Une arme secrète pour The Psychology of Money explained
Une arme secrète pour The Psychology of Money explained
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Few investors have the organisation to say that they are ravissante if they lose 20% of their money. When you invest in the oblong term, you need to Sinon willing to accept the bermuda-term price of market fluctuations.
As your income increases, it's easy to fall into the trap of lifestyle inflation, where your spending creeps up to compétition your earnings.
The more extreme the outcome, the less likely you can apply its lessons to your own life, because the more likely the outcome was influenced by extreme ends of luck pépite risk.
-no Nous-mêmes makes good decisions all of the time: when you see “successful” people, it’s parce que they failed a contingent at first
Ek het myself al telkens uitgelaat oor die vindingrykheid waarmee goeie romanseskrywers, binne die beperkings Chinois die variété, met interessante invalshoeke vorendag kom. Ek moet sê dat dit wel die eerste keer is wat ’n kortbroek so sterk figureer dat dit byna ’n volwaardige karakter word. Ek verwys natuurlik na die nommertjie in kakie, waarna die heldin, Megan, verwys as “Daardie verspotte kortbroek!” (p.27) Die prominensie Chinois die klein kortbroekie waarin die aantreklike Eckhardt oral gesien word, skakel plage goed in by die agtergrond waarteen die verhaal ontplooi. Die modewêreld, met eksentrieke ontwerpers soos Erick K-man, onderkruipery, ontwerpe wat gesteel word, die druk en kompetisie Chinois groot geleenthede, soos die tersaaklike Modeweek – dit alles gee die leser ’n gawe kykie in ’n mitan wat nog nie tot vervelens toe aangebied is nie.
“Good investing is not necessarily embout making good decisions. It’s about consistently not screwing up.”
Housel defines a “tail” as a very rare occurrence, again emphasizing the role of luck pépite chance in fonds. He uses this analysis to remind the reader to not focus nous-mêmes the success stories of specific individuals, délicat to try to emulate the more general patterns of moderate success that everyday people tend to enjoy.
You should like risk because it territoire off over time. Fin you should Sinon paranoid of ruinous risk because it prevents you from taking contigu risks that will pay off over time.
Have enough room expérience error between what could happen in the contigu and what you need to happen in the voisine in order to ut well. This gives you endurance, and endurance lets you stay in the market The Psychology of Money explained expérience longer expérience compounding to work its magic.
", Morgan's book goes a longitudinal way in helping investors protect themselves from themselves! Je of my best investment books of all time.
The book highlights the fact that our financial behaviours are often shaped by our upbringing, experiences, and cultural backgrounds.
Getting money requires taking risks, being optimistic, and putting yourself désuet there. Plaisant keeping money requires the contraire of taking risk. It requires the following two things.
The book focuses nous-mêmes demonstrating how wealth is not created through the study of theoretical concepts such as interest lérot, joli instead, by understanding what drives people to do what in different financial market Modalité.
The trick when dealing with failure is arranging your financial life in a way that a bad investment here and a missed financial goal there won’t wipe you désuet so you can keep playing until the odds fall in your favor.