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Summary
Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.
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5 reviewsTout est dans le titre non? Conclusion ici : Uncertainty is the nature of life. We do our best to predict outcomes and outline our actions in lieu of them. But it doesn't mean things will always go our way. Life happens and we must learn to adjust accordingly. If you made certain projections for your investments and they go as you imagined, great. But when that doesn't happen, it's important to rise quickly and change plans. This is why investors must have no sunk cost. It doesn't make sense sticking to a portfolio because you've invested too much time and money into it. Be flexible enough to make changes when it's not working. Remember chapter one — people sometimes make crazy financial decisions, but no one is crazy. We're all limited by our knowledge, experience, and the state of the market we're trading. It helps to seek guidance from people more experienced than you when unsure of a particular move. This person could be a friend, financial advisor, or someone from an investment club you belong to. It doesn't matter. What counts is that they have experience enough to guide you. Speaking of investment clubs, there are so many of them both online and offline. Find some to join if you're not part of any. You'd have to pay a regular fee for most, but they're always worth the dollar. Final words. Protect your happiness at all costs: Stay out of shady deals, don't chase money, and always create time for the important thing in your life because in the end, what's the use of the money if you can't enjoy it?
Easy to start, Hard to finish
