Sunday, September 1, 2024

SUMMARY ATTEMPT | THE PSYCHOLOGY OF MONEY | MORGAN HOUSEL | INTRODUCTION

Two topics impact everyone, whether you are interested in them or not: health and money.

Success is not based on how much wealth you are able to amass, but how many lives you are able to impact positively.

Money responds more to your behavior than your knowledge or expectations.

Financial success depends more on how you behave than what you know. Sciences and mathematics are guided by laws, but finance (money) is guided by human behavior.

Making money and keeping it has very little to do with financial knowledge but very much to do with financial behavior. Financial success is not rocket-science. It's a soft skill where behavior with money plays a critical role.

A genius who loses control of their emotions can be a financial disaster. The opposite is also true. Ordinary folks with no financial education can be wealthy if they have a handful of behavioral skills that have nothing to do with formal measures of intelligence.

“History never repeats itself; man always does.” – Voltaire. This applies so well to how we behave with money.

Money is everywhere, it affects all of us and confuses most of us. Everyone thinks about it a little differently. It offers lessons on things that apply to many areas of life, like risk, confidence, and happiness. Few topics offer a more powerful magnifying glass that helps explain why people behave the way they do than money. It is one of the greatest shows on Earth.


Study Group Contributors:
Phoebe
Gbenga
Martina
Deborah
Bayor


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