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“There is no reason to risk what you have and need for what you don’t have and don’t need. – Warren Buffet
It’s easy to have a goalpost that keeps moving. Once you achieve your goals, you look toward the next goal. And the cycle never ends. This is often driven by comparing yourself to others, and you’re often comparing yourself to someone who is above you in the ladder that you benchmark yourself against.
When it comes to money, someone will always have more of it than you. That’s okay. It’s fine to pursue more money, but don’t start making risky bets for that.
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MORE IDEAS ON THIS
If you want to be in the game for the long run, you need to leave room for error. “Room for error lets you endure a range of potential outcomes, and endurance lets you stick around long enough to let the odds of benefiting from a low-probability outcome fall in your favor.”
A big g...
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339 reads
“The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.”
Having more flexibility and control over your time is far more valuable than getting another 2% on your returns by working all-nighters...
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462 reads
“Few things matter more with money than understanding your own time horizon and not being persuaded by the actions and behaviors of people playing different games than you are.”
If you have a buddy who’s making lots of money trading short-term options and you start getting FOMO and...
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299 reads
“Like everything else worthwhile, successful investing demands a price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret – all of which are easy to overlook until you’re dealing with them in real time.”
If you choose to invest and...
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301 reads
As humans, we tend to underestimate how much our personality and goals will change with time. This makes long-term financial planning hard. We may think we’ll never have kids or a big house when we’re young, so we plan as if that’s the case, but then we find ourselves with a house and kids that t...
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324 reads
"Long tails – the farthest ends of a distribution of outcomes – have tremendous influence in finance, where a small number of events can account for the majority of outcomes.”
The investment decisions you make on 99% of days don’t matter. It’s the decisions you make on a small numb...
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419 reads
People buy mansions and fancy cars because they want respect and admiration from others. What they don’t realize is that people don’t admire the person with the fancy house or car; they admire the object and think of themselves having that object. So buying impressive items to gain admiration and...
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448 reads
“Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risk. It requires humility, and fear that what you’ve made can be taken away from you just as fast. It requires frugality and an acceptance that at least s...
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606 reads
When we look back at the past, we create stories about why certain things happened. And those stories make us think that the world is understandable and makes sense in some way.
The problem is that these stories may be complete nonsense. What happened may have been completely random, yet ou...
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309 reads
- Theory isn’t reality
“The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty.”
We are not spreadsheets. As much as reading can inform us about what has happened in the past, like stock ...
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1.24K reads
It’s easy to convince yourself that your financial outcomes are determined entirely by the quality of your decisions and actions, but that’s not always the case. You can make good decisions that lead to poor financial outcomes. And you can make bad decisions that lead to good financial outcomes. ...
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940 reads
Pessimism often sounds smarter and more persuasive than optimism. If something is not going well, it’s easy to think that it will continue not going well. And that sounds very plausible. But what this line of thinking misses is that problems often create demand for change and solutions. And this ...
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“A plan is only useful if it can survive reality. And a future filled with unknowns is everyone’s reality”
If you’re relatively young and earn more than you spend, the best way to optimize your long-term investment returns is to invest the majority of your money into a diversified ...
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508 reads
If you’re rich, you have a high current income. But being wealthy is something different – wealth is not visible. It’s the money that you have that’s not spent. It’s the optionality to buy or do something at a future time.
Being rich offers you opportunities in the short-term, but being wea...
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438 reads
The optimal portfolio is one that allows you to sleep at night. It allows you to generate reasonable returns, while also maximizing your quality of life and control over your life. It will stand the test of tough recessions and other blips in the road. Most academic understandings of the ideal po...
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379 reads
CURATED FROM
IDEAS CURATED BY
In the Psychology of Money, Morgan Housel teaches you how to have a better relationship with money and to make smarter financial decisions. Instead of pretending that humans are ROI-optimizing machines, he shows you how your psychology can work for and against you.
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Other curated ideas on this topic:
You don’t have to slog through the books that you don’t find interesting. You must pursue your curiosities. This is by far the most important principle of good reading. This keeps you reading and it keeps you curious.
Read what seems interesting to you now and to let your curiosit...
“I’m not confident enough. I should be more confident, I know, but I’m just not.” Telling yourself you don’t have enough confidence can be a vicious cycle, with that negative self-talk decreasing your confidence further.
Instead, choose to be courageous, acting in...
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