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How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel

Prof G Markets

NOTE

Distinguishing Between Rich and Wealthy

Richness is having enough money for monthly expenses and indulgences, enjoying a comfortable life. Wealth, on the other hand, implies having financial independence and autonomy, with savings to afford desired activities at will. While richness is visible through possessions, wealth remains unseen, residing in savings and investments. The preference for wealth over richness lies in the desire for independence and personal fulfillment. The distinction between the two concepts underscores the aspiration to lead life on one's terms, emphasizing autonomy and financial security. Reflecting on personal experiences, the speaker acknowledges the significance of prioritizing wealth over richness for long-term fulfillment and independence.

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