What is luck according to Morgan Housel?
Luck and risk are the reality that every outcome in life is driven by forces other than individual effort. They are so similar that one cannot believe in one without equally respecting the other. On the same subject : Is there a prayer for money?. Both happen because the world is too complex for 100% of your actions to determine 100% of your outcomes.
What is the main purpose of saving in Housel? The Housel family has 1 main financial goal: independence or the ability to do what they want on their own terms. They are content with a decent house, a car and a modest lifestyle. As their income increased over the years, they saved most of it because they were already comfortable with their lifestyle.
Is The Psychology of Money worth reading?
“The Psychology of Money” is essential reading for anyone interested in being better with money. Fast-paced and engaging, this book will help you improve your thinking about money. Read also : How much money is considered financially stable?. You can finish this book in a week, unlike other books that are too long.
Why is it important to understand the concept of Money Psychology? Our passions, our fears and our dreams are different. And when we hear the word money, we all have special thoughts and emotions too. Understanding the psychology of money will help us become aware of these thoughts, emotions and behaviors.
What can we learn from The Psychology of Money?
In The Psychology of Money, Morgan Housel teaches you how to have a better relationship with money and make smarter financial decisions. Instead of pretending that humans are ROI optimization machines, it shows you how your psychology can work for and against you.