The Psychology of Money - Deepstash

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The Psychology of Money

The Psychology of Money

by Morgan Housel

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2.67K reads

BEHAVIOUR

  • Doing well with money has a little to do with how smart you are and a lot to do with how you behave. And behavior is hard to teach, even to really smart people.
  • Every decision people make with money is justified by taking the information they have at the moment and pugging it into t...

Paradox

People tend to want wealth to signal to others that they should be liked and admired. But in reality those other people often bypass admiring you, not because they don't think wealth is admirable, but because they use your wealth as a benchmark for their own desire to be liked and admired.

Investment Related

  • Have a six month emergency fund and save 10% of your salary.
  • The ability to stick around for a long time, without wiping or being forced to give up is what makes the biggest difference.
  • Your success as an investor will be determined by how you respond to punctuated moments of...

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