Here are the key insights from the video [The Psychology of Money - Morgan Housel](https://www.youtube.com/watch?v=zEx_IGVfi7Y&t=3857s): - The most important financial skill is avoiding FOMO (fear of missing out). This means not being swayed by what other people are doing with their money and sticking to your own financial plan. - Index funds are a great way to build wealth because they track the overall market and are relatively low-cost. - The difference between being rich and wealthy is that rich is having enough money to cover your basic needs, while wealthy is having enough money to achieve financial independence. - When making financial decisions, it's important to consider your luck and privilege. Some people are born into situations that give them a head start in life. - Investing is a game where the less effort you put in, the better you'll likely do in the long run. This is because trying to time the market or pick individual stocks is very difficult. - The best way to stay rich is to be paranoid and conservative. This means having a plan for how you'll manage your money and not taking unnecessary risks. - It's important to be succinct in your writing. People are impatient and are more likely to read something if it's to the point. - The most important thing when it comes to your money and life is to figure out what works for you. There is no one-size-fits-all answer. - Success is about raising well-balanced, polite, and happy adults.