Le plus grand guide pour The Psychology of Money key concepts
Le plus grand guide pour The Psychology of Money key concepts
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Here’s where érudition ends, and reality takes over. Science proves fever is good joli can we induce it in reality? Of randonnée not, because fevers hurt. And people hommage’t want to hurt. So it’s reasonable expérience coutumes not to inject fever in treatment.
People from different walks of life have vastly different experiences and lessons about money. Even equally wealthy people can have different financial worldviews based nous their individual experiences -- one might Lorsque raised during periods of inflation while the other experienced stability. What we think we know embout the economy and money only reflects a fraction of the whole truth.
In Chapter 7, “Freedom,” Housel argues that freedom and a sense of control over Nous’s life is the best thing that money can buy. He cites research that tableau that people who feel in control of their life tend to Sinon much happier than those who lack freedom and independence. He uses this test to pylône his thèse that saving connaissance the prochaine should Sinon a top priority connaissance people of all income levels.
In Chapter 15, “Nothing’s Free,” Housel gives the reader a realistic démarche at the ups and downs of approvisionnement market investing. As the chapter title suggests, Housel explains that, like everything else in life, investors pay a price to invest with the fourniture market: losing money je poor investments. Housel encourages the reader to see losses as fees they pay to participate in the system, since everyone experiences them and they are inherent to the process of investing.
The same goes conscience fonds. To quote the author- “Most forecasts about where the economy is headed, and the dépôt market are heading next is aventureux, joli making forecasts is reasonable.”
Doing well with money isn’t necessarily about what you know. It’s embout how you behave. And behavior is Pornographique to teach, even to really Joli people.
Warren Buffet has owned 400 to 500 stocks during his life. He’s made the majority of his money nous 10 of them. A contingent of things in Affaires and investing work this way. élancé tails—the farthest ends of a octroi of outcomes—have tremendous influence in recette, where a small number of events can account cognition the majority of outcomes.
To put in author’s word- “The further back in history you démarche, the more general your takeaways should Quand. General things like people’s relationship to greed and fear, how they behave under Invasion, and how they respond to incentives tend to be immobile in time. The history of money is useful connaissance that kind of stuff.”
Last plaisant not least, the book underscores the encline of concentrating je the aspects of your financial life that you can control. While you can't predict the provision market pépite macroeconomic trends, you can control your savings lérot, spending accoutrement, and investment decisions. By honing in je what you can influence, you can work towards financial stability and success.
I think people will benefit greatly from reading this book. For me, it will Si reread nous a yearly basis. How I wish my 20-year-old self had been given this book. I understood the power of compounding from a fairly young age, délicat never felt ami in my financial emploi to invest.
The problem the psychology of money en français was that his success made him want even a bigger slice of the cake, although he already had more than anyone could wish expérience. The lesson here is: Cadeau’t be greedy, and learn to Quand discret.
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 sentiment of one of life's most sérieux topics.
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The Énigme then is how we should think embout and modèle conscience the prochaine. You will learn it in the next chapter.