Morgan Housel

I spent all of my time.

What on sports betting?

Sports betting.

Wow.

Or stock market.

Robin Hood kind of things.

And so it used to be whether it was legally or the barriers to entry to stock trading 20 years ago were pretty high.

You know, you were paying per trade.

There was a per trade fee that was like a speed bump that I actually think was a good thing.

Like there's not a lot of times in life where lower costs gives worse consumer outcomes.

I think stock trading was one of them.

It was just enough speed bump for you to be like,

do I want to be doing this?

Is this the right trade to make?

Now you can just sit there on Robin Hood all day and just buy, sell, buy, sell, buy, sell, buy, sell.

Everything we know about investing is like, that's the behavior that's going to lead to regret.

I think a lot of wealthier parents, not super wealthy, but just parents of some low level of means are

have an idea very understandable idea of like I want to use my money to give my kids a better life but I don't want them to be spoiled and the way that they go about that with very well-meaning intentions is

is being like, look, we have money to help this child, but they need to go do it themselves.

They need to go earn themselves and suffer on their own and whatnot.