Most kids raised in middle-class or working-class homes hear the same advice growing up. Work hard, show up on time, and save a little from every paycheck. That advice will keep the lights on. It almost never gets anyone to upper-class wealth on its own, and the people who make that climb usually figure this […]
Charlie Munger spent decades studying why smart people do dumb things with their money and their lives. His explanation usually came back to temperament, and he had little faith that a high IQ could rescue someone who couldn’t control their feelings. Munger laid out these mental traps in his talk “The Psychology of Human Misjudgment”
Carol Dweck, a psychologist at Stanford, gave us the phrase “growth mindset.” The idea beneath it is much older than her research. In her work, a growth mindset is the belief that your abilities and intelligence can be developed through effort, good strategies, and help from others. People with a fixed mindset see talent as
Marcus Aurelius ruled the Roman Empire from 161 to 180 AD. The notebook he kept during those years was never supposed to be read by anyone else, and much of it reads like a mentally tired man arguing with himself about how to behave on bad days. After his death, those private notes were published
Charlie Munger called Benjamin Franklin one of his heroes for most of his adult life. He even named his famous collection of speeches Poor Charlie’s Almanack as a nod to Benjamin Franklin’s Poor Richard’s Almanack. What drew Munger to Franklin was simple. Franklin got rich the slow and honest way, then spent his money and
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For a long time, a few purchases were considered part of a middle-class lifestyle. A new car in the driveway and takeout on busy weeknights felt like fair rewards for steady work, and so did a summer trip to the beach. That math has changed. Years of high inflation and higher interest rates, plus housing
Marcus Aurelius ruled Rome from 161 to 180 AD. He also left behind one of the most widely read books of Stoic philosophy, which he never intended anyone else to see. Meditations started as private notes. He wrote parts of it in army camps along the Danube frontier, in the middle of long wars, with
Income gets the most attention when people talk about socio-economic class. What a household buys with its money matters just as much over 30 years as its earned income. Upper-class families tend to invest their money in assets that generate returns, such as stocks, rental properties, and businesses they own. Many working-class families spend their
Charlie Munger spent decades as vice chairman of Berkshire Hathaway, and he had very little patience for small talk. He never wrote a guide for introverts, yet a lot of what he said fits quiet, inward people almost perfectly. He got rich by reading, waiting, and thinking for himself. Networking events had almost nothing to
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Marcus Aurelius spent much of his reign fighting on the empire’s northern frontier while plague spread at home. During those years, he kept a private journal and used it to argue with himself about how to think. That notebook is now called Meditations. Smart people still read it because the advice is usable, and you
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Charlie Munger spent decades as Warren Buffett’s partner at Berkshire Hathaway. He studied failure as closely as success, and he talked often about the small, repeated mistakes that quietly drain people’s finances. His advice was blunt. Avoid the obvious errors, and a lot of good things will take care of themselves, which goes a long
Money alone won’t earn you acceptance in upper-class circles. Plenty of people with seven-figure net worths still get quietly labeled as outsiders at dinner parties, country clubs, and charity events, and they rarely find out why. That judgment usually comes down to small habits. Most of them are learned in childhood, and nobody in wealthy
Charlie Munger spent decades as Warren Buffett’s business partner and vice chairman of Berkshire Hathaway. He got rich slowly, by reading constantly, spending carefully, and refusing to do dumb things with his money. He had no secret formula to sell. What he left behind is a short list of habits that sound obvious on paper
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Ask ten Americans whether they are rich, and most will answer based on a feeling. Some earn six figures and still feel broke every month. Others own a paid-off house in a small town and quietly rank in the top quarter of the country without knowing it. Net worth settles the argument. It’s everything you
Marcus Aurelius ruled Rome from 161 to 180 AD. He spent those years surrounded by generals, senators, lawyers, and a steady line of people who wanted something from him, yet the man under the purple robe preferred quiet and long hours alone with his thoughts. He kept a private journal written in Greek. We call
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Most people knew the late Charlie Munger as Warren Buffett’s partner and the longtime vice chairman of Berkshire Hathaway. Fewer people know that he started out as a lawyer in Los Angeles and later ran his own investment partnership before joining Buffett full-time. Those early jobs taught him how money really changes hands. Strip away
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Most people hear the phrase “lone wolf” and picture a grumpy loner who skips every party and trusts nobody. That picture leaves a lot out. Plenty of lone wolves are simply independent people who feel comfortable working outside the pack. Marcus Aurelius, the Roman emperor whose private Stoic journal was later published as Meditations, wrote
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Ask a typical family to list their biggest assets, and the answer usually starts with their house. The truck comes next, and maybe the boat is sitting under a tarp on the side of the yard. Wealthy families keep score with a much narrower rule. If something puts money in your pocket, it’s an asset,
Marcus Aurelius spent much of his reign as Emperor fighting on Rome’s northern frontier while a plague moved through the empire. During those years, he kept a private journal, written in Greek and addressed to no one but himself. His writings were later published as Meditations, which read like a man arguing with his own
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Charlie Munger spent more than four decades as Warren Buffett’s partner at Berkshire Hathaway. He was famous for his blunt opinions, and many of his sharpest were about things smart people should avoid if they want to build wealth. Munger often said that he and Buffett gained a long-term edge simply by trying to consistently