Getting Wealthy v/s Staying Wealthy | The Psychology of Money by Morgan Housel
Book-1 | Lesson-2
Good investing is not necessarily about making good decisions. It’s about consistently not screwing up
“A barbelled personality—optimistic about the future, but paranoid about what will prevent you from getting to the future—is vital.”
Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risks. It requires humility, and fear that what you’ve made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you’ve made is attributable to luck, so past success can’t be relied upon to repeat indefinitely.
You must have seen rich folks wearing the same T-Shirts or simple clothes every day. That’s because they are focused on making sound decisions on investing their time to earn money, and not investing money to waste time.
Focus on staying wealthy, rather than just getting there from Day-0.
Read the next lesson: Winters will always come, and again
We share 1 lesson from a book of the week from Monday - Friday. Short notes, no spam. Invite your friends to subscribe:
An initiative by merrative.com - a community to discuss ideas from literature like books, news, articles, and research papers, together.