Transcript:
Hi, I’m Jeremy Riggs, Certified Financial Planner with Base Wealth Management.
I’ve read more financial books than I can count, but the one I keep recommending is “The Psychology of Money” by Morgan Housel. It’s not a spreadsheet manual, it’s about how our habits and emotions influence every financial decision we make.
The first idea that sticks is this: Nobody’s crazy. We bring our own backstory to the table. I grew up in a coastal town where “save for a rainy day” was practically a motto. So keeping extra cash on hand feels natural to me. A college friend, raised in the tech scene, sees risk as a doorway, not a danger. Same market, different wiring. Once you understand that, money conversations get a lot easier.
That leads to luck and risk. The very same move can look brilliant or reckless, depending on how events unfold. And you won’t often know which until afterwards. Because the future is slippery. It makes sense to keep some cash ready, spread your bets, and keep monthly costs low enough that one surprise doesn’t knock you flat.
Then there’s the idea of enough. If the target keeps shifting — new car, bigger house, fancier vacation — you never feel finished. Decide what generally covers your needs, plant the flag, and resist moving it just because the neighbors upgrade.
With “enough” set, compounding can do its quiet work. Warren Buffett earned most of his fortune after age 50. Not because of some new trick, but because he’s been investing for decades. Steady, decent returns over the long stretch often beat out flashy wins that fizzle.
Earning money and keeping money are two different skills. Big income sometimes comes from bold risk. Hanging on to those gains takes humility and guardrails. Just think of the famous high earners who still went broke. Great at making cash, not so great at keeping it.
Zoom out and you’ll notice a handful of superstar companies drive most of the market’s growth. Since predicting the next Apple is nearly impossible, owning a broad slice of the market and giving it time to work is usually the simpler, saner plan.
All of this buys the one thing money can reliably purchase: control over your time. Waking up and deciding how to spend the day: coaching, exploring a new hobby, or just being with family versus showing off the latest gadget. And most people aren’t impressed by the gadget anyway; they’re imagining how they look holding it.
Real wealth is quiet. Anyone with credit can look rich. Genuine prosperity shows up in the money you choose not to spend. A strong savings habit beats a clever investing scheme most days, and automating that habit helps when life gets busy.
History is a guide, not a GPS. The world will surprise us. So a margin for error isn’t timid, it’s practical. Build flexibility into your plan because goals that make sense at 25 might feel different at 50.
Even low-cost index funds come with a price tag: emotional whiplash when the market swings. That volatility is the ticket for long-term growth. Accept it, stay in your seat, let time do its thing.
Know which money game you’re playing. A comfortable retirement calls for a different playbook than chasing billionaire dreams. Take cues from people in a past similar to yours and keep a little optimism handy. Headlines love gloom, but the long arc of progress still leans forward. None of this guarantees anything; finance never does. But these ideas can help you stay calm, flexible, and committed long enough for smart decisions to compound.
Thanks for listening, and keep an eye on both your dollars and your perspective.
