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🚀 The Book in 3 Sentences

☘️ How the Book Changed Me

✍️ Top Quotes From the Book

• And behavior is hard to teach, even to really smart people.
• Two topics impact everyone, whether you are interested in them or not: health and money.
• I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.
• The economists found that people’s lifetime investment decisions are heavily anchored to the experiences those investors had in their own generation—especially experiences early in their adult life.
• Respect the power of luck and risk and you’ll have a better chance of focusing on things you can actually control. You’ll also have a better chance of finding the right role models.
• But the foundation of, “does this help me sleep at night?” is the best universal guidepost for all financial decisions.
• If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon. Time is the most powerful force in investing.
• You might think you want a fancy car or a nice watch. But what you probably want is respect and admiration.
• But saving for things that are impossible to predict or define is one of the best reasons to save.
• Savings that aren’t earmarked for anything in particular is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.
• Room for error often looks like a conservative hedge, but if it keeps you in the game it can pay for itself many times over.
• You should like risk because it pays off over time. But you should be paranoid of ruinous risk because it prevents you from taking future risks that will pay off over time.
• And past a certain level of income your savings rate is driven by your ability to keep your lifestyle expectations from running away.