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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
📚 Just finished reading - "Psychology of Money" by @morganhousel.
Highly recommend even if you are not heavily in finances and usually go for passive avenues.
Here's what I learnt in a distilled form👇
#PsychologyofMoney #BookReview
Highly recommend even if you are not heavily in finances and usually go for passive avenues.
Here's what I learnt in a distilled form👇
#PsychologyofMoney #BookReview
This book is a masterclass of the psychological factors that influence how people make decisions about their money. 🤑
It dives deep into the ways in which people's emotions and cognitive biases impact their financial behavior. 📊
It dives deep into the ways in which people's emotions and cognitive biases impact their financial behavior. 📊
Some key concepts include cognitive biases and heuristics, which are mental shortcuts that people use to make decisions about their money. 🔜
It can lead people to make irrational decisions, such as overconfidence in their ability to predict future financial events. 💬
It can lead people to make irrational decisions, such as overconfidence in their ability to predict future financial events. 💬
18 Wealth Lessons from “The Psychology of Money” by Morgan Housel 👇
Quick book summary 📖
A thread 🧵 you can not resist retweeting.
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Quick book summary 📖
A thread 🧵 you can not resist retweeting.
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1. No One’s Crazy
"Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.”
"Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.”
2. Luck & Risk
“Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort. They are so similar that you can’t believe in one without equally respecting the other.
“Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort. They are so similar that you can’t believe in one without equally respecting the other.
