You wouldn’t call me a voracious reader but I my nightstand always has a book and a pen on it. Interestingly, I just finished Morgan Housel’s book “The Psychology of Money” and took copious notes. The book, which is mentioned in this article, discusses various ways in which our attitudes and tendencies can enhance or detract from our ability to accumulate wealth. Among the passages that I highlighted are, (I might be paraphrasing…) “Growth is driven by compounding which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence which can happen in an instant.” and “Time is the most powerful force in investing. It makes little things grow big and big mistakes fade away.” Our ability to stick to our plan, and stay the course, has a material and measurable effect on our wealth accumulation.

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