Steven

I think that's always important. I think it's a major psychological skill in life in general. This goes beyond money. is recognizing when things are abnormally good and preparing yourself for them to go the other way as they inevitably will.

Yeah.

Yeah.

This sounds like such a squishy BS kind of answer, but I think there's a lot of truth to this, and I'll explain in a second. It is largely a mindset. And that sounds crazy, but I'll explain what I mean. My grandmother-in-law, she passed away a couple years ago. She was 92 when she passed away. She, for 30 years, she lived off of nothing but Social Security.

This sounds like such a squishy BS kind of answer, but I think there's a lot of truth to this, and I'll explain in a second. It is largely a mindset. And that sounds crazy, but I'll explain what I mean. My grandmother-in-law, she passed away a couple years ago. She was 92 when she passed away. She, for 30 years, she lived off of nothing but Social Security.

I think she got $1,700 a month from Social Security. She had nothing else. No savings, no pension, no nothing. She was the happiest person. I've met half a dozen billionaires in my life. I'm sure you have as well. None of them were as happy as she was. And she was technically, she was like financially broke, but she had this level of psychological wealth that was like unparalleled.

I think she got $1,700 a month from Social Security. She had nothing else. No savings, no pension, no nothing. She was the happiest person. I've met half a dozen billionaires in my life. I'm sure you have as well. None of them were as happy as she was. And she was technically, she was like financially broke, but she had this level of psychological wealth that was like unparalleled.

And the reason was off $1,700 a month, that was all she needed. She was perfectly happy toiling in her garden, watching birds, going for walks, hanging out, reading from books from the library, perfectly content with all of that. She didn't need anything else. So she had very little money, but she wanted even less. And so she had a level of independence that a lot of billionaires do not.

And the reason was off $1,700 a month, that was all she needed. She was perfectly happy toiling in her garden, watching birds, going for walks, hanging out, reading from books from the library, perfectly content with all of that. She didn't need anything else. So she had very little money, but she wanted even less. And so she had a level of independence that a lot of billionaires do not.

Because if you are a billionaire, if you have a billion dollars in the bank, but you are so encumbered by your business, your employees, your suppliers, your customers, you're waking up at three in the morning sweating because you got this email and you're stressed out about it, you actually have very little independence in that situation. Your shareholders or regulators are coming down on you.

Because if you are a billionaire, if you have a billion dollars in the bank, but you are so encumbered by your business, your employees, your suppliers, your customers, you're waking up at three in the morning sweating because you got this email and you're stressed out about it, you actually have very little independence in that situation. Your shareholders or regulators are coming down on you.

I mean, we see this. There's no one in particular here, but we've seen very wealthy people kind of become sycophants to politicians. And the truth is a lot of those mega billionaires absolutely rely on politicians and regulators to keep their machine moving. And so my grandmother-in-law on $1,700 a month had a higher level of independence than a lot of those people do.

I mean, we see this. There's no one in particular here, but we've seen very wealthy people kind of become sycophants to politicians. And the truth is a lot of those mega billionaires absolutely rely on politicians and regulators to keep their machine moving. And so my grandmother-in-law on $1,700 a month had a higher level of independence than a lot of those people do.

And that's why I say like a lot of this is a mindset because the truth is the vast majority of people listening to this could have a level of independence. It's not that you can retire tomorrow, but you can have a level of financial independence once you realize that the key is managing your expectations. More than it is how can I just pile up as much money as I possibly can.

And that's why I say like a lot of this is a mindset because the truth is the vast majority of people listening to this could have a level of independence. It's not that you can retire tomorrow, but you can have a level of financial independence once you realize that the key is managing your expectations. More than it is how can I just pile up as much money as I possibly can.

It's easy to think, like, how do you become financially independent? Like, save a ton of money. And there's truth to that. Of course, that's part of it. But more of it is just in, like, what kind of life do you want to live? Because if your expectations are growing faster than your net worth, it's never going to feel like it. You'll never be independent. Never.

It's easy to think, like, how do you become financially independent? Like, save a ton of money. And there's truth to that. Of course, that's part of it. But more of it is just in, like, what kind of life do you want to live? Because if your expectations are growing faster than your net worth, it's never going to feel like it. You'll never be independent. Never.

You have $100 billion, but if you want more and more and more, it's never gonna feel like it's enough. Or if you enjoy birdwatching and reading books like my grandmother-in-law, 7,800 bucks a month, you're all set. You're set for 30 years.

You have $100 billion, but if you want more and more and more, it's never gonna feel like it's enough. Or if you enjoy birdwatching and reading books like my grandmother-in-law, 7,800 bucks a month, you're all set. You're set for 30 years.

You're rich.