WHO DOESN’T WANT TO BE richer and wiser and happier? We all do, sure. But getting there ain’t that easy. So, it is a good thing author/ journalist William Green has come along with his new book called, well Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life (Scribner/Simon & Schuster).
The book, available now in all forms of media, takes lessons from some of the more famous money folks and shows us how to apply them to our own everyday lives. “It is remarkable,” Green says. “how consistently the greatest investors talk about…the importance of just avoiding catastrophe, staying in the game (and) surviving dips.”
I got to the bottom of that and more with William as part of my Newsweek/LinkedIn interview series, Better, where I talk with business leaders, authors and founders about their latest innovative ideas and trends.
Here are some takeaways and highlights, with a bonus post-interview question or two thrown in, from my conversation with Green. His answers have been edited for clarity.
Reduce Your Fragility
Instead of trying to predict the future, try to consciously reduce your fragility. Think about your exposure. One of the simple things I would encourage people to do is ask themselves the simple questions, “Where am I fragile? Do I have all my money in one bank? In one country? With one investor? Do I have it all in one stock and, do I understand that stock? The less speculative you can be the better because you really want to position yourself as Matthew McLennan said, “To survive the dips.” COVID is a spectacular reminder that there are dips in any lifetime whether it is a pandemic, or a problem marriage or you get laid off. You need to live within your means and not have too much leverage and too much debt.
It’s remarkable how the greatest investors talk about the importance of just avoiding catastrophe, staying in the game and surviving the dips.
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