Morgan Housel: Get Rich, Stay Rich

Not having FOMO. Is the single most important financial skill. I think it's so important that you cannot ever imagine accumulating significant wealth over your lifetime if you are susceptible to FOMO. Like if there's literally one thing. The one trait that you want. That's gonna allow you to accumulate wealth, it's the lack of FOMO. Why do index funds work so well?

Two reasons. One is it's always gonna be the case that a very small number of stocks account for the majority of returns. The other is I think the Whether it's like an investing debate or a saving or spending debate, they're not actually debating. It's people with different personalities talking over each other. And once you come to terms with that, But there's not one right answer for any of this. What's the difference between being rich and being wealthy? Rich is when you have enough money to make your mortgage payment, make your car payment. You can pay off your credit card bill every month. Wealthy, I think, is when you have a degree of independence and autonomy. The weird thing here is that wealth is the money that you don't spend. Let's switch gears and talk about reading and writing. How do you select what you read? I heard this idea, I think it was from Patrick O'Shaughnessy many years ago, who said you want a wide funnel and a tight filter. You're one of the best storytellers of our generation. Teach me how to tell a story.

Like Morgan House. I think it's two things. One is Welcome to the Knowledge Project, the biweekly podcast exploring the powerful ideas, practical methods, and mental models of others. In a world where knowledge is power, this podcast is your toolkit for mastering the best of what other people have already figured out.

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