One of our favorite podcast guests, author Morgan Housel, wrote a piece about “rich” versus “wealthy.” We had to share the quote below that stands out to us.

I want to be rich, because I like nice stuff. But what I value far more is being wealthy, because I think independence is one of the only ways money can make you happier. The trick is realizing that the only way to maintain independence is if your appetite for stuff – including status – can be satiated. The goalpost has to stop moving; the expectations have to remain in check. Otherwise, money has a tendency to be a liability masquerading as an asset, controlling you more than you use it to live a better life.

For the full piece click here.

And if you can’t get enough of Morgan’s writing here’s more.

Imagine it’s a very still day, and you’re in a boat on the ocean.

There’s no wind.

No swell.

The water is as flat as a mirror.

The calm goes on just long enough for you to start to feel like it’s normal.

When a small wave finally comes… it feels big. When a regular wave comes… it feels huge.

As scary as it might feel, it’s important to remember that waves are normal.

In fact, occasional storms are normal.

And the last thing you want to do when you get into a storm is abandon ship.

Past podcast guest and avid fisherman David Coggins recently shared some thoughts on taking the long view in his newsletter, and it feels like you could swap “fishing” for “investing”, and the meaning might remain close to the same:

The Long View – People have a platonic vision of what fly fishing should be, and when they start, they feel like they’re a long way off. Then they get frustrated. I get it. There isn’t a fishing humiliation I haven’t suffered through—tangles, knots, catching the tree behind you, catching the same tree behind you again, falling in the water, losing a fish, losing more fish. That’s all fishing. But fishing is also: being on the water, engaging with the natural world, being in a beautiful place and not looking at your cell phone, and yes, drinking terrifically bad beer. Fishing, for me, is the entire experience and the small disasters along the way are part of the long game.

When I’m with a friend who’s learning to fish, and we get to the water, there’s always a sense of anticipation and a few nerves. I take a moment to say, “I’m happy to be here with you. Don’t worry about mistakes. I’ve made them all. We’re here to have a good time in this beautiful place. It’s going to be a good day.” And it is.