Скачать или смотреть He Set SMART Investment Goals for 30 Years His Friend Had No Goals Guess Who Has $1 74M 1

Two investors. Both 30 years old. Both $100,000. Investor One is a goal-setter. SMART goals. Specific targets. First goal: double money in 5 years—requires 15% annual returns. Second goal: $500K by 40—requires 17.5% annually. Ultimate goal: $1 million by 50. Writes them down. Reviews monthly. Tracks progress. Adjusts strategies based on gap to target. Year 5: Portfolio $147,000. Goal was $200,000. Failed. Behind by $53,000. Pressure intensifies. Year 7: Still behind. Needs 19% annually to catch up. Hears about hot IPO. Invests $50,000 (27% of portfolio). Stock up 85% first month. Then crashes. Down 70% in 6 months. Lost $35,000. Goal-driven desperation created concentrated bet. Year 10: Portfolio $298,000. Goal was $500,000. Failed again. Behind by $202,000. Year 50: Finally hits $1M—at age 60. Ten years late. Portfolio: $1,140,000. Investor Two has no goals. No targets. No timelines. Just process: save consistently, invest in index funds, hold forever. Year 5: $161,000. No goal to miss. Year 10: $338,000. No failure because no target. Year 50: $921,000. Year 60: $1,744,000. Never set $1M goal, beat it by 15 years and $744,000. Gap: $604,000. Goals created: arbitrary pressure (why $1M by 50?), inappropriate risk (need 17.5%, market gives 10%), constant failure benchmark, shortened time horizon. Munger: no return targets, no timelines, just 'do sensible things.' Goals sound ambitious. Process sounds aimless. Goals create poverty. Process creates wealth.