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Known Costs, Unknowable Benefits
Define the cost of success and be ready to pay it. Because nothing worthwhile is free. And remember that most financial costs don’t have visible price tags. Uncertainty, doubt, and regret are common costs in the finance world. They’re often worth paying. But you have to view them as fees (a price worth paying to get something nice in exchange) rath
... See moreMorgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Perhaps the deepest insight that comes from thinking about later life as a chance to exploit knowledge acquired over decades is this: life should get better over time. What an explorer trades off for knowledge is pleasure. The Gittins index and the Upper Confidence Bound, as we’ve seen, inflate the appeal of lesser-known options beyond what we actu
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