Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works. So equally smart people can disagree about how and why recessions happen, how you should invest your money, what you should prioritize, how much risk you should take, and so on.
Riad Ghellabje citiraoпре 2 године
We need to believe we live in a predictable, controllable world, so we turn to authoritative-sounding people who promise to satisfy that need.”
Satisfying that need is a great way to put it. Wanting to believe we are in control is an emotional itch that needs to be scratched, rather than an analytical problem to be calculated and solved. The illusion of control is more persuasive than the reality of uncertainty. So we cling to stories about outcomes being in our control.
Soliloquios Literariosje citiralaпре 3 године
1. The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true
Shin Loon Leeje citiraoпре 4 године
As for the top one percent, the really well-to-do and the rich, whom we might classify very roughly indeed as the $16,000-and-over group, their share of the total national income, after taxes, had come down by 1945 from 13 percent to 7 percent
Shin Loon Leeje citiraoпре 4 године
They are surely wrong: the outcome of a start-up depends as much on the achievements of its competitors and on changes in the market as on its own efforts.
Marianaje citiralaпре 4 године
doing well with money has a little to do with how smart you are and a lot to do with how you behave
Kelvin Tjiawije citiraoпре 5 сати
Luck and risk are both the reality that every outcome in life is guided by forces other than individual effort. They are so similar that you can’t believe in one without equally respecting the other. They both happen because the world is too complex to allow 100% of your actions to dictate 100% of your outcomes. They are driven by the same thing: You are one person in a game with seven billion other people and infinite moving parts. The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.
Mizealane Lumauigje citiralaпрошлог месеца
Savings can be created by spending less. You can spend less if you desire less. And you will desire less if you care less about what others think of you. As I argue often in this book, money relies more on psychology than finance.
Mizealane Lumauigje citiralaпрошлог месеца
Wealth is financial assets that haven’t yet been converted into the stuff you see.
Mizealane Lumauigje citiralaпрошлог месеца
The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.”