This is a great read, and an easy recommendation if you enjoy non-fiction or are trying to define your philosophy when it comes to personal finance. Words in bold correspond to chapter titles.
Introduction: Here is my one-line takeaway of the book: Your wealth depends more on your attitudes, behaviours and habits around money than your earning capacity, talent, and fame.
(A great story here: the Janitor and the Millionaire).
Luck and Risk: They are two sides of the same coin — if you respect one, you must respect the other.
Don’t overweight outliers — there’s likely to be a role of luck that you can’t reliably emulate. Easier to learn from the average outcome. Nothing is as good or as bad as it seems — luck was involved.
Never Enough: The hardest financial skill is to get the goalpost to stop moving. But if your expectations don’t grow slower than your income, you will never be able to have enough.
Confounding Compounding: Good investing isn’t about earning the highest returns but about earning pretty good returns repeatedly for the longest period of time. See Warren…
