Stig Brodersen speaks with David Fagan about Total Wealth Performance and why someone with average investment returns can still build a meaningful net worth. What you'll learn here: 00:00:00 - Intro 00:03:25 - Why David has been a saver ever since he blew his entire net worth on a Hot Wheels racetrack at age eight 00:11:45 - Why money decisions that look odd are often rational given someone's lived experiences 00:13:29 - Why financial independence is not luck but small habits that compound 00:17:18 - What Total Wealth Performance is, and why the return on your broker statement is not your real return 00:22:26 - How Stig thinks about financial independence 00:30:36 - The ABCs of front-end performance: availability, behavior, and configuration 00:39:00 - Why idle cash is one of the most expensive decisions an investor can make 00:46:48 - Why net worth beats portfolio returns as a scorecard during the accumulation phase 00:56:42 - How and why tax is a real expense Transcript & Guest Info: https://www.theinvestorspodcast.com/episodes/average-returns-can-still-make-you-wealthy-w-david-fagan/ 🤝 Join a curated group of serious investors focused on intrinsic value, disciplined analysis, and uncovering high-quality stock ideas. https://theinvestorspodcast.com/mastermind ▶️ Related Episodes: - How to Live Off Your Portfolio | Ian Cassel, Author of Stock Picker: https://youtu.be/TFMyFup1k48 - The Making of a Star Investor w/ Rob Vinall: https://youtu.be/MMyfAJRU6o4 - Mohnish Pabrai: Berkshire, Big Mistakes & Letting Winners Run: https://youtu.be/IBzSnyJ9z9M 📖 Book Mentioned: - The Blind Watchmaker by Richard Dawkins: https://amzn.to/4dZl1qj Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP Visit our website: https://www.theinvestorspodcast.com/we-study-billionaires/ Free PDF: Investing for Beginners: 4 Principles of Stock-Picking: https://www.theinvestorspodcast.com/subscribe-youtube/ ⚠️ Disclaimer: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting. #FinancialIndependence #WealthCreation #PersonalFinance #Investing #CompoundInterest