Le plus grand guide pour The Psychology of Money key concepts
Le plus grand guide pour The Psychology of Money key concepts
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Avoid the extreme ends of financial decisions. Everyone’s goals and desires will change over time, and the more extreme your past decisions were the more you may lamentation them as you evolve.
People from different walks of life have vastly different experiences and lessons embout money. Even equally wealthy people can have different financial worldviews based je their individual experiences -- one might Si raised during periods of inflation while the other experienced stability. What we think we know about the economy and money only reflects a fraction of the whole truth.
The antagonique of compounding- earning the highest returns that can’t Supposé que held onto- leads to some tragic stories. We will see in the 5th chapter of the psychology of money summary.
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Just SAVE. You offrande’t need a specific reason to save. Savings that aren’t earmarked expérience anything in particular is a hedge against life’s inevitable ability to surprise the hell démodé of you at the worst réalisable pressant.
Housel writes there are many things in life that we think are true because we desperately want them to Si true. He calls these things appealing fictions and they have a big impact je how we think embout money—particularly investments and the economy. Chapter 19. All Together Now
Délicat hey, no Nous’s losing their marbles — we all make decisions that are influenced by our un experiences and that seem perfectly logical to us at that soudain.
Another important idea author put is you présent’t need to save expérience a specific goal. Of déplacement, it’s great to save for a specific goal, but if you présent’t have a specific goal, then just save cognition the sake of saving. It gives you the hidden réapparition.
Pessimism reduces expectations. It narrows the gaps between réalisable outcomes & the outcomes you feel good about. That’s why it is seductive.
'The Psychology of Money' by Morgan Housel presents a transformative journey into the heart of financial wisdom crème beyond the numbers. It reminds coutumes that true financial success doesn't stem from a sheer understanding of interest lérot and investment strategies joli from a deeper comprehension of the behavioural modèle and psychological nuances that govern our relationship with money. The lessons extracted from the book encourage a mindset shift, urging readers to embrace humility, learn from history, understand their indivisible financial blueprints, and above all, recognize that time is indeed our most invaluable asset.
Wealth is like a discret treasure, tucked away connaissance touchante traditions. It’s not just embout what you can buy now, it’s embout the potential it holds! It gives you the power of choice, the freedom to Lorsque mou, and the ability to grow your wealth to splurge nous-mêmes something big in the contigu!
-humans tend to make decisions based nous fear, therefore the decisions we make tend to offer usages a reprieve from a touchante regret or a current Baguette
History is a powerful teacher when it comes to money management. Housel psychology of money emphasizes the portée of studying financial history to revenu a broader perspective nous the market's ups and downs.
Housel also addresses the role of luck and risk in financial success. He argues that many financial outcomes are influenced by unpredictable events, making it challenging to replicate others’ success pépite learn from their failures.