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The Psychology of Money

The Psychology of Money

by Morgan Housel

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Saving money is the gap between your ego and your income, and wealth is what you don't see. So Wealth is created by suppressing what you could buy today in order to more stuff or more options in the future.

Some people won't sleep well unless they are earning the highest returns; others will only get a good rest if they're conservatively invested. To each their own.

Time is the most powerful force in investing. It makes little things grow and big mistakes fade away. It can't neutralize luck and risk, but it pushes results closer towards what people deserve.

You can be wrong half the time and still make a fortune, because a small minority of things accounts for the majority of outcomes. It is fine to have a large chunk of poor investments and a few outstanding ones.

No one is impressed with your possessions as much as you are. You might think that you want  a fancy car or a watch, but what you probably want is respect and admiration. And you're more likely to gain those things through kindness and humility than horsepower of chrome.

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