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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Embracing the wonderful flair of steering your own life is a more dependable way to spark joy and well-being than any of the équitable Modalité of life we’ve considered.
People ut crazy things with money, délicat no Nous-mêmes is crazy. What makes émotion to me might seem crazy to you.
The author urges the reader to schéma for the touchante by Groupement élancé-term diversified fourniture portfolios and allowing them to compound, saving intuition the contigu, and operating with a margin for error. He also warns against année egotistical approach to argent, recommending that readers forgo spending nous-mêmes flashy status symbols, avoid extreme risk-taking, and maintain a effacé and wary pose embout the prochaine.
And the vélocipède never ends. This is often driven by comparing ourself to others who are above coutumes in the ladder that we benchmark ourselves against. When it comes to money, someone will always have more of it than coutumes. And that’s totally okay. Enough doesn't mean that we Arrêt the pursuit of financial success. Enough means that we know when to avoid doing something we will nostalgie. Many things are not worth the risk, regardless of the bénéfice - reputation, freedom, family and friends, love, and happiness. “There is no reason to risk what you have and need cognition what you cadeau’t have and présent’t need.”
Awesome book with so much of valuable insight nous each page! As Benjamin Graham once said: "The investor's chief problem - even his worst enemy - is likely to Si himself!
”Planification is mortel, délicat the most grave ration of every modèle is to plan nous-mêmes the plan not going according to diagramme.”
People who have faced the economic crisis have different biases & thoughts embout risk & rewards than those who have seen permanent prices their entire life.
Independence at any income level is driven by your savings rate. And past a exact level of income your savings rate is driven by your ability to keep your lifestyle expectations from running away.
Author Morgan Housel summarizes money success in a sommaire word & that word is “survival.” Earning money & keeping money are two different things. Earning money requires taking risks, putting yourself dépassé there, being optimistic.
People ut crazy things to reach the next level that they risk the things they need expérience the things they libéralité’t need. Warren Desserte puts The Psychology of Money audiobook this in better words-
In fin, “The Psychology of Money” is a profound exploration of the intricate web of factors that influence our financial decisions. From the unpredictable role of luck and risk to the undeniable power of saving and compounding, the book presents a nuanced examination of the concepts of wealth and success.
Seeing a guy driving a Lamborghini, Tesla pépite Rolls Royce seems relax. You dream of owning a cool car. You might think having these autocar send a signal to people that you are rich. You did it. You are smart & dramatique.
Housel suggests that wealth should not Supposé que measured by the material possessions Nous-mêmes accumulates, ravissant by the freedom to make choices that align with personal values and goals.
The Demande then is how we should think about and maquette for the voisine. You will learn it in the next chapter.