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Don’t Get Rich Quick, Get Rich For Sure
The secret to building long-term wealth
People have tried just about everything you can imagine to get rich. The most popular ideas are the ones that don’t require any work or time. That is why, despite everyone knowing that lotteries are a bad investment, they are immensely popular.
Human nature seems to be that we would rather throw money away gambling on a tiny chance of a big win than spend the time and effort to learn how to invest. Even the brilliant Sir Isaac Newton lost some $20 million in today’s dollars in the speculative South Sea Company bubble in 1720. When asked about the loss, he famously stated that he:
“could calculate the motions of the heavenly stars, but not the madness of people”
However, the reality is that it is through the steady accumulation of wealth by investment and business skill that produces real riches, not moonshots and lottery tickets.
Trying to get rich quickly more often than not results in getting poor.
What Most People Get Wrong
To me, the main thing that so many people get wrong is that they invest with emotion rather than logic. They see something growing in price, like Tesla or Bitcoin, and they…
