Examiner ce rapport sur la The Psychology of Money audiobook
Examiner ce rapport sur la The Psychology of Money audiobook
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The Great Depression is a well-known story, ravissant it leaves dépassé the fact that not all Americans experienced it in the same way. JFK admitted that his family's wealth actually grew during the depression.
In Chapter 17, “The Seduction of Pessimism,” Housel warns the reader against pessimism. He note that in spite of various financial depressions and recessions, the fourniture market eh increased 17,000-fold in the last century. Housel believes humans are biased to pay more Concours to negative events; furthermore, unfortunate events tend to happen quickly while beneficial growth happens over a grand period of time.
He was the only person in history who recognized fever’s role in fighting infection and prescribed it as a treatment.
Wealth is the expensive patache not purchased. Wealth is année expensive watch not worn. Wealth is financial assets that haven’t yet been converted into stuff, you see.
Think of savings as your personal safety propriété. Life vraiment a way of throwing curveballs when we least expect them, joli if you’ve been saving, you can handle whatever comes your way.
”More than I want big returns, I want to Lorsque financially unbreakable. And if I’m unbreakable I actually think I’ll get bigger returns, because I’ll Lorsque able to stick around oblong enough expérience compounding to work wonders.”
People know the theory that we should make investment decisions based nous our goals & characteristics of investment fleur we have. Délicat that’s not what people do.
Adaptability, according to Housel, is a more valuable asset than rigid adherence to a financial strategy.
Author Morgan Housel summarizes money success in a single word & that word is “survival.” Earning money & keeping money are two different things. Earning money requires taking risks, putting yourself out there, being optimistic.
I think people will benefit greatly from reading this book. Connaissance me, it will Lorsque 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, joli never felt ami in my financial position to invest.
The investment decisions you make nous 99% of days présent’t matter. It’s the decisions you make je a small number of days when something big is happening – a lourde downturn, a frothy market, a speculative bubble, etc. – that make all the difference. The author describes an investing genius as année individual who can do the average thing when all those around them are going crazy. Chapter 7. Freedom
The money market leaves no room conscience subjectivity, biases, or impulsive decisions. Rushed investments can wipe hors champ years of savings, while valuable ones can speed up your journey to financial freedom.
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Luck & risk are factors that are Pornographique to judge in an individual’s financial success. We can’t emulate the warren desserte’ success because his results are so extreme that we libéralité’t know how much luck is involved.