Financial Nihilism
Attaining wealth is harder these days, but in some ways, it is easier. I would not worry too much about it. Think about the future, or the future will think about you.
Windfalls
I have a rule about windfalls. Money is a tool, and it can be used for good or for ill. Don’t be a knucklehead—the money won’t last forever.
Gold and Personal Finance
You own gold to smooth out the ups and downs in your portfolio. This works because gold has a low or negative correlation to stocks, bonds, and other stuff.
How Do You Feel About Money?
One of the common misconceptions about money is that you need a lot of it to be happy. But if your basic needs are met and you don’t have any debt or risk, you can live paycheck to paycheck and be perfectly content.
A Matter of Perspective
Things are pretty good right now. But I think most experienced market practitioners know that pain could be just around the corner.
How Much Pain Can You Take?
The market is not going to go straight up and to the right. You will experience drawdowns. Prepare accordingly.