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Earn & Invest
467. The Millionaire's Mindset: Why It's Better Than Being a Billionaire w/ Tae Kim
Oct 26, 2023
Tae Kim, creator of Financial Tortoise and renowned YouTuber, shares why he believes it's better to be a millionaire than a billionaire. They discuss the difficulty of becoming a billionaire, the importance of defining personal values, and the concept of 'enough.' They also explore the relationship between money and a purposeful life and delve into the paradox of purpose.
53:31
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Quick takeaways
- Becoming a billionaire requires either an extended period of time or incredibly high returns on investment, making it unrealistic for the average person.
- The concentration of risk is a significant drawback to becoming a billionaire, as it often involves concentrated investments or business ventures with high levels of risk.
Deep dives
Reason 1: Becoming a billionaire takes a long time and outsized returns
Becoming a billionaire is not impossible, but it requires either an extended period of time or incredibly high returns on investment. The compounding effect of money means that even with a decent return, it would take many years, possibly even beyond a person's lifespan, to accumulate a billion dollars. The likelihood of consistently achieving high returns is also quite low for the average person, making the path to becoming a billionaire unrealistic.
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