Luck and risk are siblings. When successful, we attribute our skills. When unsuccessful, we attribute bad luck. In reality, on average, we are equally affected by the same amount of luck and skill.
Never Enough- There is no reason to risk what you have and need for what you don’t have and don’t need. If we always want for more, we’ll never have enough.
Getting Wealthy Vs Staying Wealthy- Good investing is not necessarily about making good decisions. It’s about consistently not screwing up. There are many ways to get wealthy, but only one way to stay wealthy- survival.
Controlling your time is the highest dividend money pays. The highest form of wealth is the ability to wake up and say, ‘I can do whatever I want today’.
No-one is impressed with your possessions as much as you are. When you see a nice car, you rarely think, “Wow, the guy driving that car is cool.” Instead, you think, “Wow, if I had that car, people would think I’m cool.”
The only factor you can control generates one of the only things that matter. Building wealth has little to do with your income or investment returns and lots to do with your savings rate.
Reasonable Or Rational- Aiming to be mostly reasonable works better than being coldly rational. Do not aim to be coldly rational when making financial decisions. Aim to just be pretty reasonable.
Room For Error- The most important part of every plan is planning on your plan, not going according to plan.