> Can can git rich by growing slowly in many cases - but it will be a long hard road.
Most people don't have the patience for it and it's not as flashy. Morgan Housel (author of The Psychology of Money) on what a lot of people don't get about Warren Buffett:
> He's 90 years old. But if you look at the course of his life 99% of his net worth came after his 50th birthday and something like 97% came after his 65th birthday. That's just how compounding Works compounding is not something where the big Returns come in a year or in a decade. It's something that takes place over the course of a lifetime and it's important for someone like Warren Buffett to say look, he's 90 years old. He's been investing full-time since he's been 10 years old. So he's been investing for 80 years now. It's really important. Is that the Math on this is very simple. You can hypothetically say, okay if Warren Buffett did not start investing when he was 10. Let's say hypothetically he started investing when he was 25 like a normal person and let's say hypothetically he did not keep investing through age 90 like he has let's say hypothetically he retired at age 65 like a normal person and he would say he was just as successful and investor during that period that he was investing and he earned the same average annual Returns. What would his net worth be today? If you started investing at 25 and retired at 65 the answer is about Million dollars not 90 billion 12 million. So we know that 99.9% of his net worth can be tied to just the amount of time. He has been investing for that's how compounding works it is. So incredibly powerful, but it is rarely intuitive. Even if you understand the math behind compounding it's almost never to it intuitive how powerful it can be.
Most people don't have the patience for it and it's not as flashy. Morgan Housel (author of The Psychology of Money) on what a lot of people don't get about Warren Buffett:
> He's 90 years old. But if you look at the course of his life 99% of his net worth came after his 50th birthday and something like 97% came after his 65th birthday. That's just how compounding Works compounding is not something where the big Returns come in a year or in a decade. It's something that takes place over the course of a lifetime and it's important for someone like Warren Buffett to say look, he's 90 years old. He's been investing full-time since he's been 10 years old. So he's been investing for 80 years now. It's really important. Is that the Math on this is very simple. You can hypothetically say, okay if Warren Buffett did not start investing when he was 10. Let's say hypothetically he started investing when he was 25 like a normal person and let's say hypothetically he did not keep investing through age 90 like he has let's say hypothetically he retired at age 65 like a normal person and he would say he was just as successful and investor during that period that he was investing and he earned the same average annual Returns. What would his net worth be today? If you started investing at 25 and retired at 65 the answer is about Million dollars not 90 billion 12 million. So we know that 99.9% of his net worth can be tied to just the amount of time. He has been investing for that's how compounding works it is. So incredibly powerful, but it is rarely intuitive. Even if you understand the math behind compounding it's almost never to it intuitive how powerful it can be.
* https://podclips.com/ct/RhYCoA