Making money is a great skill. But you know what's greater? Keeping and growing the money you've made. This is a difficult game, and many, including people like Warren Buffett have made mistakes keeping money. That's what Morgan Housel teaches us in this chapter, "Getting Wealthy versus Staying Wealthy." The difference is plenty as we'll see in the case of Jesse Livermore, Abraham Germansky, and Rick Guerin.
Key principles from this lesson:
- Avoid wipeouts
- Always keep a margin of error
- Short term paranoia and long term optimism
Link to buy the book: https://amzn.to/3zIDSik
If there's any way I can improve, let me know.
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Aakash
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