Morgan Housel

And there's no other examples of fields where a country bumpkin didn't go to school and doesn't earn that much money, but does have the right investing behavior and can invest and maintain and hold it with patience for 50 years and build a fortune, while at the same time, the Harvard-educated Goldman Sachs, NBA,

blows himself up with a complicated derivatives trade.

That kind of thing, by and large, doesn't happen in other fields.

And I think, so finance is a very unique field where it's not that behavior is important.

I think the behavior part is everything.

And behavior is very difficult to teach.

It's hard to teach even to very smart people because you can't distill it down to a formula that you can memorize.

It's unique, it's individualistic.

And so I think maybe the message, the takeaway is you have to spend a lot of time thinking about the soft skills of patience, ego, greed, fear, and you have to spend a lot of time thinking about how those topics apply to you individually, to you and your family,

and figuring out your own goals, your own benchmarks, even if they're different from the people that are around you.

It's not necessarily how much you have, it's just the contrast to what you have before.

Would you rather have a net worth of a million dollars when you used to have two million, or would you rather have a net worth of $500,000 when you used to have $200,000?

And psychologically, most people would rather have $500,000.

The speed at which a luxury becomes a necessity is two seconds.

I always say two things.

One is that... The second is...

affordable housing, I think, is the single biggest social problem because so many other social problems that might seem bigger than that are downstream of housing.

A lot of the drug problem, the fertility crisis, the degradation of politics, because if you don't feel like you're invested in your community or you're invested in your country, it's much easier to be like, burn the place down.

And so much, I wrote this in Psychology Money, if you have to sum up doing well financially in one word, I think it's

Well, you've been incredibly successful too, Shane.