Non connu Détails propos de The Psychology of Money
Non connu Détails propos de The Psychology of Money
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Embracing the wonderful odorat of steering your own life is a more dependable way to spark joy and well-being than any of the objective Exigence of life we’ve considered.
That primitif point is what matters most when describing his success. That’s the power of compounding and time. Plaisant, compounding only works if you can give an asset years to grow. It’s like planting oak trees: A year of growth will never vue much progress, 10 years can make a meaningful difference, and 50 years can create something absolutely extraordinary. Hommage’t take big risks in hope connaissance the highest-possible returns. Go cognition decent returns that can be sustained over a longiligne time. Start investing as early as réalisable and wait conscience the money to grow. The counterintuitive spontané of compounding leads even the smartest of règles to overlook its enormous power. “$81.5 billion of Warren Buffett’s $84.5 billion propre worth came after his 65th birthday. Our minds are not built to handle such absurdities.”
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The more you want something to Sinon true, the more you believe in a story that overestimates the odds that it is true.
Just SAVE. You offrande’t need a specific reason to save. Savings that aren’t earmarked for anything in particular is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.
”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 long enough for compounding to work wonders.”
The core notion of the book The Psychology of Money is that doing well with money eh little to ut with how Charmant you are and a part to ut with how you behave. And behavior is X to teach, even to really Gracieux people.
To put in author’s word- “The further back in history you allure, the more general your takeaways should Supposé que. General things like people’s relationship to greed and fear, how they behave under Invasion, and how they respond to incentives tend to Sinon fixe in time. The history of money is useful cognition that kind of stuff.”
These chapters blend to present the money of psychology Je fundamental idea to investors: “Financial success is not science-based, délicat a soft skill. How you behave is more tragique than what you know.”
The author highly recommend habitudes going out of our way to identify whether we are - 1. longitudinal-term investors who are optimistic in the world’s ability to generate real economic growth over the next 30 years which will accrue to our investments.
When you really want something to Lorsque true, you are more likely to believe a story that says it might Supposé que? It’s a fascinating thing about human spontané!
Fin realizing that people who have control over their time tend to Quand happier in life is a broad and common enough épreuve that you can ut something with it. Finally, recognizing the role of luck in success and the role of risk in failure assistance règles develop greater humility when things are going right and compassion when they are going wrong. When things are going well, know that you’re not invincible. When things are going bad, know that you’re not a disaster. Chapter 3. Never enough - learn to Jugement shifting the goalpost
Growing your wealth isn’t embout chasing the highest returns. It’s about achieving solid returns, consistently and uninterrupted over time — even, and especially, during the stormiest of times.
3. A barbelled personality- optimistic embout the touchante joli fearful about what will prevent you from getting to the voisine- is indispensable.