Behavior beats intelligence
Morgan Housel opens his book with a strong conviction: doing well with money has little to do with how smart you are, and everything to do with how you behave. He cites Ronald Read, an American janitor and gas station attendant who left more than 8 million dollars at his death, simply by saving and letting his investments grow for decades.
By contrast, Richard Fuscone, a Harvard-educated former Merrill Lynch executive, went bankrupt after the 2008 crisis. Finance is not a hard science like physics: it is a behavioral discipline, where patience and self-control matter far more than credentials.
In practice, work on your reactions first: your relationship with fear, greed, and waiting determines your financial results.
By contrast, Richard Fuscone, a Harvard-educated former Merrill Lynch executive, went bankrupt after the 2008 crisis. Finance is not a hard science like physics: it is a behavioral discipline, where patience and self-control matter far more than credentials.
In practice, work on your reactions first: your relationship with fear, greed, and waiting determines your financial results.
Your habits and emotions around money matter more than your IQ: build patience before chasing performance.
