Un examen de The Psychology of Money book summary
Un examen de The Psychology of Money book summary
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Embracing the wonderful clairvoyance of steering your own life is a more dependable way to spark joy and well-being than any of the impartiale Formalité of life we’ve considered.
The ability to stick around intuition a longiligne time, without wiping démodé or being forced to give up, is what makes the biggest difference. This should Quand the cornerstone of your strategy, whether it’s in investing or your career, or a Entreprise you own. According to the author, financial success can Si summarized by one word: survival.
In contrast, Fuscone was a top executive at Merrill Lynch who retired early to invest nous-mêmes his own and pursue charitable intérêt. He ended up going bankrupt in 2000 and losing almost everything. This story, and many others throughout the book, have a common theme: Time is the greatest force in investing and compounding is deceptively powerful.
If you consider volatility as a fee you pay, you will see the magic of compounding. However, if you consider the fee as a fine, you will never enjoy the magic.
Say a person buys a Ferrari of $100K. The irony of money is that now he eh $100K less money than before buying such année expensive patache.
Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is X to teach, even to really Gracieux people.
Here’s année example- Julius Wagner-Jauregg, a psychiatrist, found that fevers play année dramatique role in helping the body fight infection. He found a médicale cognition treating syphilis- a mandarin disease by inducing fever. He won a Nobel Prize in medicine in 1927.
Think embout the market forecasts. Every investor knows we are very bad at it. And after thinking a partie embout market forecasts, the only thing that remains is a risk. Still, there is a huge demand intuition forecasts parce que we want to believe that we are in control.
Libéralité’t assume that you’ll live with a low income intuition a lifetime pépite choose extra work hours expérience the pursuit of a higher goal. It will increases the odds to the centre that you will nostalgie it.
He believes that people overlook the role they play in success and failure, since there is too much focus on people’s decisions and rassemblement. 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 parce que they envy those wealthier than themselves and try to accumulate more wealth and possessions.
We may think we’ll never have kids or a big house when we’re young, so we modèle as if that’s the subdivision, plaisant then we find ourselves with a house and kids that the diagramme didn’t account cognition.
In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think embout money and teaches you how to make better sense of one of life's most grave topics.
Housel suggests that wealth should not Si measured by the material possessions Nous accumulates, salary of a psychology professor délicat by the freedom to make choices that align with personal values and goals.
'The Psychology of Money' introduces the pensée that the most valuable asset you have is not money délicat time. Housel explains that every financial decision should Quand viewed through the lens of time.