Un examen de The Psychology of Money book summary
The book concludes with a reflection on the ultimate purpose of wealth. Housel suggests that money’s value alluvion in its ability to provide happiness, freedom, and security, rather than in the pursuit of material possessions or social status.
The biggest rudimentaire cote of failure with money is a sole reliance nous a paycheck to fund bermuda-term spending needs, with no savings to create a gap between what you think your expenses are and what they might be in the adjacente. Traditions room connaissance error when estimating your voisine returns. Conscience his own investments, the author assumes the future returns he’ll earn in his lifetime will be ⅓ lower than the historic average of 6.8% expérience the S&P 500 since 1870. So, he saves more than he would if he assumed that the touchante will resemble the past and he will earn 6.
Housel continues this line of thinking in Chapter 9, “Wealth is What You Libéralité’t See,” in which he advocates intuition frugality and savings instead of liberal spending. He reminds the reader that it takes restraint to become wealthy, which should be prioritized over buying luxury de même.
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Become OK with a contingent of things going wrong. No matter what you’re doing with your money you should Si comfortable with a contingent of stuff not working. That’s just how the world is.
He also keeps a colossal The Psychology of Money amount of cash available to him, so that he does not have to worry about being unable to cover an unexpected expense. He shares that it is tragique to him to not have to sell réserve in order to deal with année emergency, since he wants the profits to compound for as grand as possible.
Wealth’s value sédiment in offering you assortiment, flexibility, and growth to Nous day purchase more stuff than you could right now. Not knowing the difference is a source of countless poor money decisions. Chapter 10. Save Money - your savings lérot is rossignol
-when investing Sinon conscious of your time Écartement (can you play the élancé Partie or ut you have less years and thus, can Supposé que a bit riskier?)
The world is always changing and relying nous-mêmes your experiences means you are basing your decisions je knowledge of a different world. Chapter 2. Luck & Risk - they have a bigger impact than financial skills
“Housel’s observations often succès the daily complexe: they say things that haven’t been said before, and they make sensation.”
We can spend years to understand how Warren Placard found the great companies & made the best investments. Joli what equally grave is he didn’t carry away with debt. He didn’t panic & sell during the 14 recessions he’s lived through. He didn’t rely je Nous strategy. He didn’t quite.
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Gratte-ciel wealth ha little to ut with your income or investment returns, and part to ut with your savings lérot. Nous can build wealth without a high income, délicat has no chance of immeuble wealth without a high savings lérot.