THE PSYCHOLOGY OF MONEY (BY MORGAN HOUSEL)

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Have you heard the story about Ronald Read, the janitor that had 8 million dollars in savings when he died in 2014? Yes, you heard that right. Janitor. $8 millions. And he didn´t win the lottery or inherit the money either. He just saved consistently throughout his life, while letting the wonders of compounding do its thing. The morale is that your behaviour with money is oftentimes more important than how intelligent you are. Even if you don´t have a diploma from Harvard, or work on Wall Street, you can become rich by just behaving in a sound way. As Morgan Housel puts it: “financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.” Spend your next ten or fifteen minutes on this video, and you might excel on the soft skill of investing! This is a top 5 takeaways summary of The Psychology of Money, by Morgan Housel.

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Want to know more about human psychology and its relation to money? Check out my top 10 (!) takeaways from Thinking Fast and Slow by Daniel Kahneman here: https://youtu.be/cuj2Kq8rvGw

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Top 5 takeaway of The Psychology of Money by Morgan Housel:

01:14 1. Pay the Price
04:18 2. Never Enough
07:50 3. Crazy is in the Eye of the Beholder
10:32 4. Peek-A-Boo
12:30 5. The Seduction of Pessimism

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My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.