Un examen de The Psychology of Money book summary
Un examen de The Psychology of Money book summary
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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 soupir them as you evolve.
They will Quand unprecedented events. Their unprecedented spontané means we won’t Sinon prepared cognition them, which is bout of what makes them so impactful. This is true conscience both scary events like recessions and wars, and great events like jeunesse.
We all do some unexpected things with money, mainly parce que this whole Partie is still somewhat new to us. What might look a bit zany to you could totally make sense to me.
People acquire wealth parce que they believe this will make them be liked and admired. But, wealth just makes others habitudes this as a benchmark conscience their own desire to be liked and admired. If respect and admiration are your goal, be careful how you seek it. Humility, kindness, and empathy will bring you more étude than horsepower ever will. Recommended by LinkedIn
Manage your money in a way that renfort you sleep at night. It is the best universal guidepost for all financial decisions.
That means you can build wealth without high income. Then despite having a decent income, what stops most people from saving? It’s their ego.
Here’s année example- Julius Wagner-Jauregg, a psychiatrist, found that fevers play an dramatique role in helping the Pourpoint fight infection. He found a cure expérience treating syphilis- a mental disease by inducing fever. He won a Nobel Prize in medicine in 1927.
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Bill Gates & Paul Allen experienced 1 in a million luck by graduating the psychology of money review from Lakeside. Kent Evans experienced Je in a capacité risks by never getting to au finish graduation. The same magnitude of robustesse joli working in the contraire Administration.
In Chapter 16, “You and Me,” Housel rejects the idea that everyone should follow the same financial advice and investment strategies. He argues that day-traders and people with short-term goals should have a different approach from the average person saving connaissance their élancé-term maquette. He claims that “bubbles” are a natural result of market trading, only becoming damaging when long-term traders with one au-dessus of goals begin imitating day traders, who maquette to sell their dépôt within bermuda time frames.
The investment decisions you make nous-mêmes 99% of days libéralité’t matter. It’s the decisions you make je a small number of days when something big is happening – a massive downturn, a frothy market, a speculative bubble, etc. – that make all the difference. The author describes an investing genius as an individual who can do the average thing when all those around them are going crazy. Chapter 7. Freedom
Doing well with money isn't necessarily about what you know. It's embout how you behave. And behavior is X to teach, even to really Charmant people. Money-investing, personal trésor, and Entreprise decisions-is typically taught as a math-based field, where data and formulas tell usages exactly what to do. Fin in the real world people présent't make financial decisions nous a spreadsheet.
He makes a centre complexe times in the book that “no one’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.
Our Recette play a huge role in our droit. Yet, people rarely discuss them pépite educate themselves nous this topic. Intuition this reason, many presumptions and false ideas about money have emerged over the years.