In one sentence: A short year-end message in which Phil and Danielle say wealth is about more than money, and encourage listeners to practise gratitude and giving.
Key ideas
- Holiday cheer is a practice. Danielle values the one time of year when a culture remembers to be kind, give and say thank you. [01:00–02:00]
- Gratitude as structure. Phil says bringing gratitude into life in a structured way is good for you, ideally daily. [03:00–04:00]
- If you can't be with family, go and bring cheer to someone else (a care home, a hospital, a shelter, a neighbour). [04:00–05:00]
- Wealth is more than money. Phil says it is about living a great life, and that the practice is the journey as much as the result. [05:00]
- As you improve, improve someone else's situation. Start at home by teaching children to save and invest. They save more when they see it grow. [05:30–06:00]
- Looking ahead. It is the last episode of 2017, and 2018 promises new topics. [06:00–06:30]
How it maps to RuleOne
No direct link to the screen or the agents. It is a reminder that the point of compounding is what the money lets you do.
Buffett, Munger and Graham links
None from this episode.
Words to know
None new.
Try this
Write down one thing you would do with your first $10,000 of investing gains that helps someone else. Then set up a small recurring habit (a note on Holdings works) so the intention is written next to the portfolio.
Check yourself
- What does Phil say wealth is about?
Answer
Living a great life, beyond money. The practice and the journey count as much as the outcome.
Short quotes
"Wealth is about so much more than money. It's about living a great life." (Phil, ~05:00, auto-transcribed, lightly shortened)