Top 10 Lessons From The Book "Psychology of Money" by Morgan Housel
1. Money Decisionsâś…
Every decision is based on the information available at the time
and incorporating it into our mental image of the universe.
“The world is full of obvious things which nobody by any chance observes” — Sherlock Holmes.
Every decision is based on the information available at the time
and incorporating it into our mental image of the universe.
“The world is full of obvious things which nobody by any chance observes” — Sherlock Holmes.
2. Pick your adorers and praisers wiselyâś…
Be mindful of the person you despise and don't want to become.
We simply see the headlines and believe that we, too, can achieve it.
Be mindful of the person you despise and don't want to become.
We simply see the headlines and believe that we, too, can achieve it.
3. Having Enoughâś…
One of the most challenging financial skills in the world is to get the goalpost to stop moving.
The capitalistic system makes it simple to feel good with the latest gadget or item, and u have to keep getting them
One of the most challenging financial skills in the world is to get the goalpost to stop moving.
The capitalistic system makes it simple to feel good with the latest gadget or item, and u have to keep getting them
4. The concept of compound interestâś…
Warren Buffett's investment performance is frequently mentioned throughout the book, as he has been investing for decades.
Allow your money to multiply naturally while staying out of the way.
Warren Buffett's investment performance is frequently mentioned throughout the book, as he has been investing for decades.
Allow your money to multiply naturally while staying out of the way.
5. Planning is essential but..âś…
the most important aspect of any plan is to plan on a plan rather than going according to plan.
Plan for the best-case situation, but be ready for the worst-case scenario as well.
the most important aspect of any plan is to plan on a plan rather than going according to plan.
Plan for the best-case situation, but be ready for the worst-case scenario as well.
6. You can be wrong half the time and still make a fortuneâś…
“Here’s the thing about luck…you don’t know if it’s good or bad until you have some perspective.” — Alice Hoffman
You should Play the long game in finances.
“Here’s the thing about luck…you don’t know if it’s good or bad until you have some perspective.” — Alice Hoffman
You should Play the long game in finances.
7. The biggest return on investment is time managementâś…
Money's primary worth is its ability to give you control over your time.
If you have unspent funds, you have more discretion over what you can do and when you can do it.
Money's primary worth is its ability to give you control over your time.
If you have unspent funds, you have more discretion over what you can do and when you can do it.
8. Raise your humilityâś…
One of the most effective ways to increase your savings is to raise your humility rather than your income.
It will be smarter in the future to remove my ego from my decisions, especially if it leads to the attainment of a long-term goal.
One of the most effective ways to increase your savings is to raise your humility rather than your income.
It will be smarter in the future to remove my ego from my decisions, especially if it leads to the attainment of a long-term goal.
9. True wealth is what you don’t see✅
Modern capitalism makes helping people fake until they make it a cherished industry.
Pay more attention to what they did to acquire wealth and how I might apply those concepts to my situation.
Modern capitalism makes helping people fake until they make it a cherished industry.
Pay more attention to what they did to acquire wealth and how I might apply those concepts to my situation.
10. Everything that can break will eventually breakâś…
If you have only one source of income right now, you are looking at catastrophe.
So an important lesson as we advance is to diversify your income streams and your skillset ASAP.
If you have only one source of income right now, you are looking at catastrophe.
So an important lesson as we advance is to diversify your income streams and your skillset ASAP.
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