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#195 Morgan Housel: Get Rich, Stay Rich

The Knowledge Project with Shane Parrish

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Wealth is The Money You Don't Spend

Wealth is having a degree of independence and autonomy, where the money you save and invest provides you with financial independence. Unlike material possessions like homes and cars, wealth is hidden in accounts. People often mistake visible signs of wealth like expensive cars and mansions as indicators of financial success, but true wealth lies in financial independence rather than flashy displays of spending. To achieve wealth instead of just being rich, one should aspire to have financial independence rather than just meeting monthly expenses. Role models for financial success are often those living modestly, as they are the ones who are truly wealthy and independent.

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