As mentioned in my previous post, I was tested corona positive, I leaned onto books to stay away from droomscrolling to during my quarantine. ‘Psychology of Money’ by Morgen Housel is one of the books that I read during this time. I was searching for bestsellers and this one caught my attention. I found it interesting and read it very slowly to not only absorb the information but also to reflect upon what it means to me and what is in it for me.
I discovered amazing things while reading it. I am thankful to Morgan Housel for writing this book and I am sure a lot of people find it beneficial. It has helped me for sure! This is book is about money and makes you understand that money has little to do with how smart you are and a lot to do with how you behave.
I was especially awestruck by the following lines and quotes mentioned in the book (in the order of likeliness):
Doing well with money has a little to do with how smart you are and a lot to do with how you behave.
"The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.”
Money is everywhere, it affects all of us, and confuses most of us.
There are many things never worth risking, no matter the potential gain.
People do some crazy things with money. But no one is crazy.
Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.
Luck and risk are siblings. They are both the reality that every outcome in life is guided by forces other than individual effort.
I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.
Good investing is not necessarily about making good decisions. It’s about consistently not screwing up.
A genius who loses control of their emotions can be a financial disaster. The opposite is also true.
Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.
There is no reason to risk what you have and need for what you don’t have and don’t need.
Everything has a price, but not all prices appear on labels.
Spending money to show people how much money you have is the fastest way to have less money.
Beware of taking financial cues from people playing a different game than you are.
The Psychology of Money’ is filled with many interesting ideas and takeaways. I will outline a few of my reflections and takeaways in my coming up post. Stay Tuned…
Lots of love
My Introduction post is coming soon!