In this episode, Carl steps outside the planning series to share a reflection that’s been on his mind: Money may be the loudest form of capital, but it’s the least interesting—and often the least dangerous when misused. Exploring the four sources of capital—money, time, energy, and attention—he argues that while we obsess over what’s easiest to count, the real long-term damage comes from quietly misallocating the forms of capital we can never earn back. With a simple thought experiment, Carl invites us to reconsider what truly compounds over a lifetime and where our attention is actually going.

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