My First Million 10 Years of Money Wisdom in 51 Minutes | Morgan Housel
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Jan 21, 2026 
Morgan Housel, an acclaimed financial writer and bestselling author, shares insights on the complex relationship we have with money. He emphasizes two approaches to using money: as a tool for better living or a measure of self-worth. Housel discusses the importance of financial independence, the pitfalls of status symbol purchases, and how personal finance is ultimately about individual behavior. He also highlights that the key to financial success lies in behavior over knowledge, making a compelling case for understanding one's motivations with money.
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Compounding Requires Time More Than Genius
- Time compounded Buffett's edge far more than stock-picking skill alone.
- 99% of his net worth accumulated after age 60, showing longevity beats cleverness.
Returns Are Driven By A Tiny Tail
- A tiny fraction of bets produce the vast majority of returns in investing.
- Removing the top few winners collapses long-term performance to average.
Get Comfortable With Lots Of Failures
- Accept that investing is a tail-driven game and prepare for many failures.
- Be comfortable with volatility and many things not working to let winners compound.
