Ray Dalio

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.

So you could take a short pencil and say, is it better to rent or buy? Okay, that's a different question. Maybe yes, but by and large, am I gonna move? All of those other questions. So when you start with, okay, what is it that's close to home and how much? You need a certain amount that's liquid.

So you could take a short pencil and say, is it better to rent or buy? Okay, that's a different question. Maybe yes, but by and large, am I gonna move? All of those other questions. So when you start with, okay, what is it that's close to home and how much? You need a certain amount that's liquid.

In other words, you got it in your house, you got to make a mortgage payment or something and all of a sudden it's not liquid and you lose your job. Well, that can cause you trouble. So how much do I have that's liquid? How much do I have that's not liquid? And you start to get those things right. I've got enough liquid. I got enough not liquid in those other things.

In other words, you got it in your house, you got to make a mortgage payment or something and all of a sudden it's not liquid and you lose your job. Well, that can cause you trouble. So how much do I have that's liquid? How much do I have that's not liquid? And you start to get those things right. I've got enough liquid. I got enough not liquid in those other things.

Pretty soon, you're getting yourself in good shape. You do those things, you're pretty much in good shape. And then you're also having some experiences. And then you go beyond that, you know, and then so you start to, okay, what, you know, okay, what's a stock? What's a bond? And then, you know, you learn through experiences. I learned through my experiences. I started when I was

Pretty soon, you're getting yourself in good shape. You do those things, you're pretty much in good shape. And then you're also having some experiences. And then you go beyond that, you know, and then so you start to, okay, what, you know, okay, what's a stock? What's a bond? And then, you know, you learn through experiences. I learned through my experiences. I started when I was

a kid, 12, I used to caddy. And I took my caddying money and I put it in the stock market. And I was lucky. What happened to me, by the way, is I took my caddying money and I bought the only company that I ever heard of that was selling for less than $5 a share. And I thought that that, you know, well, I was really dumb. I thought I'll buy more shares so if it goes up, I'll make more money.

a kid, 12, I used to caddy. And I took my caddying money and I put it in the stock market. And I was lucky. What happened to me, by the way, is I took my caddying money and I bought the only company that I ever heard of that was selling for less than $5 a share. And I thought that that, you know, well, I was really dumb. I thought I'll buy more shares so if it goes up, I'll make more money.

Uh, and it was the only company and it was a company that was about to go broke, but somebody, some other company acquired it and it tripled. And I thought, ah, there's an easy game and I like it easy money. So, but you know, you experiment and you learn.

Uh, and it was the only company and it was a company that was about to go broke, but somebody, some other company acquired it and it tripled. And I thought, ah, there's an easy game and I like it easy money. So, but you know, you experiment and you learn.

To give the knowledge, teach a man how to fish is better than to give him a fish. I mean, I think you can give them both. You can give education and you can show, but ability, the capacity to be productive, because, you know, if I can give you the capacity to go out in the world, it's like go into a jungle. I give you a knife and can you live in the jungle? Okay.

To give the knowledge, teach a man how to fish is better than to give him a fish. I mean, I think you can give them both. You can give education and you can show, but ability, the capacity to be productive, because, you know, if I can give you the capacity to go out in the world, it's like go into a jungle. I give you a knife and can you live in the jungle? Okay.

If I give you that capacity, that's the best thing I can give you. That's why I wrote the book and, you know, pass it on. I wrote those principles over years. And I wrote them down. And that's what I want to pass along. That's the most important thing.

If I give you that capacity, that's the best thing I can give you. That's why I wrote the book and, you know, pass it on. I wrote those principles over years. And I wrote them down. And that's what I want to pass along. That's the most important thing.

But but if you but if you've got money, you can help people a lot in a lot of different ways, which is thrilling.

But but if you but if you've got money, you can help people a lot in a lot of different ways, which is thrilling.

Well, as I said before, I remember watching the movie when I was young, David Copperfield with W.C. Fields, and he speaks to David Copperfield. And he says, he said something like, and I'll put it in dollar terms, you earn $100 and you spend $105 That's misery. If you earn $100 and you spend $95, you'll have a good life.

Well, as I said before, I remember watching the movie when I was young, David Copperfield with W.C. Fields, and he speaks to David Copperfield. And he says, he said something like, and I'll put it in dollar terms, you earn $100 and you spend $105 That's misery. If you earn $100 and you spend $95, you'll have a good life.

I mean, it wasn't exactly like that, but basically, I know so many people who don't earn much but are there. Because if you start to think about what it is that it costs you to live in terms of, let's say, the basics, give me a bed to sleep in, give me the food, let me be educated, and so on and so forth, I think most people can get themselves in a position where they're net positive.