Discover and read the best of Twitter Threads about #thepsychologyofmoney

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Here are some key takeaways that can help you better understand your relationship with #money from "The Psychology of Money" by Morgan Housel @morganhousel #RichQUACK $QUACK #Psychologyofmoney

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1. Wealth is what you don’t see: Wealth is the assets you accumulate that nobody else can see. It’s the cars not purchased, the clothes not bought, and the vacations not taken. #ThePsychologyofMoney #Wealth #Savings $QUACK
2. Compounding is the most powerful force in finance: Time and patience are the most important ingredients of compound interest. Understanding the power of compound interest is essential for building long-term wealth. #CompoundInterest #WealthBuilding $QUACK
Read 15 tweets
Important lessons from "The Psychology of Money" by Morgan Housel

I have read this book so many times and will post my favorite quotes here … do read the book #thepsychologyofmoney
"The best way to think about money is to think about it as a tool for creating options."

When we have financial security, we have more choices and opportunities in life.
"The most important thing about #money is how you think about it."

Money is just a tool, but it can have a powerful influence on our thoughts and actions.
Read 13 tweets
Focus more on broad patterns, less on specific individuals & case studies.

From the book - #ThePsychologyOfMoney
[A thread on my key learnings from this book]
Doing well with money has little to do with your smartness, a lot to do with how you behave. And behaviour is hard to teach.

#ThePsychologyOfMoney 1/n
The hardest financial skill is getting the goalpost to stop moving.

Modern capitalism is a pro at two things: generating wealth and generating envy.

Life isn’t any fun without a sense of ‘enough’.

#ThePsychologyOfMoney 4/n
Read 5 tweets
1/31
My takeaways from the best seller
#ThePsychologyOfMoney by @morganhousel

It beautifully encapsulates , via chapters , the most under rated factor in investing - The Psychological aspect of it .

Do read the book :)
#BookRecommendations
#booklovers
2/31
CHAPTER 1

What we experience early on (in our adult life) is more compelling than what we learn second hand, which is why each person thinks about #Risk & #Reward DIFFERENTLY.

In theory we SHOULD make our investments based on OUR goals & options available.
3/31

However we tend to include our unique experiences of how the world works (albeit with incomplete information) which might seem crazy to others .

* Spreadsheets cannot replicate human emotions which is why no amount of studying can make one truly UNDERSTAND the underlying.
Read 31 tweets

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