Steven

We live a pretty decent material life, but I also spend a lot of money. So the biggest expense that I have, what I spend money on is independence. And I view that as a thing I'm spending money on. I spend money on controlling my calendar. I spend money on the ability to say no to work that I don't want to do. I view it as I'm financially independent. And so I can do the work that I want to do.

We live a pretty decent material life, but I also spend a lot of money. So the biggest expense that I have, what I spend money on is independence. And I view that as a thing I'm spending money on. I spend money on controlling my calendar. I spend money on the ability to say no to work that I don't want to do. I view it as I'm financially independent. And so I can do the work that I want to do.

And I've been working on that for 25 years. What else do I spend money on? Here's what's interesting. My son back in the green room, you asked about him. It was the thing I was thinking about just a couple of weeks ago. I grew up as a skier. I was a ski racer in Lake Tahoe. And always, particularly when I was younger, there were always people on my ski team who had better gear than me.

And I've been working on that for 25 years. What else do I spend money on? Here's what's interesting. My son back in the green room, you asked about him. It was the thing I was thinking about just a couple of weeks ago. I grew up as a skier. I was a ski racer in Lake Tahoe. And always, particularly when I was younger, there were always people on my ski team who had better gear than me.

They had the newer skis and newer boots and cooler gear and whatnot. And I always, I hated it. It made me so insecure. I hated it. And one of the things that I did was when my son started skiing a couple of years ago, I was like, I'm going to buy you the best stuff. Because I was insecure and I'm going to make up for that little chip on my shoulder. I'm going to buy you the best gear.

They had the newer skis and newer boots and cooler gear and whatnot. And I always, I hated it. It made me so insecure. I hated it. And one of the things that I did was when my son started skiing a couple of years ago, I was like, I'm going to buy you the best stuff. Because I was insecure and I'm going to make up for that little chip on my shoulder. I'm going to buy you the best gear.

And here's the thing. He couldn't care less about it. He could not care less about the fancy stuff that he has. Couldn't care less about it. So everyone's different in that. And it also gets back to like a lot of spending is based off of a story or a scar that you had from earlier in your childhood.

And here's the thing. He couldn't care less about it. He could not care less about the fancy stuff that he has. Couldn't care less about it. So everyone's different in that. And it also gets back to like a lot of spending is based off of a story or a scar that you had from earlier in your childhood.

You said roughly what percentage of your net worth? 20%, 25% maybe. We own a house outright and then the rest in stocks. It's very simple. Our entire net worth is a house, cash, Vanguard index funds, and shares of Markel where I'm on the board of directors. That's it. That's my entire net worth. It's as simple and boring and bland as you could possibly get.

You said roughly what percentage of your net worth? 20%, 25% maybe. We own a house outright and then the rest in stocks. It's very simple. Our entire net worth is a house, cash, Vanguard index funds, and shares of Markel where I'm on the board of directors. That's it. That's my entire net worth. It's as simple and boring and bland as you could possibly get.

And what I want to do with that, the reason I keep it so boring is the variable that I want to maximize for is endurance, as we spoke about earlier. So if my finances are so simple, then I can spend all of my mental energy, all of the strategy is how can I make sure that I can just keep this going for as long as I possibly can.

And what I want to do with that, the reason I keep it so boring is the variable that I want to maximize for is endurance, as we spoke about earlier. So if my finances are so simple, then I can spend all of my mental energy, all of the strategy is how can I make sure that I can just keep this going for as long as I possibly can.

So an index fund is a collection of hundreds, if not thousands, of businesses. So when you buy an index fund, you're owning a little bit of Apple, Amazon, Google, Facebook, all of them. Every public company that's available, you're owning a tiny slice of them. One way to think about it is when you buy an index fund, you're owning a little slice of American capitalism.

So an index fund is a collection of hundreds, if not thousands, of businesses. So when you buy an index fund, you're owning a little bit of Apple, Amazon, Google, Facebook, all of them. Every public company that's available, you're owning a tiny slice of them. One way to think about it is when you buy an index fund, you're owning a little slice of American capitalism.

There's lots of them. I mean, there's tons of them that are equally good. So this is not to say that one is necessarily better than the other.

There's lots of them. I mean, there's tons of them that are equally good. So this is not to say that one is necessarily better than the other.

Most of what I buy is called the Vanguard Total Stock Market Index. The ticker is VTI. Not a recommendation for others, but it's the broadest index. It basically owns every stock that's available to buy in the world. And it does it at a very, very low fee. And so I'm not making any bet on AI. I'm not making any bet on this industry or that company.

Most of what I buy is called the Vanguard Total Stock Market Index. The ticker is VTI. Not a recommendation for others, but it's the broadest index. It basically owns every stock that's available to buy in the world. And it does it at a very, very low fee. And so I'm not making any bet on AI. I'm not making any bet on this industry or that company.

You're owning a little bit of slice of American business.

You're owning a little bit of slice of American business.