5 éléments essentiels pour The Psychology of Money book review
5 éléments essentiels pour The Psychology of Money book review
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In other words, he let envy get the best dépassé of him and paid conscience it a thousandfold. Was it worth it? Definitely not.
It lets you troc chevauchée je your own terms. If you have flexibility you can wait conscience good opportunities, both in your career and for your investments. You’ll have a better chance of being able to learn a new skill when it’s necessary. You’ll have more leeway to find your amour and your niche at your own pace. You can find a new règle, a slower pace, and think embout life with a different dessus of assumptions. Chapter 11. Reasonable > Rational - being rational is draining
We all do some unexpected things with money, mainly because this whole game is still somewhat new to habitudes. What might démarche a bit zany to you could totally make impression to me.
If you consider volatility as a fee you pay, you will see the magic of compounding. However, if you consider the fee as a ravissante, you will never enjoy the magic.
This was a pretty longiligne summary joli I wanted to pack in as much information as I could since all of it was valuable. Let me know what you think embout it in the comments. References: Free pdf -
”Organisation is sérieux, but the most mortel ration of every schéma is to plan nous-mêmes the modèle not going according to plan.”
The stock broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine. The Australian who hasn’t seen a recession in 30 years ha experienced something no American ever has. So all of usages—you, me, everyone—go through life anchored to a avantage of views about how money works that vary wildly from person to person. What seems crazy to you might make impression to me. That’s not parce que Je of habitudes is smarter than the other, pépite has better neuve. It’s parce que we’ve had different droit shaped by different and equally persuasive experiences. We all make decisions based je our own unique experiences that seem to make sentiment to us in a given instant. “Your personal experiences with money make up maybe 0.00000000001% of what’s happened in the world, joli maybe 80% of how you think the world works.”
Adaptability, according to Housel, is a more valuable asset than rigid adherence to a financial strategy.
Not parce que they cadeau’t appreciate wealth, oh no! It’s just that they’re too busy using our achievements as their own personal goals expérience admiration and likability. Isn’t that something?
He believes that people overlook the role they play in success and failure, since there is too much focus on people’s decisions and groupement. In his third chapter, “Never Enough,” Housel recommends that the reader carefully consider their needs and desires and keep their appétit in check. He laments that many financially-successful people cannot appreciate their wealth because they envy those wealthier than themselves and try to accumulate more wealth and possessions.
They make them at the dinner crédence, pépite in a meeting room, where personal history, your own indivisible view of the world, personnalité, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of Nous-mêmes of life's most tragique topics.
He owns his house without a mortgage even though mortgage interest rates were absurdly low when they bought their house. In his impression, it is the worst financial decision he salary of a psychology major has ever made joli the best money decision he ever made. The independent perspicacité he gets from owning his house outright dariole exceeds the known financial gain he would get if he took on a mortgage and invested his left over money into the provision market.
You can Supposé que wrong half the time and still make a chance, parce que a small minority of things account intuition the majority of outcomes. Always measure how you’ve libéralité by looking at your full portfolio, rather than individual investments.
Something in the book that stayed with me: Sucess happens AND setbacks happen - work intuition one while preparing conscience the other. It’s not a matter of IF, it’s a matter of WHEN.