“At a party given by a billionaire on Shelter Island, Kurt Vonnegut informs his pal, Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel Catch-22 over its whole history. Heller responds, “Yes, but I have something he will never have … enough.” Enough. I was stunned by the simple eloquence of that word—stunned for two reasons: first, because I have been given so much in my own life and, second, because Joseph Heller couldn’t have been more accurate. For a critical element of our society, including many of the wealthiest and most powerful among us, there seems to be no limit today on what enough entails.”
― Morgan Housel, The Psychology of Money
Chaper 3- Never Enough
People who have 1 dollar want 2.
Millionaires want to be Billionaires
Hive fish want to be whales
You get the picture. We tend to want more and more. We do not back down. Often this means giving up more important things than the money that we may or may not earn or gain. This chapter in the book really hit home hard. This is something that has caused me some stress in my life. I go back and fourth with being okay with what I have and wanting more to the point that sometimes I am miserable. I am at a pretty good point personally right now with this internal battle. I can search after more but realize that I have more than I need and am happy about where I am at.
I see this battle on hive with some users that leave. They are making a couple hive and think they should have more. Sometimes its hard seeing the whales never upvoting you. I think its fine to leave but also realize that this is a platform that you can grow on slowly and it usually ads up.
Comparison is hard for people. Quit comparing and be more happy. I think that will almost always work.
Chapter 4- Confounding Compounding
Warren buffets has won because has basically been in the market for 75 years. He wins mainly due to time in market. He is not even the greatest investor as far as percentages of all time.
The author points out that there are over 2000 books on the investment strategies of Brother Buffet and none of them focus on the fact that he entered the market when he was ten and started investing.
I really liked these 2 chapters. I spent the night tonight chatting with my 8 year old that he better get some money in the market. He better go rake some leaves for the neighbors.