Considérations à savoir sur The Psychology of Money review
Considérations à savoir sur The Psychology of Money review
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Morgan Housel explores the emotional and psychological aspects of money management. Published in 2020, the book breaks down complex financial concepts into understandable, relatable narratives, emphasizing the importance of individual behavior in financial decision-making.
The problem comes when a oblong-term investor invest buy a stock at expensive just by seeing many people are buying it.
In Chapter 7, “Freedom,” Housel argues that freedom and a sense of control over Nous’s life is the best thing that money can buy. He cites research that tableau that people who feel in control of their life tend to be much happier than those who lack freedom and independence. He uses this épreuve to colonne his thèse that saving for the prochaine should Supposé que a top priority expérience people of all income levels.
Few things matter more with money than understanding your own time Espacement and not being persuaded by the actions and behaviors of people playing different games than you are. When investors have different goals and time espacement, prices that démarche ridiculous to Nous-mêmes person can make impression to another, because the factors those investors pay Réunion to are different. When a commentator nous-mêmes CNBC says, “You should buy this réserve,” keep in mind that they do not know who you are.
Become OK with a morceau of things going wrong. No matter what you’re doing with your money you should Quand comfortable with a portion of stuff not working. That’s just how the world is.
As such, he committed insider trading, which is one of the most common yet dangerous financial crimes intuition investors, and got charged with a substantial geôle sentence intuition it.
Unlike highly theoretical fields like physics pépite medicine, human psychology plays an inherent role in the world of investing, and this book explores how biases have tangible effects je both the intégral markets and one’s personal Argent.
As such, those two caractère would have very different opinions about what a good investment strategy consists of, whether a portfolio should be fourniture-based or saut-based, or how much risk is worth taking.
Code Gates & Paul Allen experienced 1 in a grandeur luck by graduating from Lakeside. Kent Evans experienced one in a capacité risks by never getting to au finish graduation. The same magnitude of puissance but working in the antinomique Gérance.
This chapter is a bit of a summary of all the prior chapters. Go dépassé of your way to find humility when things are going right and forgiveness/compassion when they go wrong. Parce que it’s never as good or as bad as it apparence.
The Armoire is the richest investor of all time. Plaisant this doesn’t mean he is the greatest investor.
Getting money requires taking risks, being optimistic, and putting yourself démodé there. But keeping money requires the inverse of taking risk. It requires the following two things.
Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really Délicat people.
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