The man who can make anyone rich: Morgan Housel. Last year, he sat down with Steven Bartlett and shared the wealth secrets nobody teaches. Here are his 7 mind-blowing money insights:
Wealth isn't about having money to spend. It's about having money you DIDN'T spend. "Rich is you have enough money to buy what you want... Wealth is money that you DID NOT spend." Wealth = freedom to wake up and do whatever you want.
The hardest financial skill? Getting the goalpost to stop moving. "For every goal that they hit, whenever my net worth is X, all my problems are going to go away. They hit X and just keep moving the goalpost." This is why so many wealthy people remain unhappy.
The equation for financial success isn't complicated: Returns^Time The magic isn't in higher returns. It's in the TIME component. "If you have endurance in your investing, you're going to beat 97-99% of the genius stock pickers."
The first rule of happiness is LOW EXPECTATIONS. When your expectations exceed your circumstances, you'll always be unsatisfied. No matter how much money you make. "If your expectations rise faster than your income, you're never going to be happy with your money."
Your desire to show off decreases when you realize: Nobody cares about your stuff as much as you do. "When someone drives in with a Rolls Royce, I never think 'that guy is cool.' I imagine myself as the driver and think people would think I'm cool."
The variable that matters most is endurance. "If I can just earn average returns for an above-average period of time, it's going to lead to success” His parents (with zero financial background) have outperformed 97% of professionals by simply never selling.
Most good news happens slowly. Most bad news happens fast. This is why we're constantly bombarded with negative headlines. "The mortality from heart disease improved by 2% per year for 70 years. That's MASSIVE progress, but you'll never see that headline."
Real wealth isn't fancy cars or jets. It's having the freedom to spend your time exactly how you want. For more insights that will transform how you think about money and wealth-building. Follow me @AaronRofficial_
