Habibulla Sardar's Key Ideas from The Psychology of Money
by Morgan Housel
Ideas, facts & insights covering these topics:
11 ideas
·61 reads
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1. Luck and Risk
The author emphasizes that luck and risk are two sides of the same coin and that nothing is as good or bad as it seems. The author suggests that we should account for luck and the potential lack of luck in our investments
5
7 reads
2. Never Enough:
The author discusses how even rich people can do crazy things with their money and how it's important to know when enough is enough.
5
7 reads
3. Getting Wealthy Vs Staying Wealthy:
According to the author, good investing is not necessarily about making good decisions, but about consistently avoiding bad ones.
5
6 reads
4. Freedom:
The author argues that controlling your time is the highest dividend money pays and that having the freedom to do what you want with your time is a form of wealth.
5
4 reads
5. Man In The Car Paradox:
The author discusses how people will not admire you because of your expensive possessions, but because of who you are. The author suggests leading a good life and being a good person to earn the respect of others
5
4 reads
7. Reasonable Or Rational:
The author suggests that being reasonable with money is more important than being rational.
5
4 reads
8. Surprise:
The author discusses how surprises are inevitable in life and finance and how we should plan for them.
5
4 reads
9. Room for Error:
The author urges readers to plan for the future by holding long-term diversified stock portfolios and allowing them to compound, saving for the future, and operating with a margin for error.
5
4 reads
10. Wealth is what you don't see:
The author distinguishes between being rich and being wealthy. The author argues that being rich is about earning a high salary, while wealth is about having money and investments in your bank account that have been built up over time and would last even longer.
5
6 reads
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