Ray Dalio

Thank you, Dave.

Well, I want to distinguish there's big differences in opportunities. Yes. So let's say supposing you have two people of comparable opportunities. Yes. And then they were going to do that. Okay. The marshmallow test, as you know, apparently, is you take a kid and you say, okay, you can have one marshmallow now, or you could have two marshmallows in 15 minutes.

Well, I want to distinguish there's big differences in opportunities. Yes. So let's say supposing you have two people of comparable opportunities. Yes. And then they were going to do that. Okay. The marshmallow test, as you know, apparently, is you take a kid and you say, okay, you can have one marshmallow now, or you could have two marshmallows in 15 minutes.

If you don't eat the first one, yeah. If you don't eat the first one, right? Yep. Okay, once you start to realize that deferred gratification... is gonna make you better and so on. And you start to count and you say, like something like how many days, weeks, months or years can I live if I don't have money come in? And you start to focus in on that. That's the first step.

If you don't eat the first one, yeah. If you don't eat the first one, right? Yep. Okay, once you start to realize that deferred gratification... is gonna make you better and so on. And you start to count and you say, like something like how many days, weeks, months or years can I live if I don't have money come in? And you start to focus in on that. That's the first step.

OK, like the marshmallow test. OK, so I want to save. You got to start there. Then if you do that, you're necessarily going to go save in what, and then you'll start to get exposure to how these things are different. Okay. Then you start to care, one of these and one of those, and you start to experience, and then you start to learn. And basically that's what makes the difference.

OK, like the marshmallow test. OK, so I want to save. You got to start there. Then if you do that, you're necessarily going to go save in what, and then you'll start to get exposure to how these things are different. Okay. Then you start to care, one of these and one of those, and you start to experience, and then you start to learn. And basically that's what makes the difference.

Well, and what it does then when it comes to the money, that means money.

Well, and what it does then when it comes to the money, that means money.

Now, at that moment that you don't want it, you have savings. That means I want savings. Okay. Now you got savings. So the next thing inevitably that's going to come at you is where do I put it? And then you get your choices and then you experience it and you learn, right?

Now, at that moment that you don't want it, you have savings. That means I want savings. Okay. Now you got savings. So the next thing inevitably that's going to come at you is where do I put it? And then you get your choices and then you experience it and you learn, right?

Well, I think first you start with what are the most important things that you're closest to, like, is it your business? First, calculate how many days, weeks, months, or years you can live on your savings. because when you do that, you'll start to, you'll gain security, you'll gain that, okay? So look at how much you're spending, okay? And then say, how much do I need?

Well, I think first you start with what are the most important things that you're closest to, like, is it your business? First, calculate how many days, weeks, months, or years you can live on your savings. because when you do that, you'll start to, you'll gain security, you'll gain that, okay? So look at how much you're spending, okay? And then say, how much do I need?

And whatever that number is, you're gonna need more than that because it may go down rather than go up. So, okay, now do I have a year spending? Okay, so I think you start there. Then you start to think, what are the things that are most important for me? And then you start with your business or your residents that have a symbiotic relationship and that you know well.

And whatever that number is, you're gonna need more than that because it may go down rather than go up. So, okay, now do I have a year spending? Okay, so I think you start there. Then you start to think, what are the things that are most important for me? And then you start with your business or your residents that have a symbiotic relationship and that you know well.

Let's say if you'd start with your business Okay. You're closer to that investing in yourself with whatever that may end up being. That may be your best investment.

Let's say if you'd start with your business Okay. You're closer to that investing in yourself with whatever that may end up being. That may be your best investment.

Well, it depends if you're, if you're not, you know, if you're doing something where you can do it yourself and that's the thing, but if you're in a job and that that's not the thing, right. Cause you, cause you're in a different position. Okay. But anyway, if you, And then I really think there's something good about your home, a basic thing about your home, because it's nice forced savings.

Well, it depends if you're, if you're not, you know, if you're doing something where you can do it yourself and that's the thing, but if you're in a job and that that's not the thing, right. Cause you, cause you're in a different position. Okay. But anyway, if you, And then I really think there's something good about your home, a basic thing about your home, because it's nice forced savings.

And it also means that you fix it up, you're saving, you find out there's, oh, well, if I add this thing or that thing, and you're enjoying it. So when you're enjoying it and you're controlling it and it's yours and so on, that's pretty good. And if, you know, if they keep mortgage tax deductions and so on, there might be some benefits to it also. But that's not a black and white answer.