10 Top Lessons From The Book "The Psychology Of Money"
1. Every financial decision you make is based on past conditioning and your model of the world.
If you grew up impulse shopping with your family on weekends, you'll likely continue to do so as an adult.
2. Learn financial habits from the come up story not the result.
Unusual financial success from billionaires creates an unrealistic expectation around money.
Turn your attention away from their results and onto the stories of how they overcame failure and disappointment.
3. If you base your happiness around money then you will never have enough.
Money is digits, and digits go on forever.
Set a financial goal and get off the never-ending treadmill once you've made "enough."
4. Start compounding your money as early as possible.
Warren Buffet is known as a legendary investor for his ability to compound wealth over decades.
The earlier you start, the more financially sound you will be.
5. Plan on your financial plan not going according to plan.
Life happens. You take time off work, your car needs new tires, and you have 5 weddings to attend this year.
Be prepared for your plan never going as planned.
6. You can be wrong half the time and still get wealthy.
Focus on the long game. You can lose half the time but as long as your wins are big, you'll still come out wealthy.
7. The intrinsic value of money is being able to give you control over your time.
Use money as a tool to do what you want to do when you want to do it.
8. Raise your humility to capitalize on more financial opportunities.
You don't need a majority stake in every investment deal you do. Remove your ego and focus on the bigger picture.
9. Don't be lured by displays of wealth.
You don't know how people afforded their Ferraris or luxury homes.
Be more concerned with what they did to earn their wealth and then apply those principles to your own finances.
10. Diversify your income streams and assets ASAP.
If something can go wrong, eventually it will. Make sure you're prepared.
#thepyschologyofmoney
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1. Every financial decision you make is based on past conditioning and your model of the world.
If you grew up impulse shopping with your family on weekends, you'll likely continue to do so as an adult.
2. Learn financial habits from the come up story not the result.
Unusual financial success from billionaires creates an unrealistic expectation around money.
Turn your attention away from their results and onto the stories of how they overcame failure and disappointment.
3. If you base your happiness around money then you will never have enough.
Money is digits, and digits go on forever.
Set a financial goal and get off the never-ending treadmill once you've made "enough."
4. Start compounding your money as early as possible.
Warren Buffet is known as a legendary investor for his ability to compound wealth over decades.
The earlier you start, the more financially sound you will be.
5. Plan on your financial plan not going according to plan.
Life happens. You take time off work, your car needs new tires, and you have 5 weddings to attend this year.
Be prepared for your plan never going as planned.
6. You can be wrong half the time and still get wealthy.
Focus on the long game. You can lose half the time but as long as your wins are big, you'll still come out wealthy.
7. The intrinsic value of money is being able to give you control over your time.
Use money as a tool to do what you want to do when you want to do it.
8. Raise your humility to capitalize on more financial opportunities.
You don't need a majority stake in every investment deal you do. Remove your ego and focus on the bigger picture.
9. Don't be lured by displays of wealth.
You don't know how people afforded their Ferraris or luxury homes.
Be more concerned with what they did to earn their wealth and then apply those principles to your own finances.
10. Diversify your income streams and assets ASAP.
If something can go wrong, eventually it will. Make sure you're prepared.
#thepyschologyofmoney
Start a blog blog