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20 Timeless Financial Lessons from the book:

"THE PSYCHOLOGY OF MONEY"

– Thread –

 1. Our current relationships with money are based on our past experiences & We should avoid living in that illusion.

2. One can be wealthy without superior intelligence of financial education. You just need right behavioral skills.
3. Both luck & risk are an integral part of finance.

You can make good decisions that lead to poor financial outcomes vice-versa.

4. Saying “enough” is realizing that an appetite for more will push you to the point of regret.
5. Financial success is less of a science & more of a soft skill.

6. Buying impressive items to gain admiration & respect from others is a fool’s pursuit~ These things can not be bought.
7. Don’t move your goalpost to suit your current needs.

Once you have more money & power. It's easy to get lost in ambition so stick to your goal.

8. There are certain things which are never worth taking a risk like Character, Family, Friends & Freedom, Happiness.
9. Good investing is about getting decent enough returns over decades.

That's when compounding turns wild.

10. Earning good money & keeping that money are two different areas of expertise.

Most people fail in one or the two skills.
11. Tails drive everything in life & especially in finance.

No one makes good decisions all the time.

You should always leave room for error when estimating your future returns.
12. Everything in life has a price.

You should market volatility as a fee rather than a fine.

If you can do this, you are more likely to stay in the game long enough for investment gains to work for you.
13. Doing something you love on a schedule you don't want is equivalent to doing something you hate.

14. Rich is the current income. Wealth is income not spent. Wealth is hard because it requires self-control.
15. World is full of people who look wealthy but are actually broke. Don’t imitate them.

16. The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.
17. Risk Comes from unknown.

There will always be unprecedented events, for which we will never be prepared, and therefore, will have a massive impact on how the world operates.
18. No one is impressed with your possessions as much as you are.

Humility, kindness & empathy will bring you more respect than horsepower ever will.

19. Having more control over your time & options is one of the most valuable currencies in the world.
20. Finance has a gift for bringing out the pessimist in everyone.

Pessimists often extrapolate present trends without accounting for how markets adapt.

True financial optimism is expecting things to be bad & being surprised when they’re not.
To sum up~ What's important is to understand the difference between being rich & being wealthy.

People who are rich often make risky decisions based on historical data.

People who are wealthy realize that protecting their money by avoiding mistakes is the key to success.

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1. Be the Best

🥇Anyone who is going to hire you, buy from you, or do what you want them to do is going to wonder if you’re the BEST choice.

BEST: Best for them, right now, based on what they believe and what they know

THE WORLD: Their world, the world they have access to

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If you are not going to be the best, then you should just QUIT.

Quitting, in some scenarios, is actually essential for freeing up resources to get through the dips that matter.

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Quit or be Exceptional.

To become the best, you must understand these three curves:

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1. Never underestimate the hard work and lower probability of success, just because we are shown more successful people than many more actual failures.

It does not mean, in any way, that you should not dream big. It just says that dont get overawed by the number of success stories you read and assume that success would be easy. No one prints the failure stories.

2. Confirmation bias is the mother of all misconceptions.

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1. "You will never fully convince someone that they are wrong; only reality can.

To be precise, reality doesn’t care about winning arguments; survival is what matters."

2. "Focusing on just words put us at a dangerous path since we are much better at doing than understanding. Doers win by doing and not by convincing."

3. "Don’t take advice from people who don’t have skin in the game, i.e., be aware of the person who gives advice, telling you that a particular action is good for you and while it’s also good for him or her. While the harm directly affects you and not him."

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An entrepreneur who changed my life:

Naval Ravikant

He’s one of the deepest thinkers alive and attributes all of his success to reading.

Here are 10 books Naval recommends to make you healthy, wealthy and wise in 2023:


1. Poor Charlie's Almanac

Charlie Munger — Investor

Warren Buffett calls him the smartest man he knows.

The Almanac is a collection of Munger's thoughts, speeches and writings.

Impactful quote:


2. Man’s Search for Meaning

Viktor Frankl — Psychiatrist and Holocaust Survivor

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