I've been on skis since I was about two years old, and in my teens, my dad and I started taking

annual ski trips together. We've missed a year here and there, but it's still very much a

tradition that's alive and well. In fact, I just returned from our recent trip to Sun Valley,

Idaho. And side note, if you've never been to Sun Valley, I highly recommend it. The food, the

people, the landscape, the landscape,

the history, that airport tucked between the mountain ranges, it's just such a special place.

Anyhow, a few years ago, Morgan Housel, author of The Psychology of Money, Morgan wrote an article

titled The Three Sides of Risk. And since then, since he wrote that article, I think of it and I reread it

every time I'm in the mountains. And this year was no different. In fact, this year I had my

dad read it as well. In the article, Morgan shares a personal and tragic story about what

skiing taught him about investing. Welcome to the Stay Wealthy podcast.

I'm your host, Taylor Schulte, and today I'm going to share Morgan's story,

and I'm going to use it as a launchpad for talking about one of the most challenging forms of risk to comprehend.

To grab the links and resources from today's episode, just head over to youstaywealthy.com

forward slash 182.

Morgan Housel grew up ski racing and as told in his article titled the Three Sides of Risk

one day back in February of 2001 after a couple of big storms hit Squaw Valley in Tahoe.

He and two of his closest friends,

they decided to head out of bounds and ski the backside of the mountain. You know, fresh, untouched

snow, no rules and challenging terrain. It's what every experienced skier is after. Well, their first

attempt was a success, minus what Morgan referred to as a small, knee-high

avalanche that just added to the excitement. When they safely got to the bottom and caught

...