Be nicer and less flashy. No one is impressed with your possessions as much as you are. You might think you want a fancy car or a nice watch. But wha… - Morgan Housel

But the truth is that wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first-class upgrade declined. Wealth is financial assets that haven’t yet been converted into the stuff you see.

An important thing about this topic is that most great things in life — from love to careers to investing — gain their value from two things: patience and scarcity. Patience to let something grow, and scarcity to admire what it grows into. But what are two of the most common tactics when people pursue something great? Trying to make it faster and bigger. It’s always been a problem, and always will be. Same as ever.

America of the 1920s had the same real per-capita GDP as Turkmenistan does today.