Hi, reader!
In 2002, a high school student, Britney Gallivan, of Pomona, California, USA, folded a single piece of paper in half 12 times. The tissue paper used was 4,000 ft (1,219 m; 0.75 miles) long.
If she was somehow able to fold it 45 times, it would have reached the moon (250,000 miles away)!
With that, welcome to the 41st newsletter! This one is all about money.
A read.
The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel
Ever seen someone spend or invest their money and think, they are crazy! Why in the world would they do that?!
Here’s the thing: nobody is crazy. Everyone has their reasons for the actions they take with their money. Their actions are based on the experiences they have, how they grew up and when they grew up - which shapes their view of the world.
Imagine how differently the following people would treat investing, saving and debt:
25 year old in 1935 (Lived through the Great Depression)
31 year old in 1981 (U.S. interest rates were 17%)
27 year old in 1999 (U.S. stock market returned 37%, 23%, 33%, 28%, 20% in previous 5 years)
A thought.
Strong financial acumen, training and foresight certainly can play a role in developing wealth over time.
But the most important variable? Time.
Look no further than Warren Buffett.
Warren Buffett’s net worth by age:
Age 30: $1 million
Age 60: $3.8 billion
Age 91: $112 billion
Compounding is a beautiful thing.
What can you invest today that will leverage the power of time?
A quote.
“Doing well with money has little to do with how smart you are and a lot to do with how you behave.”
Do you enjoy this newsletter? The best compliment you can give is to share it with a friend, coworker or loved one.
Looking for more? You can read the first 40 editions here.