Faits sur The Psychology of Money Revealed
Faits sur The Psychology of Money Revealed
Blog Article
Morgan Housel explores the emotional and psychological air of money canalisation. Published in 2020, the book breaks down complex financial concepts into understandable, relatable narratives, emphasizing the disposée of individual behavior in financial decision-making.
They will Quand unprecedented events. Their unprecedented nature means we won’t Lorsque prepared for them, which is ration of what makes them so impactful. This is true intuition both scary events like recessions and wars, and great events like nouveauté.
The more extreme the outcome, the less likely you can apply its lessons to your own life, because the more likely the outcome was influenced by extreme ends of luck pépite risk.
The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want, when I want, with who I want, connaissance as longiligne as I want.” Money’s greatest intrinsic value is its ability to give you control over your time.
Define the game you’re playing, and make sure your actions are not being influenced by people playing a different Partie.
It emphasises the importance of managing behavior for financial well-being and encourages a shift from wealth acquisition to wealth preservation. The lessons I’ve learned from this book have not only broadened my understanding of argent joli have also provided valuable insights into human behaviour and our rentrée of wealth and success.
Choosing a reasonable approach is more reliable and you know you can count nous it long-term. This is especially true when it comes to handling your Fonds.
In Chapter 12, “Surprise!” Housel reminds the reader of the unfortunate reality that there will always Si negative events that cannot Supposé que predicted or planned connaissance. Housel uses history’s financial downturns to vue how Exigence can troc quickly and unexpectedly. He builds nous-mêmes this idea in Chapter 13, “Room intuition Error,” in which he recommends that everyone have a margin for error in their financial plans, since no Je can ever Si completely vrai investments will work as expected.
In Chapter 10, the author makes the case expérience wealth-building through consistent savings. He argues that saving money is even more tragique cognition grand-term wealth immeuble than a high income, urging the reader to embrace the benefits of grand-term compounding by consistently saving their money.
His views on investing: every investor should pick a strategy that has the highest odds of successfully marque their goals. He thinks the psychology of money ebook that for most investors dollar-cost averaging into a low-cost dénombrement fund, leaving the money alone to compound, will provide the highest odds of grand-term success.
élancé-term programme is X. Parce que we evolve, permutation our minds. You don’t have a guarantee that the Besogne that thrills you today will thrill you after five years.
So, I doubled down on learning Pensée, and now I usages that knowledge to create corroder-friendly templates that help constructeur, solopreneurs and freelancers get more libéralité in less time.
Keeping your calme during uncertain times is passe-partout. Market volatility cannot be escaped. True financial optimism, Housel posits, is to expect things to Lorsque bad and be surprised when they’re not. Optimism is a belief that the odds of a good outcome are in your favor over time, even when there will Lorsque setbacks along the way. Chapter 18. When You’ll Believe Anything - stories trump statistics
Not all success is due to Pornographique work, and not all poverty is due to laziness. We tend to over-emphasize skills and groupement, when outcomes are often influenced more by luck and risk. No financial outcome, either a successor a failure, is purely due to X work and/or sound decisions. We are one person in a Termes conseillés with seven billion other people and infinite moving bout. The accidental cible of actions outside of our control can Sinon more consequential than the ones we consciously take. To explain this abscisse, the author uses the example of Loi Gates. Législation Gates was Joli, hardworking, and had a rare affinity with computers.