The Psychology of Money - Deepstash
The Psychology of Money

The Psychology of Money

by Morgan Housel

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People like to feel like they’re in control—in the drivers’ seat. When we try to get them to do something, they feel disempowered. Rather than feeling like they made the choice, they feel like we m...

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  • Pessimism just sounds smarter and more plausible than optimism.
  • Tell someone that everything will be great and they’re likely to either shrug you off or offer a skeptical eye. Tell som...

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  • There are many things in life that we think are true because we desperately want them to be true
  • Hindsight, the ability to explain the past, gives us the illusion that the world is und...

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  • Go out of your way to find humility when things are going right and forgiveness/compassion when they go wrong
  • Less ego, more wealth. Saving money is the gap between your ego and your i...

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  • Become OK with a lot of things going wrong. You can be wrong half the time and still make a fortune, because a small minority of things account for the majority of outcomes
  • Use money t...

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  • Define the cost of success and be ready to pay it. Because nothing worthwhile is free
  • Worship room for error. A gap between what could happen in the future and what you need to happen ...

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  • But everything I’ve learned about personal finance tells me that everyone—without exception—will eventually face a huge expense they did not expect—and they don’t plan for these expenses speci...

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Beating the market should be hard; the odds of success should be low. If they weren’t, everyone would do it, and if everyone did it there would be no opportunity. So no one should be surprised that...

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  • Everyone have different financial goal and definition of financial freedom. Be careful when following others advice because we all bound by different circumstances
  • Social Media and adv...

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