8 Practical Idea🔧 from "The All-or-Nothing Marriage" /Part 1
⚡️Psychology Book Review

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.

4/31
CHAPTER 2

#LUCK & #RISK both play a role for EVERY outcome along with individual effort. At times making a greater impact than the consequential actions taken .
This we ought to remember when judging others' financial success.

Not ALL SUCCESS is due to hard work.

5/31
Likewise, NOT ALL POVERTY is due to laziness.

To learn from successful people, we must focus on BROAD PATTERNS & not on specific individuals ( for we often tend to just study extreme cases at both ends of the spectrum. )

It's never AS GOOD or AS BAD as it seems !!

I asked, “What book do you re-read the most?”

I received 441 replies

Here are 20 books that should be read again and again:

1/

7 Habits of Highly Effective People

by Steven Covey

2/

A Short History of Nearly Everything

by Bill Bryson

3/

As A Man Thinketh

by James Allen

4/

Atomic Habits

by @JamesClear

Reading is to the mind what exercise is to the body.

But nowadays, let alone buying a #book, it takes a lot of effort to even finish what we had started because of our hectic schedules.

To solve this, @elearnmarkets brings you best #finance book summaries, all in one place!

🔖One Up On Wall Street by Peter Lynch

This book provides a holistic knowledge of investing in stocks. The author discusses how to use what you already know to make money in the market. It serves as an extensive guide for investors. Read more:

🔖Think and Trade Like a Champion by @markminervini

The book will show you how to increase your returns while keeping your risk to an absolute minimum. Mark reveals his personal trading rules that made him super successful stock trader.

Read more:

🔖Trading in the zone by Mark Douglas

Douglas uncovers the underlying reasons for lack of consistency & helps traders overcome ingrained mental habits that cost them money. He exposes the myths of the market, to look beyond random outcomes.

Read more:

🔖Rich Dad Poor Dad by @theRealKiyosaki

Robert Kiyosaki developed his unique economic perspective from two very different influences. He speaks about the monetary problems experienced by his poor dad and the life experiences of his rich dad.

Read more:

10 Key Lessons From the Book “Black Swan” By: Nassim Taleb

⚡️Book Review⚡️

1. Don’t chase black swans, instead, let them permeate your life.

👉You can do this by experimenting, cultivating serendipity,

🚫not taking bell curves too seriously, and investing in lots of small outlier but high-risk opportunities.

2. Black swan events Key attributes:

- Extremely impactful
- Are outlier events
- Are retrospectively predictable, not prospectively predictable

🚫Try to avoid situations that can fool you in a huge way, and avoid depending on huge, and potentially harmful predictions.

3. Randomness mainly comes from lack of knowledge

Surviving until tomorrow could mean that you’re either more likely to be immortal, or closer to death.

👉Both of these conclusions are based on the same exact data.

4. Unknowns are more important than the knowns

👉We can master things in one field and fail to transfer the same to another.

Everyone has their own limitations when it comes to learning from experience or observation.

10 Top Lessons From the Book
"Chatter"

📚Book Review (THREAD)

1. Introspection is a double-edged sword

💭Introspection—the ability to observe one’s own mental processes— is a valuable tool for reflection and decision-making.

But rather than make people feel better, introspection often leads them to experience something else.

2. Chatter

🗣️Chatter is the cycle of negative thoughts and feelings that turn our capacity for introspection into a vulnerability rather than a strength.

If you can master the art of introspection without the chatter, you can get your internal conversations back on track.

3. Talking to yourself can be helpful

👉Many people wonder how they can control their chatter. One way to do so is to talk to yourself using your name and the word “you,” as if you were advising someone else, a technique called “distant self-talk.”

4. Distant self-talk capitalizes on this idea

✍️Silently talking to yourself like you’re someone else—using “you” and your own name—helps you take a step back from your experience and put your problems in perspective.