These 10 analogies from the book psychology of money will help you understand the Human Investment Psychic and make you understand the science behind the human investing psychology cycle, such as emotions, surrounding situations, mindset, and so on.
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2. The big question is, “Can money buy
happiness?” There’s no simple answer.
“It seems natural to assume that rich
people will be happier than others,”
You don’t want to be rich—you want to
be happy. Although the mass media
has convinced many Peoples that
wealth leads to happiness, that’s not
always the case.
We all do Crazy Stuff with Money,
always look Emotions versus Facts.
1.
3. Luck and risk are siblings, they are both
the reality that every outcome in life is
guided by forces other than individual
effort.
Be careful when assuming that 100% of
outcomes can be attributed to effort and
decisions.
Focus less on studying specific
individuals and more on studying broad
patterns.
Luck & Risk are Siblings. Success is
a Lousy teacher, manage your
Money in a Way that helps You
Sleep at night.
2.
4. To grasp why people bury themselves in
because you need to study interest rates.
You need to study the history of greed,
insecurity, and optimism.
There are many things never worth
risking, No matter the potential
gains.
3.
Building Big Portfolio is not about
earning the highest returns
however, intuitively helps confound
compounding.
4.
Optimism is a belief that the odds of a
good outcome are in your favor over
time, even when there will be setbacks
along the way.
The simple idea that most people wake up
in the morning trying to make things a
little better and more productive than
wake up looking to cause trouble is the
foundation of optimism.
5. If you don’t know why you’re earning and
spending money, then you can’t say when
you have Enough.
So take time to really think about what
having Enough means to you.
Discuss it with your MUTUAL FUND
ADVISOR and explore the idea of
Investment
Spending Money to show people how
much money you have is the fastest
way to have less money.
5.
6. The main distinction is that those who
make the best predictions have a
collection of little ideas and are always
incorporating new information into their
outlooks.
While those making the worst
predictions have one grand theory that
they trumpet through thick and thin.
Building Wealth has little to do with
your income or investment returns &
lots to do with your savings
6.
7. Not all success is due to hard work, and
not all poverty is due to laziness. keep
this in mind when judging people,
including yourself.
Aiming to be mostly reasonable
works better than trying to be
Cordly Rational
7.
Long-term Planning is harder than
its seems because people’s goals &
desires change over time.
8.
Keeping money requires the opposite of
taking risks. It requires humility and fear
that what you’ve made can be taken away
from you just as fast.
It requires frugality and an acceptance
that at least some of what you’ve made is
attributable to luck, so past success can’t
be relied upon to repeat indefinitely.
8. When things are going extremely well,
realize it’s not as good as you think. You
are not invincible.
If you acknowledge that luck brought you
success then you have to believe in luck’s
cousin, risk; which can turn your story
around just as quickly.
Optimism sounds like a sales pitch,
pessimism sounds like someone
trying to help you.
9.
9. You should like a risk because it
pays off over time.
10.
Money can certainly help you achieve
your goals, provide for your future, and
make life more enjoyable, but merely
having the stuff doesn’t guarantee
fulfillment.
Building wealth has little to do with your
income or investment returns, and lots to
do with your savings rate.
If you view building wealth as something
that will require more money or big
investment returns, you may become too
pessimistic.
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