The Stocks and Savings Podcast 17. Become A Better Investor With These 10 Lessons From The Psychology Of Money
Apr 6, 2023
Dive into valuable lessons from a best-selling finance book that reveal how personal experiences shape our views on money. Understand the power of compound interest and why early investing is crucial. Learn about the 4% rule for retirement and the balance between emotion and reason when making financial decisions. Discover how risk perception influences choices and the significance of defining personal success over societal expectations. These insights aim to empower listeners to become savvy savers and investors.
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Personal Money Experience Bias
- Your personal money experiences shape your beliefs far more than objective history does.
- Recognize your perspective is narrow and may not reflect how the world actually works.
Luck Shapes Success
- Luck and background play major roles in success alongside effort and skill.
- Be kinder in judgments because outcomes often hinge on chance and circumstance.
Define What 'Enough' Is
- Decide what 'enough' means for you to avoid endless lifestyle inflation.
- Stop moving your goalposts so money stops eroding your happiness.
