Standard Deviations with Dr. Daniel Crosby cover image

Morgan Housel - The Psychology of Money

Standard Deviations with Dr. Daniel Crosby

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Having Flexibility in Your Finances

I wrote in one of my books that we tend to own the optimistic and delegate the dangerous. But there's also tech backto is not being black and white. Having enough flexibility in your finances, in your budget, in the amount of cash that you hold, so that you can withstand the actions of other people that might backfire on you. So rather than just saying either i can't control the future, or i have full control over my destiny, it's just saying like, look, like i don't have control over the actions, but i'm going to try to do stuff within my budget, in my portfolio, that helps me endure those actions lutely.

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