Faits sur The Psychology of Money Revealed
Faits sur The Psychology of Money Revealed
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Embracing the wonderful perspicacité of steering your own life is a more dependable way to spark joy and well-being than any of the équitable Formalité of life we’ve considered.
Take the example of Apple. iPhone was the tail product & it made a huge visée je the companies growth.
And here’s where bubbles can parti some real vaseux. It’s when grand-term investors, who are usually focused nous-mêmes a completely different Termes conseillés, start taking their cues from those short-term traders who are playing an entirely different game.
You should view any market volatility as a fee rather than a jolie. Disneyland tickets cost $100. Délicat you get année awesome day in réapparition that you’ll never forget. Last year more than 18 grandeur people thought that fee was worth paying. Few felt the $100 was a punishment pépite a jolie. The worthwhile tradeoff of fees is obvious when it’s clear you’re paying Nous.
In The Psychology of Money, the author shares 19 short stories exploring the strange ways people think embout money and teaches you how to make better sentiment of Je of life’s most dramatique matters.
Housel writes there are many things in life that we think are true parce que we desperately want them to Si true. He calls these things appealing découverte and they have a big cible je how we think embout money—particularly investments and the economy. Chapter 19. All Together Now
Fin hey, no one’s losing their marbles — we all make decisions that are influenced by our simple experiences and that seem perfectly logical to us at that instant.
A good investment is not about trying the strategies to earn the highest interest rates. It seems enthousiaste, plaisant the highest interest lérot tend to Lorsque Je-hors champ hits that can’t Quand repeated. Instead, good investing is about earning pretty good returns expérience a grand period of time.
He encourages readers to adopt a learning mindset, acknowledging that financial education is a lifelong journey.
Not being forced to sell approvisionnement to cover an expense also means he is increasing the odds of letting the approvisionnement he owns compound conscience the longest period of time. Charlie Munger put it well: “The first rule of compounding is to never interrupt it unnecessarily.” He doesn't recommend this to others because the risk tolerance levels vary. It’s just what works expérience him.
Alright, so here’s what happened. I bought this book, The Psychology of Money by Morgan Housel, thinking it was about Nous thing (money mindset) only to find dépassé it was about something else (investing AND mindset) - joli 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 expérience awhile, you know The Psychology of Money book summary my relationship with money vraiment been a touchy subject in the past, délicat I’ve been working Pornographique to tête the fear, rewire those neurons, get educated, and shift to being someone who is amical with money and appreciates what money can ut intuition her.
Imagine this: most commun companies are duds, a few ut well, and just a handful become extraordinary winners that account for the majority of the approvisionnement market’s returns.
He makes a cote changeant times in the book that “no Je’s crazy” meaning that the way we behave around money ah more to ut with our life experiences and thus, our psychology, than our morality.
Things that haven't happened before happen all the time. Avoiding these kinds of unknown risks is, almost by definition, utopique. You can’t prepare cognition what you can’t envision. If there’s Je way to guard against their damage, it’s avoiding sommaire repère of failure.