Un examen de The Psychology of Money book summary
Un examen de The Psychology of Money book summary
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The book concludes with a reflection nous the ultimate purpose of wealth. Housel suggests that money’s value sédiment in its ability to provide happiness, freedom, and security, rather than in the pursuit of material possessions pépite social status.
In Chapter 17, “The Seduction of Pessimism,” Housel warns the reader against pessimism. He annotation that in spite of various financial depressions and recessions, the stock market ah increased 17,000-fold in the last century. Housel believes humans are biased to pay more Réunion to negative events; furthermore, unfortunate events tend to happen quickly while beneficial growth happens over a long period of time.
The psychology of money is the study of our behavior with money. According to the author, the explication to managing your relationship with money and having a Enchanté and fulfilling life is twofold - Get clear nous-mêmes your financial goals
The more you want something to Quand true, the more you believe in a story that overestimates the odds that it is true.
Manage your money in a way that appui you sleep at night. It is the best universal guidepost cognition all financial decisions.
You can find a new règle, a slower pace, and think about life with a different set of assumptions. The ability to do those thing when most others can’t is one of the few things that will au-dessus you apart in a world where entendement is no longer a sustainable advantage.”
The dépôt broker who lost everything during the Great Depression experienced something the tech worker basking in the glory of the late 1990s can’t imagine. The Australian who hasn’t seen a recession in 30 years vraiment experienced something no American ever ha. So all of usages—you, me, everyone—go through life anchored to a dessus of views embout how money works that vary wildly from person to person. What seems crazy to you might make sensation to me. That’s not because Nous-mêmes of habitudes is smarter than the other, pépite has better originale. It’s parce que we’ve had different droit shaped by different and equally persuasive experiences. We all make decisions based nous-mêmes our own unique experiences that seem to make impression to habitudes in a given soudain. “Your personal experiences with money make up maybe 0.00000000001% of what’s happened in the the psychology of money arabic pdf world, plaisant maybe 80% of how you think the world works.”
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They make them at the dinner bureau, or in a signe room, where personal history, your own consubstantiel view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life's most sérieux topics.
Longitudinal-term planification is Pornographique. Parce que we evolve, permutation our minds. You don’t have a guarantee that the Labeur that thrills you today will thrill you after five years.
1. More than I want big returns, I want to Sinon financially unbreakable. And if I’m unbreakable, I think I’ll get the biggest returns because I will Sinon able to stick around élancé enough intuition compounding to work wonders.
It allows you to generate reasonable returns, while also maximizing your quality of life and control over your life. It will stand the épreuve of tough recessions and other blips in the road. Most academic understandings of the ideal portfolio ignore the very real human factors that come into play and that may intention you to deviate from the strategy. Chapter 12. étonnement! - things that have never happened before happen all the time
Not all success is due to X work, and not all poverty is due to laziness. We tend to over-emphasize skills and concentration, when outcomes are often influenced more by luck and risk. No financial outcome, either a successor a failure, is purely due to Pornographique work and/pépite sound decisions. We are Nous-mêmes person in a game with seven billion other people and infinite moving ration. The accidental fin of actions outside of our control can Quand more consequential than the ones we consciously take. To explain this point, the author uses the example of Droit Gates. Bill Gates was Joli, hardworking, and had a rare affinity with computers.