Welcome to the Knowledge Project, a podcast about mastering the best of what other people have already figured out so you can apply their insights to your life. I'm your host, Shane Parrish.

The final episode of the Knowledge Project for 2024 is a collection of the best insights from

the show this year. We've had some of our most popular episodes ever come out this year, and I'm excited

to share some of the best ideas and our favorite moments in one episode. These insights will set

you up for an incredible new year. Thank you for listening and learning with us. Together,

we're going to make 2025 even better. We have a lot in store for the podcast this

year. Until then, happy holidays to you and yours. There are too many podcasts and not enough time.

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Let's start with our most popular episode of the year featuring personal finance expert

Morgan Housel. The skills it

takes to get rich are different from the skills it takes to stay rich. If you understand this

phenomenon more than Morgan. In America, we spend something like a hundred billion dollars a

year on lottery tickets. A hundred billion dollars dollars it's massive that people spend on lottery

tickets and if you dig into who's buying it it's almost exclusively poor people they buy the vast

majority of lottery tickets and the poorer you are the more lottery tickets you buy and these are

some people for whom they literally can't buy food or they might be homeless. And whatever little money they have, they go into a 7-Eleven and buy some scratcher tickets. And you might look at that and say, like, you, you idiots, like, what are you doing? This is the dumbest idea I've ever seen. And maybe that's the right answer. Like, maybe you could just stop there. But in Conneman's framework, I think it starts to make a little bit more sense.

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