Chapter
Wealth Building with a Long-Term Mindset
32:39 - 37:53 (05:13)
Building wealth requires a long-term mindset, but it's important to balance it with a sense of short-term paranoia for financial security. While taking calculated risks can lead to getting rich, it's crucial to also focus on staying rich by maintaining a high savings rate, no debt, and lots of cash.
Clips
Investing in the economy, practicing delayed gratification, and consistently creating valuable content are some ways to achieve long-term success.
32:39 - 35:13 (02:33)
Success
Summary
Investing in the economy, practicing delayed gratification, and consistently creating valuable content are some ways to achieve long-term success. Often the short-term cost is necessary for long-term gains.
ChapterWealth Building with a Long-Term Mindset
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The skills it takes to become rich can be different from the skills it takes to stay rich.
35:13 - 37:53 (02:40)
Personal Finance
Summary
The skills it takes to become rich can be different from the skills it takes to stay rich. While swinging for the fences may get you to become rich, saving like a pessimist and investing like an optimist will help you stay rich.