“The purpose of this book is to use short stories to convince you that personal skills are more important than the technical side of money.”
(The Russell 3000 Index is a capitalization-weighted stock market index, maintained by the FTSE Russell, which seeks to be a benchmark for the entire US stock market.)
OPTIONAL TO BETTER UNDERSTAND THE BOOK
Housel shows Warren Buffett as an example in a part of the book. Buffett’s net worth is $ 84.5 billion. The interesting thing is that he accumulated US $ 84.2 billion after the age of 50. And $ 81.5 billion included after the age of 60. Buffet started working early (at age 10), saved early and invested a large part of his earnings, allowing him to compose. At 30, he saved more than $ 1 million. By investing early and continuing to invest, he was able to accumulate large amounts of wealth.
The lesson here is that if someone starts saving between 25-35 years and stops, they will have more money than someone who started saving at 30 and continued until retirement. Saving earlier has to be important due to the power of composition.
Social comparison is the problem here.
The point is that the ceiling of social comparison is so high that virtually no one will ever reach it. Which means it is a battle that can never be won, or that the only way to win is not to fight in the first place – to accept that you can have enough, even if it is less than those around you.
Intelligence is not a reliable advantage in a world that has become as connected as ours.
But flexibility is.
Paradox of the Man in the Car
No one is as impressed with your possessions as you are.
Wealth is what you don’t see
Spending money to show people how much money you have is the quickest way to have less money.
Define the cost of success and be ready to pay it. Because nothing worthwhile is free. And keep in mind that most financial costs do not have desired price tags. Uncertainty, doubt and regret are common costs in the world of finance.
If I have to summarize my views on investment, it is this: every investor must choose a strategy that has the best chance of successfully achieving its goals. And I think for most investors, the average dollar cost in a low-cost index fund will provide the best chance of long-term success.
“Financial success is not a difficult science. It’s a smooth skill, in which the way you behave is more important than what you know
“Independence, for me, does not mean that you will stop working. It means that you only do the work you like with people you like, at the hours you want, for as long as you want.”
Things that are never worth taking chances.
2) Family and friends
3) Be loved by those who want you to love them
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