Morgan Housel

I think that they use that as their excuse.

This is not a difficult thing to wrap your head around.

This is very basic arithmetic.

Spend less money than you make.

Save the difference.

Be patient.

That's it.

That's what we're talking about.

You can explain this to a five-year-old.

And so if you're saying I'm not good with money, it's you're making a choice to not get better.

Well, thanks.

That means a lot to me.

Thank you.

Well, I'll take it back to the start of my career, which was like a lot of young men, particularly in the mid-2000s, the ultimate goal before tech really existed, the ultimate goal was be an investment banker on Wall Street.

And it's hard to remember that era because now if you're a young person at Stanford or whatever, your goal is like go work at Google, go work at OpenAI.

Back then, it was all go work at Goldman Sachs.

And so my sole kind of life aspiration when I was 20 –

was to be an investment banker or a hedge fund manager.

And I knew I loved investing.

Even at that age, I used to go to Barnes & Noble and read investing books.