Morgan Housel reveals how Chris Rock’s joke explains why people stay broke — and shares 3 traits that make people rich

‘If Bill Gates woke up with Oprah’s money, he’d jump out the window’: Morgan Housel reveals how Chris Rock’s joke explains why people stay broke — and shares 3 traits that make people rich

It’s no secret that many people aspire to become “rich.” But what exactly does it mean to be a Increased individual net worth? According to financial author Morgan Housel, being wealthy — much like beauty — is in the eye of the beholder.

“There is no such thing as an objective measure of wealth,” he told the show’s host Lewis Howes. School of greatness Podcasts lately episode. Housel is a best-selling author Psychology of money And As It Always Has Been: A Guide to What Never Changes.

To illustrate his point, Housel referred to a joke told by comedian Chris Rock: If Bill Gates woke up with Oprah’s money, he would jump out of a window. “Because who is this billionaire comparing himself to? last “Billionaires,” Hussle said.

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according to Forbes 2023 List of world billionairesGates’ net worth was $104 billion, placing him sixth on a list of more than 2,000 names.

As a result, he is more likely to compare himself to Elon Musk or Mark Zuckerberg rather than Oprah Winfrey, whose net worth, by comparison, is a mere $2.5 billion (No. 1,217 in the world).

But how does one end up on such an exclusive list? According to Housel, there are three traits that can lead a person towards: Billionaire status.

3 qualities that make people rich

Housel explains the three traits that can make people rich. He admits that the first option may seem like withdrawal.

1. Luck

Some of us are lucky, others are not. This doesn’t mean people with great wealth aren’t smart or hardworking, but luck — and being born at the right time in the right place — plays an important role, Housel said.

“Are we going to pretend that if Steve Jobs had been born in Cameroon in 1650, he would have had the same success? Of course not.” Success, rather, is when “luck and an incredible amount of volume meet at the same time.”

There are a lot of people in the world who are “just as creative as Steve Jobs, just like Bill Gates, just like Mark Zuckerberg,” Hussle said. “But unless they encounter some amazing luck in their lives, they will achieve a mediocre level of success.”

2. Endurance

One of the reasons people stay broke or Struggle financially It is “short term”. In other words, they don’t stick around long enough to reap the rewards of their hard work.

Housel pointed to MrBeast (aka Steven Jimmy Donaldson, a YouTube personality), who gave the same advice to aspiring YouTube stars: Go make 100 videos and… then They can talk. “99 of these people will give up before they make 100 videos,” Housel said.

The antidote to short-termism is endurance. “It comes down to whether you have the stamina — if not the stubbornness — to persist in any business endeavor,” he added.

This applies to investing as well. if I were Investoryou are being paid to endure uncertainty, since most people will “cry uncle sooner than they thought.”

Read more: Thanks to Jeff Bezos, now you can Cash in prime real estate – Without the headache of being the owner. Here’s how

3. High pain tolerance

Those who are successful not only have the stamina to wait out tough times, they also have the ability to endure “pain,” which can mean different things to different people.

When former President Barack Obama met the Navy SEALs who took down Osama bin Laden, he was “stunned by how ordinary they looked,” Hussle said. Half of them looked like they could be high school principals, but “their tolerance for pain was off the charts,” he added.

A high pain tolerance doesn’t mean you have to be able to do 100 push-ups perfectly in two minutes like a Navy SEAL. For Housel, as a writer, enduring pain means being able to deal with the possibility of failure and facing criticism.

“People will tell you every day… how stupid you are, how bad a writer you are, and you just have to bite your lip and bear it.”

How to stay rich

Hussle’s personal financial success is the culmination of these three traits: a combination of endurance, a high tolerance for pain, and sprinkled with a dose of luck.

Before writing an international bestseller, he wrote more than 3,500 blog posts over 17 years, “and of those 3,500 I think 3,000 were bad.”

While the above traits can help you gain accumulated wealth, they also require a certain type of personality Serving rich. We heard about athletes going bankrupt soon after the retirement Or lottery winners lose all their money within a few years.

“If Bill Gates, Elon Musk, or Mark Zuckerberg inherited a billion dollars at the age of 18, it wouldn’t slow them down at all — they were very ambitious, regardless of the money,” Hussle said. “But if I inherited a billion dollars when I was 18, I would be a disaster.”

Most people need to be motivated by the fear of not succeeding.

But they also need to stay rich by learning how to maintain and Grow their money. After all, Housel added, “getting rich and staying rich are two very different skills.”

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This article provides information only and should not be construed as advice. They are provided without warranty of any kind.

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