Psychology of Money | Timeless Lessons 📚

Quotes from the Psychology of Money by Morgan Housel (not affiliated)

Think Smarter, CLICK 👉

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

Someone driving a $100,000 car might be wealthy. But the only data point you have about their wealth is that they have $100,000 less than they did before they bought the car (or $100,000 more in debt). That's all you know about them.

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The more extreme the outcome, the less likely it is to be repeated."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Your personal experiences with money make up maybe 0.00000001% of what's happened in the world, but maybe 80% of how you think the world works."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"A huge part of financial freedom is having your heart and mind free from worry about the what-ifs of life."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Investing is not the study of finance, it's the study of how people behave with money."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Most of what you'll deal with in money management are timeless lessons about behavior and expectations."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The most important part of every plan is planning on the plan not going according to plan."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Focus on the things that change slowly, if at all."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Comparing yourself to others is the root of all evil in investing."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The only thing worse than losing money is losing it because of errors you could have avoided."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The ability to endure a terrible situation and come out of it fine is worth more than short-term gains."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Investing is a uniquely personal exercise."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Investing is not a game where the person with the highest IQ wins."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The key to getting rich is living below your means."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The ability to keep your head when others are losing theirs is the single greatest advantage in investing."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Personal finance is more personal than it is finance."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Be prepared for the fact that the future will be different from the present."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"The desire for more is a bottomless pit."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"Investing success can be boiled down to choosing a good process and sticking with it."

[Psychology of Money | Timeless Lessons 📚 @PsyMoneyBot]

"You can do everything right and still have plenty of bad luck."