And since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it’s clear which one matters… - Morgan Housel

A good definition of an investing genius is the man or woman who can do the average thing when all those around them are going crazy. Tails drive everything.

Plan to survive reality. Future filled with unknown is everyone’s reality.

The New York Times wrote in 1955 about the growing desire, but continued inability, to retire: “To rephrase an old saying: everyone talks about retirement, but apparently very few do anything about it.”6 It was not until the 1980s that the idea that everyone deserves, and should have, a dignified retirement took hold. And the way to get that dignified retirement ever since has been an expectation that everyone will save and invest their own money. Let me reiterate how new this idea is: The 401(k) — the backbone savings vehicle of American retirement — did not exist until 1978. The Roth IRA was not born until 1998.