Notes:
- It’s important to stay humble with your money and don’t overspend.
- We manage our money based on our own experiences.
- When you have success, understand that part of that was also luck and that risk is ahead and bad times might come. On the other hand, if you don’t have success, understand that it could have been bad luck and that good luck will come.
- Learn to have enough.
- Value the compound effect.
- You have to learn how to stay wealthy, not just how to get wealthy.
- A small percent in a portfolio makes most of it returns.
- The best thing about money is that it gives you freedom and flexibility.
- Saving is more important than earning.
- It’s fine to not always be rational.
- History can be a teacher but you can not forecast the future based on the pas, as things change.
- Always leave enough room for error.
- Nothing good in life is free.
- Different people have different goals.
- A Rolex for Tito Aba makes sense because in his customer circle he needs to present himself successful and that how it’s measured there. I work at home in my office in jogging pants and it doesn’t matter.
- Don’t let yourself get sedated by pessimism.
Summary:
The book deepens a lot of learnings that are also mentioned in other books. The main things that sticked in my head were that it’s important to live below your means and save, and that rational optimism is important.