7 IDEAS which summaries the book perfectly
- SAVING= INCOME – EGO
Building wealth has nothing to do with your income/investment returns and alot to do with your saving.
Saving gives you a level of freedom which income just does not.
2)SET A GOALPOST AND STICK WITH IT
There’s no reason to risk what you have and need for what you don’t have and don’t need.
Bernie Madoff’s legitimate business made between $25-50 million per year which made him hugely wealthy. And yet, the fraud.
3)INVESTING WITHOUT RUINING YOUR SLEEP
Invest the amount of money your comfortable with rather than going all out on one single thing such as crypto, risky stock or any other investment on thats volatile on exceptions of getting huge returns.
4)FOCUS ON NOT SCREWING UP
Few cheeky investors buy stock when its high and sell them when its low. As a result they always end up losing money.
Morgan says invest in long term mindset and set an amount that you will invest every month and let compounding do its magic.
5) THE BEAUTY OF COMPOUNDING
99.999% of Warren Buffetts wealth came after his 50th birthday.
In laymen terms starting investing early with your surplus cash you save every month and let compounding do its magic.
6)MONEY=FREEDOM
Moneys greatest unrated value is its ability to give you control of your most important asset TIME.
Time is a limited resource so when your young it feels like you will live forever; reality check: YOU WONT!!!
7)BELIEVE AND ATTITUDE TOWARD MONEY
The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.
Every decision people make with money is justified by taking the information they have at the moment and plugging it into their unique mental model of the world works.
