19 Lessons From "The Psychology of Money"

A book by @morganhousel

This book really had a big impact on me.

It's great for beginner and advanced investors.

And even anyone that wants to do better in life with money.

Truth is it's not that complicated.

1. Skills Needed

Financial success is a soft skill.

How you behave is more important than what you know.

You don't have to be a genius to be successful with money.

A Janitor that invested consistently through life ended up with $8m upon retiring.

On the other hand a highly educated CEO went broke in the 2008 Financial Crisis.

Why?

One wasn't trying to outsmart the market while the other was constantly trying to.

2. No One's Crazy

We make money decisions based on our own unique experiences.

These decisions make sense to us in a given moment.

If you live through a period of high stock market returns it seems normal to put your money in stocks.