[Post 249] Book Summary 3: The Psychology Of Money By Morgan Housel

Summary

Have you heard the story about Ronald Read, the janitor that had 8 million dollars in savings when he died in 2014? Yes, you heard that right. Janitor. $8 millions. And he didn´t win the lottery or inherit the money either. He just saved consistently throughout his life, while letting the wonders of compounding do its thing. The morale is that your behaviour with money is oftentimes more important than how intelligent you are. 

Even if you don´t have a diploma from Harvard, or work on Wall Street, you can become rich by just behaving in a sound way. As Morgan Housel puts it: “financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.” Spend your next ten or fifteen minutes on this video, and you might excel on the soft skill of investing! This is a top 5 takeaways summary of The Psychology of Money, by Morgan Housel.

[Post 248] The Massive Size Of Singapore's Largest Banks

Summary

Singapore is famous for one thing; its banking sector. But in all honesty, just how big is it really?

[Post 247] How A 95-Year-Old Lighthouse Keeper Lives A Long & Happy Life

Summary

Buddy Grover, 95, has been a volunteer at the Absecon Lighthouse in Atlantic City, NJ for the past 13 years. He lives on a $35,000-a-year pension from multiple jobs

[Post 246] How "Dad Shoes" Turned New Balance Into A $5 Billion Brand

Summary

What was once a favorite of dads across America is suddenly a fashion-forward brand in its own right. New Balance now has faster-growing sales than larger rivals Nike and Adidas, and fans range from Hailey Bieber to Kawhi Leonard. Here's how New Balance became a must-have for sneakerheads and dads alike.

[Post 245] Who Actually Pays For Credit Card Rewards?

Summary

About 90% of all credit card spending is on rewards cards like Delta SkyMiles, Chase Sapphire Preferred or American Express Platinum. And these cards are hugely popular for a reason: you can earn cash back, upgrades on flights and many other perks. In 2019, about $35 billion in rewards was handed out to customers around the country. But how are banks paying for it all? A majority comes from interest earned from low-income consumers who revolve balances on a monthly basis. The rest is from merchant fees and things like annual, over-the-limit or foreign transaction fees. Some economists claim there's an annual redistribution of more than $15 billion from less to more educated, poorer to richer and high to low minority areas - widening existing disparities.