Everybody wants to get rich, but being wealthy is all that matters.
22 timeless lessons on wealth, greed, and happiness:
22 timeless lessons on wealth, greed, and happiness:
Saving is a hedge against life’s inevitable ability..
..to surprise the hell out of you at the worst possible moment.
..to surprise the hell out of you at the worst possible moment.
Planning is important, but the most important part of every plan..
..is to plan on the plan not going according to plan.
..is to plan on the plan not going according to plan.
An investing genius is the man who can do the average thing..
..when all those around him are going crazy.
..when all those around him are going crazy.
An underpinning of psychology,
..is that people are poor forecasters of their future selves.
..is that people are poor forecasters of their future selves.
Controlling your time is the highest dividend money pays.
Few things matter more with money,
..than understanding your own time horizon and not being persuaded..
..by the actions and behaviors of people playing different games than you are.
..than understanding your own time horizon and not being persuaded..
..by the actions and behaviors of people playing different games than you are.
Building wealth has little to do with your income or investment returns,
..and lots to do with your savings rate.
..and lots to do with your savings rate.
The hardest financial skill is getting the goalpost to stop moving.
Past a certain level of income,
..what you need is just what sits below your ego.
..what you need is just what sits below your ego.
No one is impressed with your possessions as much as you are.
The line between “inspiringly bold” and “foolishly reckless”..
..can be a millimeter thick and only visible with hindsight.
..can be a millimeter thick and only visible with hindsight.
There is no reason to risk what you have and need..
..for what you don’t have and don’t need.
..for what you don’t have and don’t need.
Good investing is not necessarily about making good decisions.
It’s about consistently not screwing up.
It’s about consistently not screwing up.
History can be a misleading guide to the future of the economy and stock market..
..because it doesn’t account for structural changes that are relevant to today’s world.
The further back in history you look,
..the more general your takeaways should be.
..because it doesn’t account for structural changes that are relevant to today’s world.
The further back in history you look,
..the more general your takeaways should be.
Go out of your way to find humility when things are going right,
..and forgiveness / compassion when they go wrong.
..and forgiveness / compassion when they go wrong.
Progress happens too slowly to notice,
..but setbacks happen too quickly to ignore.
..but setbacks happen too quickly to ignore.
There is no greater force in finance than room for error,
..and the higher the stakes, the wider it should be.
..and the higher the stakes, the wider it should be.
Everyone has an incomplete view of the world.
But we form a complete narrative to fill in the gaps.
“Risk is what’s left over when you think you’ve thought of everything.”
But we form a complete narrative to fill in the gaps.
“Risk is what’s left over when you think you’ve thought of everything.”
Have more expectations and fewer forecasts.
Expectations are healthier than forecasts,
..because they provide a vision of the future stripped of all false precision.
Expectations are healthier than forecasts,
..because they provide a vision of the future stripped of all false precision.
Nurture an ability to move on from ideas you wish were permanent when the world changes.
“Being right is the enemy of staying right,
..because it leads you to forget the way the world works.”
— @jasonzweigwsj
“Being right is the enemy of staying right,
..because it leads you to forget the way the world works.”
— @jasonzweigwsj
Realize that investing is not the study of finance.
It’s the study of how people behave with money...
It’s the study of how people behave with money...
If you found this helpful, follow me @jbonhotal
I share insights on human performance, coaching, and leadership.
And, a book curation every weekend:
I share insights on human performance, coaching, and leadership.
And, a book curation every weekend:
Whether you’re highly experienced with your finances;
Or a newbie just trying to figure it out..
Psychology of Money is a must-read!
@morganhousel created a modern-day masterpiece that’s actually easy to digest,
..and dare I say, it’s a fun read!
amazon.com
Or a newbie just trying to figure it out..
Psychology of Money is a must-read!
@morganhousel created a modern-day masterpiece that’s actually easy to digest,
..and dare I say, it’s a fun read!
amazon.com
“The first rule of compounding is to never interrupt it unnecessarily.”
— Charlie Munger
— Charlie Munger
Loading suggestions...