Chapter
The Importance of Savings and Preparing for Unforeseeable Risks
56:31 - 1:07:35 (11:04)
Saving for excess is important when preparing for risks that you cannot envision. Being aware of potential risks and considering life in a different time and place can increase curiosity and understanding of the world.
Clips
The practice of considering what life would be like if one lived in a different time and place can increase curiosity and provide unique insights into the world.
56:31 - 59:22 (02:51)
Summary
The practice of considering what life would be like if one lived in a different time and place can increase curiosity and provide unique insights into the world. Visiting the Library of Congress and reading historical newspapers can offer a deeper understanding of past events and decisions.
ChapterThe Importance of Savings and Preparing for Unforeseeable Risks
Episode#299: Morgan Housel – Happiness, Fame, Reading, ChatGPT, & Optimism
PodcastThe Danny Miranda Podcast
The probability that something will go wrong in a given year is pretty high when considering all the things that could go awry, even if each scenario has only a 1% chance of occurring.
59:22 - 1:02:38 (03:15)
Summary
The probability that something will go wrong in a given year is pretty high when considering all the things that could go awry, even if each scenario has only a 1% chance of occurring.
ChapterThe Importance of Savings and Preparing for Unforeseeable Risks
Episode#299: Morgan Housel – Happiness, Fame, Reading, ChatGPT, & Optimism
PodcastThe Danny Miranda Podcast
The majority of people and businesses are not financially or mentally prepared for unforeseeable risks, leading to catastrophes such as financial crisis and deep recessions.
1:02:40 - 1:06:06 (03:25)
Summary
The majority of people and businesses are not financially or mentally prepared for unforeseeable risks, leading to catastrophes such as financial crisis and deep recessions. By saving more than what may seem necessary, individuals can better prepare for these events.
ChapterThe Importance of Savings and Preparing for Unforeseeable Risks
Episode#299: Morgan Housel – Happiness, Fame, Reading, ChatGPT, & Optimism
PodcastThe Danny Miranda Podcast
The uncertainty of the future leads to a need for humility, as it is impossible to predict either good or bad outcomes.
1:06:06 - 1:07:35 (01:29)
Summary
The uncertainty of the future leads to a need for humility, as it is impossible to predict either good or bad outcomes. Similarly, innovation takes time to succeed and cannot be accurately forecasted.