When a person is looking at financial news or financial information, how does an individual develop and test and improve their own b s pilter? Like, how do you separate the wisdom from the noise? For me, it didn't happen until reading financial news constantly for hours and hours a day for a decade. It's one thing to kind of read financ news and conn use it as a puzzle piece, to cut of place into a larger mosaic. But i would caution people to take forecast, particularly long term forecasts, with a big fat grain of salt.
#338: This month, we’re running four episodes based around the four pillars of F.I.R.E. — financial psychology, investing, real estate and entrepreneurship.
Today’s episode, which originally aired in April 2018, offers advice to investors who want to sharpen and hone their competitive edge.
Here are three lessons from this conversation with investment writer Morgan Housel:
Lesson #1: Great investors need patience and humility.
Lesson #2: Read broadly.
Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas.
Lesson #3: Play a strong defense.
On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative.
But in the long-term it could prove to be the opposite.
Enjoy this interview, which originally aired in April 2018.
For more information, visit the show notes at https://affordanything.com/episode338
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