My Notes
This book fundamentally changed how I think about wealth and financial decisions.
Key Takeaways
- Wealth is what you don't see - The cars not purchased, the diamonds not bought. True wealth is the financial assets that haven't yet been converted to stuff.
- Compounding is magic - Warren Buffett's skill is investing, but his secret is time. He's been investing for three-quarters of a century.
- Getting wealthy vs. staying wealthy - Getting money requires taking risks, being optimistic, and putting yourself out there. Keeping money requires humility and fear.
Favorite Quote
"Spending money to show people how much money you have is the fastest way to have less money."
Who Should Read This
Anyone who wants a healthier relationship with money. It's not about spreadsheets and formulas - it's about behavior and psychology.