Peculiar traits of rich people
Morgan Housel, The Motley Fool
They are (mostly pleasant) sociopaths
But sociopaths can disregard emotional events that cause normal people to worry and panic. ...
My lack of empathy means I don't get caught up in other people's panic. It gives me a unique perspective. And in the financial world, being able to think opposite the pack is all you need.
Napoleon's definition of a military genius was "The man who can do the average thing when all those around him are going crazy."
They care about time periods most can't comprehend
Long-term investing is the only sane choice. But it's unnatural. ...
"If you look carefully," Bill Bonner writes in his book Family Fortunes, "almost all Old Money secrets can be traced to a single source: a longer-term outlook."
They don't give a damn what you think of them
Dilbert creator Scott Adams once wrote: "One of the best pieces of advice I've ever heard goes something like this: If you want success, figure out the price, then pay it. It sounds trivial and obvious, but if you unpack the idea it has extraordinary power."
The price of being rich is really simple: You must live below your means. ...
A lot of them are after control over their time, which comes from having a wide gap between what they can afford to buy and what they actually buy.
Having the emotional backbone to drive an uglier car than you can afford, live in a smaller house you can afford, eat out less often than you can afford, and wear cheaper clothes than you can afford is rare. In my experience, less than 10% of people can do it in a meaningful way. It's the cost of being rich, and most people have no desire to pay the price.
"A miser grows rich by seeming poor," poet William Shenstone wrote. "An extravagant man grows poor by seeming rich." I don't think it's any more complicated than that.
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