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Takeaways from the book "Psychology of Money" by @morganhousel
Synopsis: Doing well with money has a little to do with how smart you are and more to do with your behavior around money.
(a thread)
Synopsis: Doing well with money has a little to do with how smart you are and more to do with your behavior around money.
(a thread)
Know when you have enough:There’s danger in never having enough. People can have it all, wealth, power, status, yet risk it and throw it all away because they wanted more.
So know when to stop taking risks that might harm you. Know when you have enough.
Compounding:Compounding is the eighth wonder of the world. Of Warren Buffett’s $80+ billion net worth, 99% was accumulated after his 50th birthday.
Successful investing is about sticking around for the long run & letting your money compound.
Getting Wealthy vs. Staying WealthyThese are two different skills.
There’s a million ways to get rich. But really only one way to stay rich, a combination of frugality and paranoia.
Freedom is the ultimate form of wealthHaving the ability to do what you want, when you want, is the ultimate form of wealth.
Use money to control your time & do things you want to do.
Wealth is What You Don’t SeeWealth is in the assets that you own, not in the money that you spend.
