Morgan Housel

And maybe there's an analogy to health in this.

There are the well-known biohackers out there who are just trying, they view their body as a Rube Goldberg machine.

And they're like, I got to maximize this and do this and take these pills and this diet and whatnot.

I don't think that's necessarily bad, but without being any bit of a health expert at all myself, I'm like, look, if you just eat a balanced diet and sleep eight hours and exercise a couple of times a week,

That's probably good enough.

That's probably getting you 90 or 95% of the way, or maybe even 100% of the way to the results that the biohacker is going to get.

I think that's by and large true.

And I view finances very similarly, where my just painfully simple finances, I bet over the course of a lifetime, not in any given year, but over a lifetime, if you compared it to someone whose finances were very complicated and had all kinds of transactions-

not only would I be likely to match those, but probably exceed them.

And I did it with virtually zero effort.

And that's why I do it.

I don't recommend other people do it.

It fits my personality and it allows me to focus on the variable that I want to, which is endurance.

The simpler it is, the easier it is.

I think the higher the odds that I can just stay with it.

Whereas if it was very complicated, I might get to a point in the economy or my career or my cognitive capacity where I can't keep it going.

And so I think the higher the odds that I can just leave it alone for 50 years, the higher the odds that you will actually maximize wealth doing it.

I do a lot of mental accounting, by which I mean of like money is fungible.

One dollar is the same as any other dollar.

But I have a lot of mental accounting where in my own life, you know, I sell books, I speak at conferences, I do some other stuff like that.