Morgan Housel has a great quote about wealth…
Wealth, in fact, is what you don’t see. It’s the cars not purchased. The diamonds not bought. The renovations postponed, the clothes forgone and the first-class upgrade declined. It’s assets in the bank that haven’t yet been converted into the stuff you see.
We are surprised by stories of people like Grace Groner, but we shouldn’t be. Wealth is the opposite of spending money. Instead, it’s the act of saving, investing and allowing compounding to grow it over time.
Work is similar, in that our efforts spent on the right activities compound over time.
I’ve adapted Housel’s quote a bit…
“Work is what you don’t see. It’s the networking event not attended. The meetings not taken. The likes not found on social media. It’s the career you are building that isn’t yet apparent to others.”
Not all work is visible to the outside. Some people go years with seemingly little to nothing to show for their efforts, then appear out of nowhere with a breakthrough discovery, best selling novel or a closed deal.
Howard Marks, whose memos are now read widely by people in and outside of the investing world, wrote for 10 years before someone responded.
Work takes on many forms. It can be reading in and around your industry to gain insights, finding and establishing relationships with mentors, taking online courses, or writing to clarify your thoughts. The benefits accumulate over time.
We should think about work like we do wealth and focus on the important steps for the long term, even when there is little to no immediate reward.
End Notes:
What Other Industries Teach Us About Investing – YouTube – Morgan Housel
The Psychology of Money – The Collaborative Fund – Morgan Housel
Selfish Writing – The Collaborative Fund – Morgan Housel
A Memo from the Chairman – Bloomberg – Barry Ritholtz