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#195 Morgan Housel: Get Rich, Stay Rich

The Knowledge Project with Shane Parrish

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The Paradox of Risk and Wealth

This chapter examines the relationship between risk-taking and financial status, revealing how individuals with lower incomes often engage in riskier behaviors, such as buying lottery tickets. It explores the influence of personal circumstances on decision-making, arguing that factors like upbringing and historical timing shape opportunities for wealth. Additionally, it contrasts the long-term investment strategies of successful individuals with the detrimental effects of short-term pressures, emphasizing the importance of patience and composure in achieving financial success.

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