The Psychology Of Money PDF Download -If you want to download The Psychology Of Money PDF For Free. You have landed on the correct website, here we have shared The Psychology Of Money PDF For free download. This book is written by Morgan Housel. Here is some info about this book.
The Psychology Of Money PDF Details
|Name||The Psychology Of Money|
|Publisher||Jaico Publishing House|
|Format||PDF / Epub|
The Psychology Of Money PDF Summary
The Psychology Of Money PDF book is for those who have had a lot of Their skin in the game of the stock market and thought of creating wealth from it.
The first level of investor is the one who knows money can be made in the market, but doesn’t know how and starts to trade without any knowledge.
The second-level investor has made a profit or loss on his capital and starts to find out where he has gone wrong and starts learning about some basic concepts such as the PE ratio.
The third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buying or selling them.
A fourth-level investor follows and checks if the price has gone up or not very often and loses faith if it doesn’t go up after he bought it, and if the price doesn’t go up he sells it and looks for another one. in a short span of months. Again goes back to the drawing board and finds what went wrong.
Then comes the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.
But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for a very long time such as 70-80 years which very few do it.
That’s when actually psychology matters and that’s what Morgan tries to tell us in this book that more that analysis of the scrip, the conviction that you calculated, and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all great humility and convinces us to be humble and show gratitude to others.
Timeless lessons on wealth, greed, and happiness doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.
How to manage money, invest it, and make business decisions are typically considered to involve a lot of mathematical calculations, where data and formulae tell us exactly what to do. But in the real world, people don?t make financial decisions on a spreadsheet.
They make them at the dinner table, or in a meeting room, where personal history, your unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.
In the psychology of money pdf, the author shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important matters.
There are 20 chapters in the psychology of money book PDF and each one of them has its own valuable message. The book is interesting in many ways. First of all, it communicates many complex concepts in very simple terms.
For instance, a concept like “Bubble” which is often discussed in the world of finance is described by Housel as “The formation of a bubble isn’t so much about people irrationally participating in long-term investing.
They are about people somewhat rationally moving towards short-term trading to capture the momentum that has been feeding on itself”. This is just one example. The book is full of pearls of wisdom.
There is nothing that can match a statement like “The only way to win in a Las Vegas casino is to exit as soon as you enter”.
Let me come to some of the most amazing insights that the book provides. The book talks about the difference between getting wealthy and staying wealthy. The author says that many people acquire wealth but fail to preserve wealth and hence it is important to learn how to preserve wealth.
As per Housel,” Preserving wealth requires humility and the fear that what you have made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you have made is attributable to luck, so past success cannot be relied upon to repeat indefinitely.”
The author talks in detail about the role of luck in investing in many places in the book. He quotes his conversation with Robert Schiller, winner of the Nobel Prize in Economics, to whom he once asked, “What do you want to know about investing that we can’t know?”. In response to this question, Schiller said, “The exact role of luck in successful investing”.
The author keeps on surprising with his wonderful understanding of money in different chapters of the book.
But the exclusive chapter on saving, which is chapter 10, has many interesting aspects about savings. Emphasizing the significance of savings, the author says “The first idea- simple, but easy to overlook-is that building wealth has little to do with your income or investment returns, and lots to do with your savings rate.”
He adds that you don’t need a specific reason to save. He has also mentioned something which is an eye-opener. Past a certain level of income, what you need is just what sits below your ego. The author also highlights the need for knowing what is enough, when it comes to money.
About The Author: Morgan Housel
Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.
The Psychology Of Money Free Download
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Morgan Housel is the author of “The Psychology Of Money ” book.
How many pages are there in the “The Psychology Of Money ” book
There are 252 pages in the “The Psychology Of Money ” book
How to download the “The Psychology Of Money ” book
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