Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor (#576)

Every decision people make with money is justified by taking the information they have at the moment and plugging it into their unique mental model of how the world works.

Like everything else worthwhile, successful investing demands a price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret—all of which are easy to overlook until you’re dealing with them in real time.

The ability to do those things when most others can’t is one of the few things that will set you apart in a world where intelligence is no longer a sustainable advantage. Having more control over your time and options is becoming one of the most valuable currencies in the world. That’s why more people can, and more people should, save money.