10 Top Lessons From the Book “The Psychology Of Money”
📗Book Review
📗Book Review
1. No One’s Crazy
Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.
❌No one is crazy, but People do some crazy things with money.
Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.
❌No one is crazy, but People do some crazy things with money.
2. Luck & Risk
Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort.
🟢The world is too complex to allow 100% of your actions to dictate 100% of your outcomes
Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort.
🟢The world is too complex to allow 100% of your actions to dictate 100% of your outcomes
3. Never Enough
Life isn’t any fun without a sense of enough. Happiness, as it’s said, is just results minus expectations.
🔴There is no reason to risk what you have and need for what you don’t have and don’t need.
Life isn’t any fun without a sense of enough. Happiness, as it’s said, is just results minus expectations.
🔴There is no reason to risk what you have and need for what you don’t have and don’t need.
4. Confounding Compounding
👉If something compounds, if a little growth serves as the fuel for future growth
A small starting base can lead to results so extraordinary they seem to defy logic.
👉If something compounds, if a little growth serves as the fuel for future growth
A small starting base can lead to results so extraordinary they seem to defy logic.
5. Getting Wealthy vs. Staying Wealthy
There are a million ways to get wealthy …
❌but there’s only one way to stay wealthy: some combination of frugality and paranoia.
There are a million ways to get wealthy …
❌but there’s only one way to stay wealthy: some combination of frugality and paranoia.
6. Tails, You Win
✅Long tails, the farthest ends of a distribution of outcomes, have tremendous influence in finance
where a small number of events can account for the majority of outcomes.
✅Long tails, the farthest ends of a distribution of outcomes, have tremendous influence in finance
where a small number of events can account for the majority of outcomes.
7. Freedom
🟢The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.
The ability to do what you want, when you want, with who you want, for as long as you want, is priceless.
🟢The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.
The ability to do what you want, when you want, with who you want, for as long as you want, is priceless.
8. Man in the Car Paradox
❌No one is impressed with your possessions as much as you are.
Humility, kindness, and empathy will bring you more respect than horsepower ever will.
❌No one is impressed with your possessions as much as you are.
Humility, kindness, and empathy will bring you more respect than horsepower ever will.
9. Wealth is What You Don’t See
Spending money to show people how much money you have is the fastest way to have less money.
👉The only way to be wealthy is to not spend the money that you do have.
Spending money to show people how much money you have is the fastest way to have less money.
👉The only way to be wealthy is to not spend the money that you do have.
10. Save Money
Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.
✅Independence, at any income level, is driven by your savings rate.
Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.
✅Independence, at any income level, is driven by your savings rate.
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Change your:
- perspective
- insight
- decision making process
- consequnces of decisions
By reading 📗Art of Making Decisions
Find more👇
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