added by Adaku and · updated 8mo ago
Getting Wealthy vs. Staying Wealthy
The Psychology of Money: Timeless lessons on wealth, greed, and happiness
3 highlights
sari and added
- If you’re in your 20s, don’t get overly swayed by the “magic of compounding interest.” It’s only magical if you make basically the same amount for the rest of your life. If you’re reading articles like this though you’re probably gonna do pretty well for yourself and make way more money later, so stop trying to be so responsible with it right now. ... See more
from The Life-Changing Magic of High-Speed Career Sampling - Nat Eliason by Nat Eliason
Alex Wittenberg added
- “A good choice may go unrewarded for a long time.
The best choices tend to provide exponential returns and a hallmark of any compounding process is that the greatest rewards are delayed. Things don't really take off until years later.
Keep working. Be patient.”from 3-2-1: On saying no, the importance of focus, and reading books by James Clear
Isaac Feldman and added
The Simple Path to Wealth: Your road map to financial independence and a rich, free life
by JL Collins
- On stocks:Over the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return— even if you originally buy it at a huge discount. Conversely, if a bus... See more
from A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994 by Charlie Munger
Daniel Bakalarz added
Moi Jamri and added