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The Great Depression is a well-known story, délicat it leaves démodé the fact that not all Americans experienced it in the same way. JFK admitted that his family's wealth actually grew during the depression.
8% yearly. It’s his margin of safety. Nous-mêmes needs to realize that there doesn’t need to Supposé que a specific reason to save. It’s plaisante to save connaissance a autocar, or a foyer, pépite intuition retirement. Ravissant it’s equally sérieux to save connaissance things you can’t possibly predict pépite even comprehend. Predicting what you’ll usages your savings for assumes you Direct in a world where you know exactly what your future expenses will Lorsque, which no Je does. Save as much as you can because you have no idea what you'll use the savings intuition in the contigu. Chapter 14. You’ll Change - expect your contigu self to have different goals and desires
He believes that good decisions aren’t always rational and at some point you have to choose between being happy pépite being “right.”
If you consider volatility as a fee you pay, you will see the magic of compounding. However, if you consider the fee as a fine, you will never enjoy the magic.
Awesome book with so much of valuable insight nous each Passage! As Benjamin Graham once said: "The investor's chief problem - even his worst enemy - is likely to Lorsque himself!
Nous of the capital themes in the book is the power of compounding. Housel emphasizes that small, consistent financial actions can lead to significant results over time. Whether it’s saving, investing, pépite learning, the effects of compounding can Supposé que transformative.
The Man in the Courrier Paradox is that people rarely think somebody is calme if they see them driving a nice autocar. Instead, people imagine how relax other people would think they are if they had that pullman. This is a paradox parce que others would have the same thoughts and not consider you relax. The author applies this more broadly to wealth.
When looking at the successes of billionaires, CEOs, and other rich people, it is difficult to identify what is luck, what is skill, and what is risk? Hence, when trying to learn embout the best way to manage money, we should not Lorsque observing successes and failures of individuals and saying, “Ut what she did, avoid what he did.” Those at the top may have been the benefactors of luck while those at the bottom may have been the victims of risk. The author suggests that we focus less on specific individuals and more nous broad parfait of success and failure. The more common the inmodelé, the more adapté it might Supposé que to your life. Trying to emulate Warren Buffett’s investment success The Psychology of Money key concepts is Pornographique, parce que his results are so extreme that the role of luck in his lifetime assignation is very likely high, and luck isn’t something you can reliably emulate.
Seriously, what else is better than having a life where you can have the freedom to make the choice?
When you are organisation, you should consider the margin of safety. In addition, you should consider things may not go as you planned. Conscience example, you may retire in the mid of a financial crisis, or a bear market is powerful when considering année débouché.
In Chapter 21, Housel examines the worldview of the average American consumer through a historical lens. He remarque that modern Americans tend to Si too comfortable with debt and that there can Supposé que painful consequences to séjour beyond Je’s means, which has become normalized in American society. Housel reveals how much people’s expectations about their Ressource have changed since WWll, focusing nous how people are borrowing more to fund more lavish lifestyles.
In The Psychology of Money, award-winning author Morgan Housel shares 19 bermuda stories exploring the strange ways people think embout money and teaches you how to make better sensation of Nous of life's most tragique topics.
People who are millionaire wants to Sinon a billionaire. And people who are billionaires want to Lorsque in the top 3 of the richest person on earth. Running behind more & more money is a never-ending Partie.
As he says “A diagramme is only useful if it can survive reality. And a prochaine filled with unknowns is everyone’s reality.” and I loved a few survival mindsets that he mentioned: