Anirvan M's Key Ideas from The Psychology of Money
by Morgan Housel
Ideas, facts & insights covering these topics:
8 ideas
·13.8K reads
73
Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
Things you didn't know you knew about money
No one is crazy, from their own perspective, about managing money. Why then, there are just 2668 billionaires among 8 billion persons across the world? The book by Housel confronts the reader with their innate relationship with money, which, at times, may not be very intuitive.
94
2.35K reads
Tails lead to miracles... but they are miraculously rare
It is not the usual set of outcomes, but those 0.01% of miracles that might make or break you. Your success, both financially and otherwise, depends on how you seize these opportunities.
That being said, generalising these 'tails' or 'miracles' and learning from, and even worse, applying them could lead to catastrophes.
93
1.88K reads
Good investment isn't necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can't be repeated. Its about earning pretty good returns that you can stick with and which can be repeated for the longest period of time.
MORGAN HOUSEL
114
1.75K reads
Getting wealthy v/s Staying wealthy
Getting wealthy requires you to be bold and risk-taker, while staying wealthy is a long-term approach to getting 1% better each day, and accepting with humility that whatever you've made can vanish in an instant. It's pure survival.
Quoting Morgan, "Good investment isn't necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can't be repeated. It's about earning pretty good returns that you can stick with and which can be repeated for the longest period of time."
106
1.47K reads
The most happiness that money can give you is not by providing you with the ability to buy whatever you desire, but by letting you be in control of what you do with your time.
MORGAN HOUSEL
127
1.57K reads
Rich v/s Wealthy
When I see a person driving an expensive car, I look not at the car, but at the person, and seek the respect he enjoys from others.
Richness might manifest itself in form of the tendency to spend money flamboyantly, but being wealthy is instead, saving money, not showing off and investing it wisely.
103
1.5K reads
The most important part of a plan is to plan for when things don't go according to the plan.
MORGAN HOUSEL
119
1.62K reads
I can afford to not be the greatest investor in the world, but I can't afford to be a bad one.
MORGAN HOUSEL
96
1.68K reads
IDEAS CURATED BY
CURATOR'S NOTE
Most of us believe that we are either good or bad with managing money. We look at our bank balances as a measure of our financial prudence. But, here comes a book, that tries to explain why we do what we do, and how the time value of money is not fancy buzzwords like NPV, but is more literal.
“
Curious about different takes? Check out our The Psychology of Money Summary book page to explore multiple unique summaries written by Deepstash users.
Anirvan M's ideas are part of this journey:
Learn more about books with this collection
How to apply new knowledge in everyday life
Why continuous learning is important
How to find and evaluate sources of knowledge
Related collections
Different Perspectives Curated by Others from The Psychology of Money
Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
15 ideas
Ashish R's Key Ideas from The Psychology of Money
Morgan Housel
1 idea
's Key Ideas from The Psychology of Money
Morgan Housel
2 ideas
Yoma Oniti's Key Ideas from The Psychology of Money
Morgan Housel
Discover Key Ideas from Books on Similar Topics
2 ideas
“I Don’t Want To Be Anything Other Than Me.”
Lewis Howes
18 ideas
Clear Thinking
Shane Parrish
1 idea
Trust and Inspire
Stephen M.R. Covey
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates