Category: 2 – BUY it! (All Categories are 1 – Read ASAP!, 2 – BUY it!, 3 – SHELF it, 4 – SOMEDAY it)
Comments: This is an interesting book because it isn’t about how to invest or how to think about money. Instead, I describe it as a book that is about how to think about thinking about money. It is a collection of stories and anecdotes that you’ve likely heard of before and that provide food for thought. And, it can either be a light heavy read depending on how you’re feeling.
I walked away with a list of questions that I intend to work through in the coming days. It made me think. And, for that I’m grateful.
Insights that resonated:
1. Our savings = Our earnings – Cost of essentials – Cost of our ego (all expenses related to looking good)
2. Manage your money in a way that helps you sleep well at night.
3. Luck and risk in complex systems explain outcomes better than deliberate action. Respect them. Then do what you control.
4. The key with compounding is to not interrupt it. 99% of Warren Buffett’s net worth came after his 50th birthday, and 97% came after he turned 65.
5. Luck and risk in complex systems explain outcomes better than deliberate action. Respect them. Then do what you control.