4 idea From The Psychology of Money - Deepstash

4 idea From The Psychology of Money

  1. Realize that not all success is due to hard work and not all poverty is due to laziness. keep this in mind when judging people, including yourself.
  2. Every decision people make with money is justified by taking the information they have at the moment and plugging it into their unique mental model of how the world works.
  3. Progress happens too slowly to notice, but setbacks happen too quickly to ignore.
  4. The more extreme the outcome, the less likely you can apply its lessons to your own life, because the more likely the outcome was influenced by Extreme and scope of luck or risk.

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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 their unique mental model of how the world works.

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Save Money, Build Wealth
  • It's simple, but easy to overlook is that building wealth has little to do with your income or investment returns and lots to do with your savings wealth.
  • If two persons at same level and one of them is good investor and. Other one is not that good then also he can make it large if he spend less and saves bigger than other.
  • After a point when basic needs covered a person now spend more just for showing of is useless he can save that make a big fortune
  • Some people save for some goals like purchasing something but it's not important you can save just for savings sake

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  • Doing well with money has little to do with how smart you are, and a lot to do with how you behave.
  • Financial success is not hard science, it’s a soft skill where how you behave is more important than what you know.
  • To grasp why people bury themselves in debt, you need to study the history of greed, insecurity, and optimism.
  • Not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself

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