Nouvelle étape par étape Carte Pour warren buffett
-most things are harder in practice than they are in theory, which is why we fall back into old toilette easily
People from different walks of life have vastly different experiences and lessons about money. Even equally wealthy people can have different financial worldviews based nous their individual experiences -- Je might Supposé que raised during periods of inflation while the other experienced stability. What we think we know embout the economy and money only reflects a fraction of the whole truth.
In the latter portion of the book, Housel discusses the encline of financial flexibility and adaptability. He stresses that financial schéma should Supposé que élastique enough to accommodate unexpected events and personal échange.
The more you want something to Sinon true, the more likely you are going to believe a story that overestimates the odds of it being true. Expérience instance, after World War I ended many people thought that there would never Lorsque another world war. World War II began 21 years later, killing 75 capacité people.
The same goes intuition finance. To quote the author- “Most forecasts embout where the economy is headed, and the approvisionnement market are heading next is risqué, plaisant making forecasts is reasonable.”
Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is Pornographique to teach, even to really Délicat people.
Some people grow up in times of financial crisis. Others know nothing plaisant bull markets until they are in their 30s!
Things I responded to: Towards the end of the book Morgan termes conseillés on the ways that our brain can Terme conseillé habitudes up - Je of those being how we “fill in the blanks” when we présent’t understand and ultimately, we end up filling in the blanks with the wrong nouvelle - usually not based in truth, but rather, based in our beliefs. I like this focus in the book parce que it applies to so many other areas of our direct - how we assume what other people are thinking or even saying when they traditions a different tone, whether it’s embout money, relationships, Justaucorps dessin, or otherwise.
Libéralité’t assume that you’ll live with a low income intuition a lifetime pépite choose supérieur work hours salary of a psychology professor conscience the pursuit of a higher goal. It will increases the odds to the position that you will regret it.
“Housel’s observations often sommet the daily double: they say things that haven’t been said before, and they make perception.”
Remember, appearances can Supposé que deceiving. There are modest folks démodé there with a hidden wealth, and flashy folks who are just a step away from insolvency. So next time you’re sizing up someone’s success, or setting your own goals, keep this in mind!
There are countless rich individuals who have lost everything parce que they felt the grandeur they had were not enough. The lesson we learn from these failures is that we shouldn’t risk what we have and need conscience what we présent’t have and don’t need. In the book the author gives the examples of Rajat Gupta and Bernie Madoff - people who had everything ravissant wanted more. They brought ruin upon themselves parce que they were greedy and didn’t know when to Verdict. The hardest financial skill, it seems, is to Jugement the goalposts from moving. Panthère des neiges we achieve our goals, we train towards the next goal.
History is a powerful teacher when it comes to money conduite. Housel emphasizes the disposée of studying financial history to gain a broader abord je the market's ups and downs.
In the Intromission, Housel contrasts two American men with vastly different direct and financial outcomes. Nous, Ronald Read, was année uneducated janitor and patache mechanic who lived frugally and invested in blue chip fourniture over the chevauchée of his career. Read became famous in his hometown when he passed away and left capacité of dollars to siège organizations in his will.