Richard Canfield explains how whole-life insurance policies require steady, modest commitment over time. He uses a steam engine and fruit tree as analogies for why patience and delayed gratification beat quick speculative plays like crypto.
Chapters
We can think about a financial system around insurance policies, whole life policies that require a certain measure of maintenance, tending and care. Annual effort must go in to support that system. It's mostly mental effort and a couple of keystrokes at a computer. Beyond that, there's not a lot really involved, but it does require a commitment to have that level of involvement.
And there's a degree of patience there too. Right. This isn't the I just 10x on a crypto. You often use the analogy of the steam engine. Right. It takes 90% of the energy to get get to that point and then you've got the steam at the last 10% you're moving. To me, that's a fruit tree. You know how much input you put into a fruit tree those first couple of years and it's like, why am I doing this? This is like just a waste of my time. You have to have that understanding that there's patience here and there's a little bit of looking forward too.