10 Lessons from The Psychology of Money by @morganhousel
(thread)
1)Getting money is one thing.
Keeping it is another.
2)The Highest form of wealth is the ability to wake up every morning and say, "I can do whatever I want today."
3)People tend to want wealth to signal to others that they should be liked and admired.
4)The problem for many of us that is easy to find rich role models. It's harder to find wealthy ones because by definition their success is more hidden.
5)Building wealth has little to do with your income or investment returns, and lots of do with your savings rate.
6)Having more control over your time and options is becoming one of the most valuable currencies in the world.
7)Reasonable > Rational
8)Good investing is not necessarily about making good decisions. It's about consistently not screwing up.
9)Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.
10)A genius is the man who can do the average thing when everyone else around him is losing his mind.
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