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None of us are immune to our own psychology when it comes to money. Any of us can make a bad decision about our finances if we don’t prepare in advance for what is to come.
Here is what Tim’s story can teach you about the psychology of money and how to manage yours, so you don’t lose everything you’ve worked hard for (not financial advice).
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MORE IDEAS ON THIS
Zooming out is helpful. Your financial future is not built in a few months. That is short-term thinking that will make you go broke. You invest for the long-term and you earn money over the same time period. It’s okay to make a few mistakes as long as you don’t bet all your money on one thing and...
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1 read
Sometimes knowing lots about money can be a disadvantage. You can start to hypothesize and overthink the entire world of finance and do your head in, in the process. That’s what Tim describes it felt like recently.
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4 reads
You can bet the market is going to go down because of something like a pandemic by shorting stocks (betting stocks will go down). During uncertain times, the situation can change rapidly.
The markets can be extremely volatile and that can cause unexpected losses. Unless you are a profession...
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1 read
If you are in a hurry, then that is a sign of desperation. Does desperation sound like a good state of mind to invest your life savings? Probably not.
If I feel rushed to make a decision…the likelihood of me making a bad decision is very high. And the cost of undoing that bad decis...
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1 read
You can act like a sucker when you think you’re smarter at investing than Warren Buffett. There are other ways to make money outside of investing.
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2 reads
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There are opportunities everywhere. There are endless chances to make money. Tim recommends going after the ones that exploit your core competencies and are the most appealing to you.
He argues you can miss plenty of opportunities and only take advantage of a small few and net-net still do ...
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2 reads
There is a cost to everything you do. Investing your money and worrying about it all the time has a psychological cost. It’s all fun and games until you play and it’s your own money. Then, stress takes away some of your brainpower that you can use to be creative.
That is a huge cost that ca...
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1 read
Think about what it’s going to feel like when your investments take a hit. Preparing for major events like a recession can help you handle them in the future. Looking at prev...
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4 reads
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Other curated ideas on this topic:
While kids and teens get to learn about a lot of stuff, most families and schools do not teach them how to manage their money. In some families, it is considered a taboo subject and many friends are too busy showing off to help others manage their finances.
Even the basics of fina...
Our mind can easily and unknowingly fall in a priming situation where certain things prepare ourself to take a certain decision based on association.
When we prepare for tomorrow, it gives us a big boost in productivity levels; 1. Because we'll be able to plan out our day without worrying about what gets left behind; and 2. Prioritizing tasks is not as hard as it seems.
Anxiety for what's to come tomorrow happens every so often...
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