• There are many things in life that we think are true because we desperately want them to be true
• Hindsight, the ability to explain the past, gives us the illusion that the world is understandable. It gives us the illusion that the world makes sense, even when it doesn’t make sense. T...

• Define the cost of success and be ready to pay it. Because nothing worthwhile is free
• Worship room for error. A gap between what could happen in the future and what you need to happen in the future in order to do well is what gives you endurance
• Avoid the extreme ends of fina...

Highly recommended, cause this book is not typical financial advice book. The book explains why we spend money on something we don't need based on emotional decision, not based on mathematical calculation.

To make money they didn’t have and didn’t need, they risked what they did have and did need. And that’s foolish. It is just plain foolish. If you risk something that is important to you for something that is unimportant to you, it just does not make any sense

We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos.

Modern capitalism makes helping people fak...

• Become OK with a lot of things going wrong. You can be wrong half the time and still make a fortune, because a small minority of things account for the majority of outcomes
• Use money to gain control over your time
• Be nicer and less flashy. No one is impressed with your posses...

People like to feel like they’re in control—in the drivers’ seat. When we try to get them to do something, they feel disempowered. Rather than feeling like they made the choice, they feel like we made it for them. So they say no or do something else, even when they might have originally been happ...

Freedom of time is what money can give you that makes you happy. Not the ability to buy things

Beating the market should be hard; the odds of success should be low. If they weren’t, everyone would do it, and if everyone did it there would be no opportunity. So no one should be surprised that the majority of those trying to beat the market fail to do so. (The statistics show 85% of large-ca...

Studying a specific person can be dangerous because we tend to study extreme examples—the billionaires, the CEOs, or the massive failures that dominate the news—and extreme examples are often the least applicable to other situations, given their complexity. The more extreme the outcome, the less ...

• Pessimism just sounds smarter and more plausible than optimism.
• Tell someone that everything will be great and they’re likely to either shrug you off or offer a skeptical eye. Tell someone they’re in danger and you have their undivided attention.
• If a smart person tells me th...

• Everyone have different financial goal and definition of financial freedom. Be careful when following others advice because we all bound by different circumstances
• Social Media and advertisement made us feel like we're not enough and we need that "shiny object" in order to be happy. ...