Published on October 17, 2023
Nine Laws to Getting Wealthy
Published by Jerry Teng
"There are 13 divorces among the 10 richest men in the world. Seven of the top ten have been divorced at least once." - Morgan Housel, partner at Collaborative Fund.
Housel, renowned for his book 'The Psychology of Money,' which has sold over four million copies, delves into the intricate relationship between individuals and their finances.
His extensive research underscores a compelling truth – money alone doesn't guarantee happiness.
In his most recent blog "A Few Laws of Getting Rich", Housel pinpoints the most prevalent drawbacks of wealth, what he aptly terms 'the true laws of getting rich'.
Here are the key takeaways:
1️⃣ Money Isn't Everything: Wealth doesn't guarantee happiness. Many things that bring true joy, such as loving relationships, health, and a sense of purpose, have nothing to do with money.
2️⃣ Admiration vs. Envy: What appears as admiration of success can sometimes be thinly veiled envy. Be cautious when your success overshadows the aspirations of others.
3️⃣ The Isolation of Wealth: The richer you become, the less likely people are to provide honest feedback. This isolation can hinder personal growth and decision-making.
4️⃣ The Burden of Anxiety: The relentless pursuit of wealth can lead to chronic stress and anxiety. Even when you have enough, it can be challenging to let go.
5️⃣ Wealth and Inheritance: Deciding whether to leave a significant inheritance to your children is a complex dilemma. It can either stifle their ambition or create tensions within the family.
6️⃣ Fragility of Quick Wealth: Quick riches are often short-lived. The faster the wealth accumulates, the quicker it can dissipate.
7️⃣ Reputations Have Momentum: Success attracts people, but it also magnifies scrutiny. Be aware of how your reputation can shift in both positive and negative directions.
8️⃣ Rising Expectations: With wealth comes rising expectations. The more you have, the more you compare yourself to others, which can lead to dissatisfaction.
9️⃣ Focus on the Present: In the grand scheme of life, our legacy is fleeting. Instead of obsessing over future wealth, focus on what truly makes you happy now.