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Learn how history and psychology shape people's financial decisions and outcomes in this bestselling book by Morgan Housel. Find out how to achieve financial success by understanding the role of luck, risk, compounding, ego, and frugality.
- 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.”
- 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.
- Never Enough. “Life isn’t any fun without a sense of enough. Happiness, as it’s said, is just results minus expectations.” “‘Enough’ is not too little … ‘Enough’ is realizing that the opposite—an insatiable appetite for more—will push you to the point of regret.”
- Confounding Compounding. “If something compounds—if a little growth serves as the fuel for future growth—a small starting base can lead to results so extraordinary they seem to defy logic.
- Introduction- The Greatest Show on The Earth
- Chapter 1 Summary- No One’S Crazy
- Chapter 2 Summary- Luck & Risk
- Chaper 3- Never Enough
- Chapter 4- Confounding Compounding
- Chapter 5- Getting Wealthy vs. Staying Wealthy
- The Psychology of Money Chapter 6 Summary- Tails, You Win
- Chapter 7- Freedom
- Chapter 9- Wealth Is What You Don’T See
- Chapter 10- Save Money
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The core concept of the book The Psychology of Moneyis that doing well with money has little to do with how smart you are and a lot to do with how you behave. And behavior is hard to teach, even to really smart people. But in finance, people know the theory; still, they took decisions based on emotions. In 2018, the Author, Morgan Housel, wrote the...
People do crazy things with money, but no one is crazy. What makes sense to me might seem crazy to you.We all are from different generations, raised by different parents, born into different economics, have different experiences with money.People know the theory that we should make investment decisions based on our goals & characteristics of investment options we have. But that’s not what people do.People who have faced the economic crisis have different biases & thoughts about risk & rewards than those who have seen stable prices their entire life.Here’s the interesting story of Microsoft’s founder & Co-founder, Bill Gates & Paul Allen. This story can teach you that Luck & Risk are two siblings that can influence an individual’s success more than his efforts. In 1968, Bill Dougall, a World War 2 navy pilot turned math & science teacher, made efforts to bring the Teletype Model 30 computer to...
People who are millionaire wants to be a billionaire. And people who are billionaires want to be in the top 3 of the richest person on earth. Running behind more & more money is a never-ending game. People do crazy things to reach the next level that they risk the things they need for the things they don’t need. Warren Buffet puts this in better wo...
There are more than 2000 books on Warren Buffet, which focus on his investment strategies. But no one focus on simple things that he is investing in since he was ten years old. The Buffet is the richest investor of all time. But this doesn’t mean he is the greatest investor. In fact, Jim Simons, head of the hedge fund Renaissance Technologies, has ...
Author Morgan Housel summarizes money success in a single word & that word is “survival.” Earning money & keeping money are two different things. Earning money requires taking risks, putting yourself out there, being optimistic. Keeping money requires humility. It requires having fear in mind that whatever we have earned can be lost. It requires ac...
In the business or investment, few events cause the majority of outcomes. Let take the example of Amazon, from books to Fire Phone to travel agencies. They experimented with lots of things, many failed, but few Tails succeeded like Prime and Web Services & made a huge impact on their business. Take the example of Apple. iPhone was the tail product ...
Angus Campbell, a psychologist, researched to know what makes people happy. What he found is quite surprising. He found that more than income, education or geography, having control over one time no matter what conditions of life are is the common denominator of happiness. Money’s greatest intrinsic value is its ability to give you control over you...
Say a person buys a Ferrari of $100K. The irony of money is that now he has $100K less money than before buying such an expensive car. And we don’t know did he pay in full or took a loan to pay that amount. So he is rich but not wealthy. There is a difference between being wealthy & being rich. Rich is the current income & wealth is the income not ...
No matter how much income or investment returns you get, there’s no way to become wealthy if you are not saving. That means you can build wealth without high income. Then despite having a decent income, what stops most people from saving? It’s their ego. The Author Housel Morgen puts it in this way- “your savings is the gap between your ego & your ...
Learn the timeless lessons on wealth, greed, and happiness from the book The Psychology of Money by Morgan Housel. Explore the 18 chapters summary with examples, insights, and key takeaways on how to behave with money.
Learn how to have a better relationship with money and to make smarter financial decisions from Morgan Housel's book. The summary covers topics such as luck, risk, compounding, cash, and the highest form of wealth.
- 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.
- Luck & Risk. Nothing is as good or as bad as it seems. Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort.
- Never Enough 1. The hardest financial skill is getting the goalpost to stop moving. Modern capitalism is a pro at two things: generating wealth and generating envy.
- Confounding Compounding. $81.5 billion of Warren Buffett's $84.5 billion net worth came after his 65th birthday. Our minds are not built to handle such absurdities.
Jan 15, 2024 · Learn how your emotions, experiences, and biases influence your financial decisions and outcomes. This book by Morgan Housel explores the role of luck, risk, compounding, and contentment in building wealth and happiness.
Feb 26, 2024 · A comprehensive summary of the key insights and strategies from The Psychology of Money, a book that explores the role of human behavior in financial decision-making. Learn how to cultivate positive financial habits, embrace behavioral-centric strategies, and avoid common pitfalls that undermine financial success.
