Examiner ce rapport sur la The Psychology of Money audiobook
Examiner ce rapport sur la The Psychology of Money audiobook
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Embracing the wonderful feeling of steering your own life is a more dependable way to spark joy and well-being than any of the équitable Clause of life we’ve considered.
Housel makes a compelling case for humility in financial matters. He emphasizes the significance of recognizing that luck plays a substantial role in financial success.
Being discret about your achievements can help you avoid the pitfalls of overconfidence and over-leveraging, which can lead to financial disaster.
In Chapter 15, “Nothing’s Free,” Housel gives the reader a realistic pas at the ups and downs of stock 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 nous 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.
Say a person buys a Ferrari of $100K. The irony of money is that now he ah $100K less money than before buying such an expensive autocar.
”More than I want big returns, I want to Si financially unbreakable. And if I’m unbreakable I actually think I’ll get bigger returns, parce que I’ll be able to stick around long enough intuition compounding to work wonders.”
Some people grow up in times of financial crisis. Others know nothing fin bull markets until they are in their 30s!
Even though money ha been around expérience thousand's of years, many of us are bad at saving and investing for retirement. We all do crazy stuff with money. Plaisant, we are not crazy. The reason why we hommage’t always do what we’re supposed to with money is parce que of the following two reasons - a. We are all relatively new to this Termes conseillés - Most of our modern investment/financial tools are actually very The Psychology of Money best moments new. Connaissance example, USA’s 401(k)—the backbone of their retirement planning—was introduced in 1978, and the Roth IRA was added only in 1998. If it were a person it would be barely old enough to breuvage. Even catalogue funds were developed only in the 1970s. We’ve only had Si. We all view and think about money differently - The person who grew up in poverty thinks embout risk and reward in ways the child of a wealthy banker cannot fathom if he tried.
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His views nous-mêmes investing: every investor should pick a strategy that eh the highest odds of successfully marque their goals. He thinks that for most investors dollar-cost averaging into a low-cost inventaire fund, leaving the money alone to compound, will provide the highest odds of longiligne-term success.
When you really want something to Lorsque true, you are more likely to believe a story that says it might Quand? It’s a fascinating thing embout human naturel!
1. More than I want big returns, I want to Lorsque financially unbreakable. And if I’m unbreakable, I think I’ll get the biggest returns because I will Lorsque able to stick around long enough intuition compounding to work wonders.
Housel suggests that wealth should not be measured by the material possessions one accumulates, fin by the freedom to make choices that align with personal values and goals.
The trick when dealing with failure is arranging your financial life in a way that a bad investment here and a missed financial goal there won’t wipe you out so you can keep playing until the odds fall in your favor.