What's Wealth? A lot of money to spend ..or...⍰⍰

Atomic ideas from Morgan Housel ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more [What's Wealth? A lot of money to spend ..or...⍰⍰]( Atomic ideas from Morgan Housel Jun 22   [READ IN APP](   Most of us tend to define wealth as that money stashed in your bank account, which you can spend any time on anything. [Making It Rain Throwing Money GIF]( Maybe not. There has to be a better perspective! [Upgrade to paid]( And who else but the money psychology expert, i.e. Morgan Housel to guide us on this. Wealth is the money that you don’t spend: Morgan Housel In a thought-provoking discussion between Morgan Housel and Shane Parrish, the two discuss some of the key financial principles and investment strategies, emphasizing the importance of independence and the distinction between being rich and wealthy. The hardest part of investing is defining the game that you’re playing Here are the most important atomic ideas from the 1.5 hrs long conversation. --------------------------------------------------------------- The Crucial Financial Skill: Avoiding FOMO Not having FOMO (Fear of Missing Out) is identified as the single most important financial skill. Being immune to FOMO allows for better long-term decision-making and wealth accumulation. The ability to ignore short-term trends and the success of others helps in maintaining a steady investment course and achieving significant financial growth over a lifetime. "If there’s one trait that’s going to allow you to accumulate wealth, it’s the lack of FOMO." --------------------------------------------------------------- The Difference Between Rich and Wealthy Being rich means having enough money to cover expenses like mortgage and credit card bills. In contrast, being wealthy signifies a degree of independence and autonomy, where money is not just for spending but also for securing freedom. v Wealth is the money that is saved and invested, not spent, allowing for future financial security and independence. "Wealth is the money that you don’t spend." --------------------------------------------------------------- The Impact of Luck and Timing Luck plays a significant role in financial success, often overlooked. Factors like where and when one is born are uncontrollable yet have a massive impact on life outcomes. ... Subscribe to NBW: your curiosity copilot to unlock the rest. Become a paying subscriber of NBW: your curiosity copilot to get access to this post and other subscriber-only content. [Upgrade to paid]( A subscription gets you: Access to all posts (and archives) Access to all 3 newsletter sections 30% + Discounts on courses and other NBW products   [Like]( [Comment]( [Restack](   © 2024 Zakti Techmedia Private Limited 677, HSR Layout, Bangalore-560102 [Unsubscribe]() [Get the app]( writing]()