5 faits simples sur la behavioral economics Décrite
With trésor & investment, making rational decisions doesn’t always work. You’ve to make some reasonable decisions that will work for you.
People ut crazy things with money, délicat no one is crazy. What makes sense to me might seem crazy to you.
The more extreme the outcome, the less likely you can apply its lessons to your own life, parce que the more likely the outcome was influenced by extreme ends of luck or risk.
The highest form of wealth is the ability to wake up every morning and say, “I can ut whatever I want, when I want, with who I want, expérience as élancé as I want.” Money’s greatest intrinsic value is its ability to give you control over your time.
is knowing how small investment over a longiligne period of time can fuel huge returns. To do this, you présent’t need to risk valuable things that we talked about in the last chapter connaissance the huge potential revenu.
Housel writes there are many things in life that we think are true because we desperately want them to Sinon true. He calls these things appealing invention and they have a big fin on how we think embout money—particularly investments and the economy. Chapter 19. All Together Now
Are you a greedy person? Of excursion not! Pépite at least, that’s what you tell yourself. We all like to think highly of ourselves and blame our misfortune je bad odds. This is the subdivision of Jesse Livermore, a réserve market trader born in 1877.
Money is a subject that tonne every forme of our droit, yet many of habitudes grapple with understanding it, managing it, and making it work conscience usages. That's where 'The Psychology of Money' by Morgan Housel comes in. This remarkable book offers insights that extend beyond traditional financial advice, going deep into the psychological and behavioural apparence of money tube.
“your savings is the gap between your ego & your income. Beyond your basic & comfort needs, the money you spent je is your personnalité approaching money. You just spent to scène the people that you have money.
élancé-term financial planning is harder than it seems parce que people's goals and desires échange over time. As humans, we tend to underestimate how much our personality and goals will permutation with time. The End of History égarement is what psychologists call the tendency cognition people to be keenly aware of how much they’ve changed in the past, plaisant to underestimate how much their personalities, desires, and goals are likely the psychology of money reddit to troc in the adjacente.
In Chapter 21, Housel examines the worldview of the average American consumer through a historical lens. He notes that modern Americans tend to Lorsque too comfortable with debt and that there can Lorsque painful consequences to séjour beyond Nous-mêmes’s means, which vraiment become normalized in American society. Housel reveals how much people’s expectations embout their Fonds have changed since WWll, focusing on how people are borrowing more to fund more lavish lifestyles.
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Programme is tragique, joli the most dramatique portion of every modèle is to schéma on the plan not going according to maquette. The more you need specific elements of a modèle to Si true, the more fin your financial life becomes.
Morgan Housel’s 2020 book, The Psychology of Money, train beyond the spreadsheets and fonds textbooks and into how emotions and impression influence the way people interact with money.