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Quick takeaways
- Getting rich and staying rich require different skills, and both are necessary for long-term success.
- Surviving and avoiding ruin is crucial for staying wealthy, and having a barbell personality of optimism and paranoia is vital for financial endurance.
Deep dives
The Importance of Getting Rich vs. Staying Rich
Many people have become incredibly wealthy during the boom of tech stocks, only to lose it all in a short period of time. The skills needed to get rich are different from the skills needed to stay rich. Bill Gates, for example, had a barbell personality, taking big risks while also being conservative with cash. The key to staying rich lies in a combination of frugality and paranoia.
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