Letter to my children: Rich vs Wealthy
/Dearest Beloveds, as the two of you navigate the world of capitalism and your own want monsters - I want to reiterate a thought.
I just read Morgan Housel’s The Psychology of Money:Timeless lessons on wealth, greed, and happiness. My key takeaways are threefold:
#1 Compounding interest does its magic only if you give it enough time.
#2 The unexpected will happen and your life goals will shift.
#3 It is preferable to be wealthy than rich.
All three of these are important to grok as you grow. The first is a mathematical fact. The second is common sense.* It is the last nugget I want to expand.
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