Top 10 Psychology Books That Everyone Must Read :

1. The Power Of Habit

2 weeks ago, I started reading "Fooled by Randomness" by Nassim Taleb.

WOW, It's been mindblowing!

Thanks to @dvassallo 's recommendation.

Inside, there's a part he talks about how to deal with volatility.

Here’s 6 big lessons that are useful in the current market crash:

Lesson #1:
Negative emotions of seeing your stocks drop > Positive emotion from seeing your stocks rise.

"A negative pang is not offset by a positive one...

Some psychologists estimate the negative effect for an average loss to be up to 2.5 the magnitude of a positive one)...

... At the end of every day the dentist will be emotionally drained.

If the unpleasurable minute is worse in reverse pleasure than the pleasurable minute is in pleasure terms, then the dentist incurs a large deficit when examining his performance at a high frequency."

Lesson #2:
When we zoom out and check the prices less frequently, we are less affected by negative emotions.

Because over a longer time horizon, the market tends to rise more than it goes down.

Here are some lessons I learned from reading this book:

Can't Hurt Me, by #DavidGoggins

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1. It doesn’t always go your way

Life won’t always go your way, so if you start thinking that it will, you’ll be disappointed and less effective

Instead of focusing on what you think you deserve, figure out what u want and be willing to pay the dues required to get it

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2. The 40% rule

When your mind is telling you that you’re done, completely exhausted and not able to go any further, you’re only at about 40% of your potential

Keep fighting when you feel like you’re done, and that’s when you unlock the remaining 60% of your potential

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3. No one is going to help you

Don’t wait for someone else to help you.

If it’s your dream, it’s on YOU. If you wait, you’ll be waiting until you’re on your deathbed if you don’t take action.

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4. Callous your mind

When you’re ready to quit, stay the course. See how far you can go.

This will help you when things get tough. You’ll learn to work hard even when you don’t want to. That will pay off on your path.

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7 Quotes from 7 Habits of Highly Effective People

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1)The significant problems we face cannot be solved at the same level of thinking we were at when we created them.

2)Things which matters most must never be at the mercy of the things which matter least.

3)What lies behind us and what lies before us are tiny matters compared to what lies within us.

4)HABITS

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#LetsTalkMoney by @monikahalan is all about US understanding OUR Needs & Wants, & constructing OUR Money Box.

It helps BUILD a system in place , rather than focusing on a (non existent ) single shot solution.

MUST READ FOR ALL !

#BookRecommendation

A 🧵 on it .
👇

2/15
Firstly, build your own system to manage Cash Inflows & Outflows .
Find a way that's least troublesome but automatically separates the 2.

#Budgeting & #Allocation must not be a cumbersome task !

Easy bifurcation helps in Better mapping.

A bird's eye view on the same 👇

3/15
Moving onto Emergencies . This pandemic has made so many of us realise the importance of it .

Another interesting facet :
Unwillingness to take risks comes from the FEAR of not having money when needed - typically why Bank F.Ds are preferred.

Hence the EMERGENCY fund.

4/15
*It shall DIFFER from person to person.
*Understand HOW to go about it & BUILD up your fund.
*It takes 2-3 months time to figure out our expenses & 6 months - 1year atleast to build up this fund.
*So be patient ! 🤷
Don't jump the gun .

#EmergencyFund pointers:

5/15
Moving onto #HealthInsurance .

It takes just one Hospital visit to realise the importance of a comprehensive Health cover . 🙄🤷

Sharing a few points that must not be missed prior to taking a policy .

The book explains EVERY POINT in DETAIL along with examples.

5 Quotes to Live in The Moment 📚

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I have found that if you love life, life will love you back.

The earth has music for those who listen.

Happiness is right in front of you.

The universe is not outside of you. Look inside yourself, everything that you want you already are.