
I can afford to not be the greatest investor in the world, but I can't afford to be a bad one.
Interested about economics, productivity and keeping a growth mindset
Most of us believe that we are either good or bad with managing money. We look at our bank balances as a measure of our financial prudence. But, here comes a book, that tries to explain why we do what we do, and how the time value of money is not fancy buzzwords like NPV, but is more literal.
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