If I Could Bottle This One Skill I’d Be Rich
It turns out the challenge wasn’t about making money
“There are a million ways to get wealthy, but there is only one way to stay wealthy: some combination of frugality and paranoia.”
— Morgan Housel, The Psychology of Money
I don't see it that way. There are only three ways to get rich: Inherit, steal, or sell. And there are a million ways to stay rich.
Three years ago, I gave my three kids £1,000 each and challenged them to use it to make more money. At the end of one year, they’d keep their profits — but the winner would also keep the original £1,000 stake.
One spent the lot and made nothing. One saved the lot, made nothing but kept the stake. The winner (the youngest) turned his £1,000 into £2,500 through buying and selling.
You can sell your time, knowledge, or skills. The youngest did all three.
Two years ago, I gave them £3,000 and challenged them to start a side hustle together. At the end of one year, they had to return the £3,000 but could keep all their profits.
I never saw that stake again.
