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Here are some key takeaways that can help you better understand your relationship with #money from "The Psychology of Money" by Morgan Housel @morganhousel #RichQUACK $QUACK #Psychologyofmoney
THREAD 🧵👇
THREAD 🧵👇
1. Wealth is what you don’t see: Wealth is the assets you accumulate that nobody else can see. It’s the cars not purchased, the clothes not bought, and the vacations not taken. #ThePsychologyofMoney #Wealth #Savings $QUACK
2. Compounding is the most powerful force in finance: Time and patience are the most important ingredients of compound interest. Understanding the power of compound interest is essential for building long-term wealth. #CompoundInterest #WealthBuilding $QUACK
Important lessons from "The Psychology of Money" by Morgan Housel
I have read this book so many times and will post my favorite quotes here … do read the book #thepsychologyofmoney
I have read this book so many times and will post my favorite quotes here … do read the book #thepsychologyofmoney
"The best way to think about money is to think about it as a tool for creating options."
When we have financial security, we have more choices and opportunities in life.
When we have financial security, we have more choices and opportunities in life.
"The most important thing about #money is how you think about it."
Money is just a tool, but it can have a powerful influence on our thoughts and actions.
Money is just a tool, but it can have a powerful influence on our thoughts and actions.
Focus more on broad patterns, less on specific individuals & case studies.
From the book - #ThePsychologyOfMoney
[A thread on my key learnings from this book]
From the book - #ThePsychologyOfMoney
[A thread on my key learnings from this book]
Doing well with money has little to do with your smartness, a lot to do with how you behave. And behaviour is hard to teach.
#ThePsychologyOfMoney 1/n
#ThePsychologyOfMoney 1/n
The hardest financial skill is getting the goalpost to stop moving.
Modern capitalism is a pro at two things: generating wealth and generating envy.
Life isn’t any fun without a sense of ‘enough’.
#ThePsychologyOfMoney 4/n
Modern capitalism is a pro at two things: generating wealth and generating envy.
Life isn’t any fun without a sense of ‘enough’.
#ThePsychologyOfMoney 4/n
1/31
My takeaways from the best seller
#ThePsychologyOfMoney by @morganhousel
It beautifully encapsulates , via chapters , the most under rated factor in investing - The Psychological aspect of it .
Do read the book :)
#BookRecommendations
#booklovers
My takeaways from the best seller
#ThePsychologyOfMoney by @morganhousel
It beautifully encapsulates , via chapters , the most under rated factor in investing - The Psychological aspect of it .
Do read the book :)
#BookRecommendations
#booklovers
2/31
CHAPTER 1
What we experience early on (in our adult life) is more compelling than what we learn second hand, which is why each person thinks about #Risk & #Reward DIFFERENTLY.
In theory we SHOULD make our investments based on OUR goals & options available.
CHAPTER 1
What we experience early on (in our adult life) is more compelling than what we learn second hand, which is why each person thinks about #Risk & #Reward DIFFERENTLY.
In theory we SHOULD make our investments based on OUR goals & options available.
3/31
However we tend to include our unique experiences of how the world works (albeit with incomplete information) which might seem crazy to others .
* Spreadsheets cannot replicate human emotions which is why no amount of studying can make one truly UNDERSTAND the underlying.
However we tend to include our unique experiences of how the world works (albeit with incomplete information) which might seem crazy to others .
* Spreadsheets cannot replicate human emotions which is why no amount of studying can make one truly UNDERSTAND the underlying.
