9 Big Ideas From "The Psychology Of Money" Book By Morgan Housel

You Don't Know Everything

Never take your financial decisions listening to someone else's success story or failure. Luck and risk are involved in it. Learn from your own mistakes and other’s mistakes too.

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How Much Is For You

Understand the Power of Compounding

“GETTING RICH” VS “STAYING RICH”

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LAW OF LARGE NUMBERS

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BE TIME RICH

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LUXURY IS NORMAL

LUCK IS VERY IMPORTANT

https://thebookwallet.com/the-psychology-of-money-by-morgan-housel-9-big-ideas-2023/

9 Big Ideas From "The Psychology Of Money" Book By Morgan Housel

BY www.thebookwallet.com

You Don't Know Everything

Never form opinions only on the basis of experiences.happened with others in past. Rather study financial books, watch videos, attend seminars before you take your financial decisions

Never take your financial decisions listening to someone else's success story or failure. Luck and risk are involved in it. Learn from your own mistakes and other’s mistakes too.

Nothing Is As Good Or As Bad As It Seems

How Much Is For You

Having multiple income streams is better. But ask yourself how much money is enough for you? Set a financial goal, achieve it, and relax. And never compare yourself to others. This will give you mental peace.

Understand the Power of Compounding

Doing small efforts consistently over a long period of time gives extraordinary results. Making big wealth depends on from how long have you been invested. Where Jim Simons started invesing at 50 years of age, on the other hand Warren Buffet started at the age of 10.

“GETTING RICH” VS “STAYING RICH”

In today’s time, if earning has become easy, spending has become much easier(Loyalty Points, Gift Coupons, Credit Card, Fast Loan etc.). Invest in Stocks, Crypto, Real Estate etc. Financial Decisions must be taken considering “Needs and Wants”.

LAW OF LARGE NUMBERS

Think 10X Big! Work Hard 10X! Massive actions increases chances of Massive results. Ex- Having large portfolio and not dependent on one or two stocks increases chances of profit provided that the companies are performing well.

BE TIME RICH

LUXURY IS NORMAL

The Author says that the easiest way to be poor is to pretend to be rich. If you can’t buy something twice, it means you can’t afford it. You increase your value, so that, If you move on a bicycle, then also people see you. Your value should be more than the value of that car, brother

LUCK IS VERY IMPORTANT

We often tend to dismiss luck but luck is not something that can be dismissed. Do something through which the probability of you getting lucky increases.