📚 The Art of Spending Money, Lunch with a Famous Ghostwriter, and more.

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👋 Hey everyone,

Here are a few popular posts you may have missed:

• 25 Awesome books in 10 different genres.

• I spoke to 200 authors recently, here was my experience.

• I had a 2-hour lunch with the famous ghostwriter Tahl Raz, here’s what he taught me.

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📚 Books Summary:

This week’s book is “The Art of Spending Money” by Morgan Housel.

Most personal finance books are about how to make money.

But this book is about how to get the most out of your money.

If you loved “The Psychology of Money” or “Die With Zero”, you’ll love this book.

Here are 3 lessons from it:

📖

1) The Most Valuable Thing Money Can Buy You

One of my favorite lessons from this book is that there’s no such thing as unspent money.

You spend every dollar in your bank account, whether you know it or not.

Money you haven’t spent buys you the most valuable things of all: freedom, independence, and time.

If you add $500 to your savings account, you’re purchasing $500 worth of independence.

Whereas most people trade their time for money, you want to trade your money for time.

Now adding $500 into your savings won’t change your life today, but it’s a step in the right direction.

Freedom is a spectrum. Every dollar of savings helps you move up a little bit. And every fancy watch, new gadget, or designer piece of clothing that you don’t buy gets you closer to financial independence.

Imagine waking up one day, and you don’t have a boss, working is optional for you, and you have a blank calendar. Wouldn’t that be worth more and feel better than any material item?

The goal is to eventually reach a point where you have acquired the freedom to do what you want, when you want, with whom you want, for as long as you want.

That is the most valuable thing money can buy.

📖

2) If You’re Making A Ton of Money, Keep Quiet

Frank Lucas was a successful drug lord.

By 1970, his drug empire in New York City was bringing in $1 million per day (yes that’s PER day).

Part of the reason he was so successful was that he kept a low profile, which helped him avoid unwanted attention–specifically from the law.

However, Frank’s ego would soon lead to his demise.

He saw many low-level drug dealers living flashy lives and later wrote in his memoir: “I could not have people who made less money than me walking around thinking they ruled the world. I scremed it out to all who would listen: ‘Ya’ll think you gone outsine me?’”

So at the March 8, 1971, “Fight of the Century” between Muhammad Ali and Joe Frazier at Madison Square Garden, Lucas wore a $100,000 chinchilla coat with a matching hat– clothes worth roughly $1 million in today’s dollars. He also had the best seat in the arena, right in front of Frank Sinatra.

“For the first time ever, I actually felt like showing off,” wrote Lucas.

And it worked.

Strangers lined up to take pictures with Lucas and his fancy coat. The press went wild. Everybody that night paid attention to Frank Lucas–including the New York Police Department.

“I came to the fight an unknown man,” Lucas wrote, “I left that fight a marked man.”

That day, law enforcement began an investigation into Lucas’s life. Eventually, Lucas was caught, arrested, and sentenced to seventy years in prison.

However, this rule doesn’t just apply to criminals; it applies to all of us.

Anyone who shows off their wealth becomes a target.

In 2016, influencer Kim Kardashian–who’s known to flash her wealth on social media–was held at gunpoint in Paris and robbed of $10 million worth of jewelry.

But you don’t have to be rich to become a target.

Whenever people find out that you’re making some money (or just more money than they are), they’ll likely become envious of you.

Your friends might start asking to borrow money from you, your family might start asking you to pay for their things, and strangers might start planning to rob you.

Your goal in life shouldn’t be to become rich and famous.

Your goal should be to become rich and anonymous.

That way, you can enjoy the fruit of your wealth in peace.

📖

3) How Morgan Housel Reads Books

Toward the end of the book, Morgan shares his personal framework for reading books.

His main philosophy is to have a wide funnel but a strong filter. He starts a lot of books but only finishes the ones he truly enjoys.

“You should be willing to start reading any books that looks even mildly interesting,” writes Morgan, “But then you need a strong filter. If the book isn’t working for you, move on quickly.”

Morgan goes on to say that you should feel no shame or guilt for failing to finish a book, even if you quit after the first few pages.

It doesn’t matter if the book is a classic or a bestseller; if it isn’t speaking to you, drop it and pick up something else.

“Reading becomes a chore if you insist on finishing every book you begin, because the majority of books are either adequately summarized in the introduction or just not for you,” says Morgan.

It’s impossible to know what books you’re going to like until you try them, so try everything. But only finish the ones that entertain, educate, or enlighten you.

✅ Actionable Advice

1) The most valuable thing money can buy you is not a car or house; it’s financial independence.

2) If you’re making good money, avoid telling people or showing it off. It will attract attention from people and make you a target.

3) Follow Morgan Housel’s reading framework: Start any book that interests you, but only finish the ones you’re truly enjoying.

💎 Weekly Gem:

Course: The Art of Reading

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It will teach you how to:

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A year from now, you'll either be reading 25-50+ books a year or still struggling to find time to read books.

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PS: Here’s what Morgan Housel has said about my course:

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Your opinion matters!

Thank you for your support,

Alex W.