Son, Here Is How You Save

MY WIFE AND I recently welcomed a child into the world. His only interest right now is keeping us awake 24/7. But one day, he’ll need to learn something about finance. When he does, here are some suggestions.

- Morgan Housel

1 You might think you want an expensive car, a fancy watch, and a huge house. But you don’t. What you want is respect and admiration from other people. You think having expensive stuff will bring it. It almost never does—especially from the people you want to respect and admire you.

2 The road to financial regret is paved with debt. Some debt, such as a mortgage, is OK. But most spending that results in debt is the equivalent of a drug: a quick hit of pleasure that wears off, only to drag you down for years to come, limiting your options and keeping you weighed down by the baggage of your past.