Deep Note

Deep Note

12-02-2022

12:50

10 Top Lessons From the Book “Psychology of Money” 📗Book Review

1. Money Decisions Every decision is justified by taking the information we have at the moment and plugging it into our unique mental model of how the world works. 🔥“The world is full of obvious things which nobody by any chance observes” — Sherlock Holmes.

2. Be careful who you praise and admire; be careful who you look down upon and wish to avoid becoming. 👉We only see the headlines and believe we can do the same.

3. Having Enough 🔴One of the most challenging financial skills in the world is to get the goal post to stop moving, it is evident in our consumer-driven lifestyles. Capitalistic system makes it easy to feel good with the latest gadget or item, and you have to keep getting them

4. Compound interest The book mentions Warren Buffett’s investment success often as he has been investing for decades. 💯You must let your money compound naturally and stay out of its way.

5. Planning is essential but 👉the most important part of every plan — is to plan on a plan, not going according to plan. Plans and hope for the best, but prepare for the worst.

6. You can be wrong half the time and still make a fortune “Here’s the thing about luck…you don’t know if it’s good or bad until you have some perspective.” — Alice Hoffman ✅You should Play the long game in finances.

7. Controlling your time is the highest dividend money pays 🔴The intrinsic value of money is its ability to give you control over your time. Unspent assets give you greater control over what you can do and when you can do it.

8. Humility One of the most potent ways to increase your savings isn’t to raise your income but raise your humility ✅In the future, taking the ego out of my decisions will be wiser, mainly if it results in completing a long-term goal.

9. True wealth is what you don’t see. Modern capitalism makes helping people fake until they make it a cherished industry 💯Be more concerned with what they did to earn the wealth and see how I can apply those principles.

10. Avoid the single points of failure. A good rule of thumb in life is “everything that can break will eventually break.“ So an important lesson as we advance is to diversify your income streams and your skillset ASAP.



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