Steven

I'll keep this very simple.

I'll keep this very simple.

It is largely a mindset. You have an obligation to understand how money works and how to manage it. And it's one of many topics in which you're going to learn the best by experiencing the downside. It'll come back to that.

It is largely a mindset. You have an obligation to understand how money works and how to manage it. And it's one of many topics in which you're going to learn the best by experiencing the downside. It'll come back to that.

So most people view saving money as it's just wasted sitting there, but you need the cushion so that when the economy goes south and there is a recession, I want to have a level of control over my ability to support my family.

So most people view saving money as it's just wasted sitting there, but you need the cushion so that when the economy goes south and there is a recession, I want to have a level of control over my ability to support my family.

This is a bad answer that no one's going to like, but...

This is a bad answer that no one's going to like, but...

One thing that virtually everyone listening to this could learn from is they were way more patient and had way more endurance than anyone else.

One thing that virtually everyone listening to this could learn from is they were way more patient and had way more endurance than anyone else.

So compound interest is the most misunderstood thing about investing because that's what builds wealth. If you look at like Warren Buffett, he wouldn't want to get haircuts because if he invested that money and leave it alone for 50 years, in his mind, a haircut would cost $10,000.

So compound interest is the most misunderstood thing about investing because that's what builds wealth. If you look at like Warren Buffett, he wouldn't want to get haircuts because if he invested that money and leave it alone for 50 years, in his mind, a haircut would cost $10,000.

Thank you, Steve. It's so good to be back. I think what I like about what you just said, and thank you for that, is that you said the book changed how you think. And that's important because the book does not tell you what to do. Nowhere in the book do I say, this is how you should invest your money. This is how you should spend your money. Because you're different from me and everyone else.

Thank you, Steve. It's so good to be back. I think what I like about what you just said, and thank you for that, is that you said the book changed how you think. And that's important because the book does not tell you what to do. Nowhere in the book do I say, this is how you should invest your money. This is how you should spend your money. Because you're different from me and everyone else.

We're all different. I've always just been interested in how people think. Like what's going through your head when you're making investing decisions? And if you can understand greed, fear, risk, envy, jealousy, those topics, that is way more important than anything they will teach you in a PhD finance course at Harvard.

We're all different. I've always just been interested in how people think. Like what's going through your head when you're making investing decisions? And if you can understand greed, fear, risk, envy, jealousy, those topics, that is way more important than anything they will teach you in a PhD finance course at Harvard.

Not that the technical stuff doesn't matter, but the psychological stuff with money is everything. I mean, so many money problems in the real world have to do with impatience, envy, greed, That's it. It's not that people don't know the formulas, don't know the data, don't know how to calculate compound interest by hand. None of that matters. It's envy. It's impatience.

Not that the technical stuff doesn't matter, but the psychological stuff with money is everything. I mean, so many money problems in the real world have to do with impatience, envy, greed, That's it. It's not that people don't know the formulas, don't know the data, don't know how to calculate compound interest by hand. None of that matters. It's envy. It's impatience.

And so that, as a writer, that's what I was always interested in. I'm tired of people giving advice and saying, these are the stocks you should buy. And here's what the economy is going to do next quarter. No one was any good at it. But I was always just fascinated in what's going on in people's heads. And you asked why is that important right now. Well, I think it's always important.

And so that, as a writer, that's what I was always interested in. I'm tired of people giving advice and saying, these are the stocks you should buy. And here's what the economy is going to do next quarter. No one was any good at it. But I was always just fascinated in what's going on in people's heads. And you asked why is that important right now. Well, I think it's always important.