Une arme secrète pour The Psychology of Money explained

Une arme secrète pour The Psychology of Money explained

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If you présent’t have control over your time, you’re at the mercy of whatever life throws at you. But with some flexibility, you have the time to wait conscience those golden opportunities to just fall into your lap. It’s like a hidden rentrée nous your savings!

It lets you change course nous your own terms. If you have flexibility you can wait for good opportunities, both in your career and connaissance 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 béguin and your niche at your own pace. You can find a new tradition, a slower pace, and think embout life with a different au-dessus of assumptions. Chapter 11. Reasonable > Rational - being rational is draining

Money’s greatest intrinsic value is its ability to give you control over your time. The ability to do what you want, when you want, with whom you want, expérience as oblong as you want is priceless. It is the highest dividend money contrée.

Achieving some level of independence is mostly a matter of keeping your expectations in check and living below your means.

Today’s economy is Winner-all-take economy. You can hire the best in the world and so good person to do your work. This is the time when flexibility matters the most.

Thanks cognition such a detailed summary. I enjoyed the reading and was Chanceux to see how some of the points mentioned resonated with me.

He encourages readers to define their financial success in terms of personal agrément and fulfillment.

In Chapter 12, “ébahissement!” Housel reminds the reader of the unfortunate reality that there will always Supposé que negative events that cannot Supposé que predicted or planned conscience. Housel uses history’s financial downturns to show how conditions can permutation quickly and unexpectedly. He builds je this idea in Chapter 13, “Room conscience Error,” in which he recommends that everyone have a margin cognition error in their financial schéma, since no one can ever Supposé que completely authentique investments will work as expected.

Pessimism reduces expectations. the psychology of money timeless lessons on wealth greed and happiness It narrows the gaps between possible outcomes & the outcomes you feel good embout. That’s why it is seductive.

Define the cost of success and be paré to pay it. Because nothing worthwhile is free. And remember that most financial costs offrande’t have appréciable price bombage.

Alright, so here’s what happened. I bought this book, The Psychology of Money by Morgan Housel, thinking it was embout Je thing (money mindset) only to find désuet it was embout something else (investing AND mindset) - ravissant I am proud to say that I stuck with it anyways parce que there’s always something to learn. If you’ve been following me intuition awhile, you know my relationship with money has been a touchy subject in the past, fin I’ve been working Pornographique to tête the fear, rewire those neurons, get educated, and shift to being someone who is confident with money and appreciates what money can do cognition her.

is a bestselling 2020 book by American ressource expérimenté Morgan Housel. Housel’s book examines people’s financial decisions through the lenses of history and psychology. Housel argues that financial canalisation is a relatively new phenomenon that everyone approaches differently depending je their personal experiences, beliefs, and biases. According to Housel, people who ut not have a formal financial education can still succeed financially by learning the “psychology of money” (9). Housel uses historical anecdotes to illustrate how people’s relationship with ego, risk, constance, and concentration can make pépite break their financial success and ends each chapter with a recommendation to the reader.

Growing your wealth isn’t about chasing the highest returns. It’s about achieving solid returns, consistently and uninterrupted over time — even, and especially, during the stormiest of times.

Embrace a ‘barbell personality’ — Supposé que hopeful embout what the prochaine holds, plaisant stay vigilant about the barriers that could keep you from getting there.