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The Psychology of Money Book Pdf
About The Book
The Psychology of Money explores how money moves around in an economy and how personal biases and the emotional factor play an important role in our financial decisions, as well as how to think more rationally and make better decisions when it comes to money.
Our personal finances play a huge role in our lives. And yet people rarely discuss them and educate themselves on this topic. For this reason, many presumptions and false ideas about money have emerged over the years. They think having money is a result of luck or that rich people are all inheritors. Or perhaps wealth belongs only to those who disrupt the world and benefit from their discoveries.
Wrong! Money is a universal, circular asset in the world. And you too can become financially independent, if you choose to adopt a few wealth-growing practices and change your current mindset. At first, you’ll have to acknowledge your financial situation. Biased financial decisions are what stand in the way between your current life and the life you desire.
Then, it’ll be easier to spot and get rid of them. Your ways of seeking status, your envy, and other emotions that have control over you all play a significant role when it comes to your financial decisions. Of course, there are other things to explore when it comes to making better choices with your money. The Psychology of Money outlines what it is that you can do starting today to improve your financial status.
Here are my three favorite lessons from the book:
Being greedy can turn out to be the biggest financial mistake you’ll ever make. Envy has no place in the money market, as it can blur your thinking.
Our early experiences with money determine our financial decisions later on. Now, let’s discuss these lessons in detail, and see how we can benefit from them!
Lesson 1: When it comes to managing your money, it’s better to leave greed out of it Are you a greedy person? Of course not! Or at least, that’s what you tell yourself. We all like to think highly of ourselves and blame our misfortune on unlucky odds. This is the case of Jesse Livermore, a stock market trader born in 1877.
Prior to the notorious market crash that occurred in 1929, he took a short position. This means that he made a bet that the stock market will fall. As it turns out, this was the best decision he’d ever make in his career, as he gained three billion out of it. Normally, this amount would’ve been enough to set him up for life. Well, not quite.
This winning trade made Livermore feel invincible, so it wasn’t long until he lost everything he’s earned by placing all the wrong trades.
This sudden downfall pushed him to the edge, urging him to end his life one night. The problem was that his success made him want even a bigger slice of the cake, although he already had more than the average person could wish for.
The lesson here is, don’t be greedy, and learn to be humble. When you already have what you wished for or accomplished significant goals in your life, learn to be fearful, maintain your status, and enjoy the present, instead of always seeking more and more. When you’re scared of losing everything you have, you won’t be happy to risk it all for potential gains.
Moreover, you should work on your ability to adapt to trends and destroy your phobia of new ones, even if it contradicts your inner beliefs. The money market leaves no room for subjectivity, biases, or impulsive decisions. Rushed investments can wipe off years of savings, while valuable ones can speed up your journey to financial freedom……Download the book to read more.
The Psychology of Money book pdf free Download
| Pdf Books Name | The Psychology of Money Book Pdf |
| Author | Morgan Housel |
| Language | English |
| Pdf Size | 3.22 MB |
| Total Page | 243 |
| Category | Economy and Money |
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