1. Go out of your way to find humility when things are going right and forgiveness/compassion when they go wrong.
2. Less ego, more wealth.
3. Manage your money in a way that helps you sleep at night.
4. If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon.
5. Become OK with a lot of things going wrong. You can be wrong half the time and still make a fortune.
6. Use money to gain control over time.
7. Be nicer and less flashy.

Have The Right Mindset To Attract Money

8. Save. Just save. You don't need a specific reason to save.
9. Define the cost of success and be ready to pay it.
10. Worship room for error.
11. Avoid the extreme ends of financial decisions.
12. You should like risk because it pays off over time.
13. Define the game you're playing.
14. Respect the mess.

Define the cost of success

Key pointers to have the right mindset towards money.

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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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.

Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

JAGADEESH M M's Key Ideas from The Psychology of Money
by Morgan Housel

Have The Right Mindset To Attract Money

Define the cost of success

JAGADEESH M M's ideas are part of this journey:

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Different Perspectives Curated by Others from The Psychology of Money

Discover Key Ideas from Books on Similar Topics

JAGADEESH M M's Key Ideas from The Psychology of Moneyby Morgan Housel

Have The Right Mindset To Attract Money

Define the cost of success

JAGADEESH M M's ideas are part of this journey:

Related collections

Different Perspectives Curated by Others from The Psychology of Money

Discover Key Ideas from Books on Similar Topics

JAGADEESH M M's Key Ideas from The Psychology of Money
by Morgan Housel