Here’s what we have on deck today:

​

📗 Read: 10 Investing Lessons from Charlie Munger

​

🎙️ Listen: How to Budget With Variable Income

One of the wisest people in history passed away last week. He was a high influence on the way I thought about investing and business. Here are some of my favorite quotes from the great Charlie Munger.

​

​

1. "The big money is not in the buying and selling but in the waiting."

​

This quote emphasizes the virtue of patience in investing. Charlie suggests that true wealth is generated not by frequent trading but by patiently holding onto investments over a long period.

​

2. "It's not supposed to be easy. Anyone who finds it easy is stupid."

​

​

Here, Charlie highlights the inherent challenges in investing. Successful investing requires effort and understanding, and anyone who thinks it's simple may be overlooking its complexities.

​

3. "Knowing what you don't know is more useful than being brilliant."

​
​

Charlie points out the importance of acknowledging one's limitations. Recognizing the boundaries of your knowledge can be more valuable than intelligence alone in making wise investment decisions.

​

4. "Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat."

​

This quote underscores the importance of maintaining integrity and a good reputation in the business and investing world. These are critical assets that, once lost, are difficult to regain.

​

5. "Diversification is protection against ignorance. It makes little sense if you know what you are doing."

​

He challenges the conventional wisdom of diversification, suggesting that it's more a tool for those who are unsure of their investment choices. For those who are knowledgeable and confident, concentration might be more rewarding.

​
​

6. "A great business at a fair price is superior to a fair business at a great price."

​

This emphasizes the value of investing in high-quality businesses. A good company purchased at a reasonable price is often a better investment than an average company bought cheaply.

​

7. "If you keep doing what you've always done, you'll keep getting what you've always gotten."

​

Munger encourages adaptability and learning. This quote suggests that to achieve different or better results, one must be willing to change strategies and approaches.

​

8. "The first rule of compounding: Never interrupt it unnecessarily."

​
​

This is a nod to the power of compounding interest or returns. Munger advises against actions that might disrupt the compounding process, such as unnecessary withdrawals or transactions.

​

9. "It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."

​

Charlie suggests that avoiding foolish decisions can be more beneficial than trying to make brilliant ones. Consistently making sound, reasonable choices can lead to significant long-term benefits.
​

10. "Risk comes from not knowing what you're doing."

​

Ignorance is a primary source of investment risk. Understanding your investments deeply reduces risk, whereas a lack of knowledge increases it.
​

​
​

Today’s newsletter is brought to you by Empower.

​

​Empower is a really helpful free tool for keeping track of your money. It's easy to use, and it helps you see how much money you have and owe. With Empower, you can make smart choices about your finances and reach your money goals.

​

I use it every single day and it has changed my energy levels and sleep. Track your Net Worth for Free and use this link. ​

👍 Money Finds

​

The End of Retirement? 🏖️🔄

​

The Walrus explores the evolving concept of retirement. With longer life expectancies and shifting financial landscapes, the traditional notion of retirement is being reevaluated. This article delves into how people are approaching their post-work years differently, balancing the need for continued income with the desire for leisure, and what this means for future generations' perceptions of retirement.

​
​

TikTok's Influence on Spending 💸📱

​

The Los Angeles Times discusses TikTok's remarkably effective influence on consumer spending. The article examines the platform's unique algorithm that captivates users and drives them towards impulsive buying decisions. It highlights the ways in which content creators and advertisers capitalize on TikTok’s persuasive power, leading to significant changes in shopping behaviors, especially among younger audiences.

​
​

Financial Turmoil in the UK 🇬🇧💷

​

The Financial Times provides an in-depth analysis of the ongoing financial turmoil in the UK. The piece covers the impact of political decisions on the economy, the fluctuating pound, and the broader implications of this instability for both the domestic and global markets. It’s a detailed look at the challenges the UK faces and the potential paths forward amid economic uncertainty.

​

​

​Same as Ever: A Guide to What Never Changes by Morgan Housel​

​How to Figure Out How Much is ENOUGH with Jordan Grumet​

​

​8 Steps to Budget With Variable Income (And How to See if Your Raise Is A Pay Cut!)- Money Q&A​

Youtube

​

​The Complete Guide to The Chase Sapphire Preferred (26 Incredible Benefits!)​

​

​

​

​

​