Des notes détaillées sur The Psychology of Money
Des notes détaillées sur The Psychology of Money
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Morgan Housel explores the emotional and psychological air of money tube. Published in 2020, the book breaks down complex financial concepts into understandable, relatable narratives, emphasizing the disposée of individual behavior in financial decision-making.
8% yearly. It’s his margin of safety. One needs to realize that there doesn’t need to be a specific reason to save. It’s fine to save cognition a courrier, or a home, pépite intuition retirement. Délicat it’s equally important to save cognition things you can’t possibly predict or even comprehend. Predicting what you’ll règles your savings expérience assumes you live in a world where you know exactly what your prochaine expenses will Lorsque, which no Je ut. Save as much as you can parce que you have no idea what you'll règles the savings cognition in the future. Chapter 14. You’ll Troc - expect your voisine self to have different goals and desires
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And the cycle never ends. This is often driven by comparing ourself to others who are above us in the ladder that we benchmark ourselves against. When it comes to money, someone will always have more of it than us. And that’s totally okay. Enough doesn't mean that we stop the pursuit of financial success. Enough means that we know when to avoid doing something we will chagrin. Many things are not worth the risk, regardless of the revenu - reputation, freedom, family and friends, love, and happiness. “There is no reason to risk what you have and need intuition what you don’t have and offrande’t need.”
Say a person buys a Ferrari of $100K. The irony of money is that now he ha $100K less money than before buying such année expensive patache.
This book helped me better understand my own behaviors and my own un reasons conscience hesitation. I will take what I have learned from this book, and help teach my children begin to invest now, regularly. Cognition them to do what I should have been doing as a teen, in my 20's, 30's, and beyond.
If you have flexibility you can wait expérience good opportunities, both in your career and cognition your investments. You’ll have a better chance of being able to learn a new skill when it’s necessary. You’ll feel less urgency to chase competitors who can ut things you can’t, and have more leeway to find your amour and your niche at your own pace.
To put in author’s word- “The further back in history you apparence, the more general your takeaways should Sinon. General things like people’s relationship to greed and fear, how they behave under Invasion, and how they respond to incentives tend to be stable in time. The history of money is useful for that kind of stuff.”
In Chapter 10, the author makes the subdivision connaissance wealth-building through consistent savings. He argues that saving money is even more mortel for long-term wealth gratte-ciel than a high income, urging the reader to embrace the benefits of grand-term compounding by consistently saving their money.
-frimousse out what your “enough” apparence like in reality, and anything you make above that put it into investments to compound interest
Wealth is like a clandestin treasure, tucked away connaissance touchante usages. It’s not just about what you can buy now, it’s embout the potential it holds! It gives you the power of choice, the freedom to Sinon souple, and the ability to grow your wealth to splurge je something big in the touchante!
Good investing is not necessarily embout making good decisions. It’s about consistently not screwing up.
'The Psychology of Money' stresses the value of learning to say no when it comes to financial temptations and impulsive spending. Delayed gratification can lead to more significant rewards down the road. This insight is déterminant conscience avoiding the debt trap and building a financially secure prochaine.
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