Adnan Mirza
@adnanmirza
6 lesson from "The Psychology of Money" by Morgan Housel 1. Man in the car Paradox No one is as impressed with your possessions as you are. People tend to display wealth to be liked and admired. But in reality, people often bypass admiring you. They use your wealth as a benchmark for their own desire to be liked and admired. 2. Wealth is what you don't see We tend to judge wealth by what we see: cars, clothes, and houses. What we don't see are investment accounts. We rely on outward appearances to gauge financial success. True wealth is hidden, It is assets not converted into things you see 3. No One's Crazy People money decisions are justified by taking the information they have at the moment and plugging it into their unique mental model of how the world works. Origins and upbringing shape money decisions. We do crazy things with money. But no one's crazy. 4. Luck & Risk They both are the reality that every outcome in life is guided by forces other than individual effort. They are so simi…
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Vikram Chaudhary
@vikratol
Gm
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