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#195 Morgan Housel: Get Rich, Stay Rich

The Knowledge Project with Shane Parrish

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The Importance of Patience and Overcoming FOMO in Investing

Having patience in investing and not being influenced by the fear of missing out (FOMO) is crucial for long-term wealth accumulation. While the desire to get rich quickly may be strong, historical evidence shows that wealth is built through patience, consistent saving, and allowing investments to grow over time. Succumbing to FOMO can derail financial success, particularly in modern markets where social media amplifies comparison and market hype. The ability to remain unaffected by others' success and to stick to a long-term investment strategy, like owning index funds, is more important than trying to time the market or pick individual stocks. Overcoming FOMO and maintaining patience in investing can lead to achieving financial goals and potentially positioning oneself among the top wealth accumulators in the long run.

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