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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
The only constant in life is change.
But how do we master this change
without being mastered by the fear of change?
Change consists of 4 phases.
Find out which phase you are currently in
and how that helps you to overcome your fear.🧵👇
But how do we master this change
without being mastered by the fear of change?
Change consists of 4 phases.
Find out which phase you are currently in
and how that helps you to overcome your fear.🧵👇
Why are so many people afraid of change or even trying to avoid it?
Because fear and persisting in the status quo serve a function:
• Protection from unpleasant feelings and disappointment.
• Staying in the comfort zone where we are (supposedly) safe.
• Exercising control in situations we are familiar with.
• Protection from unpleasant feelings and disappointment.
• Staying in the comfort zone where we are (supposedly) safe.
• Exercising control in situations we are familiar with.
