10 Lessons from The Psychology of Money

1 year ago SETHA THAY 1250
10 Lessons from The Psychology of Money

1. Building Wealth Takes Time

Building wealth takes time more than what we expect and it's hard to acknowledge. For example, Warren Buffet only became incredibly rich in his later years. He started investing at an early age but was only successful when he is old.

2. Sometimes your talent, professional, degree, connections, or no matter how rich you are, sometimes it just needs the luck to be on your side. You have to respect that. Luck is sometimes a catalyst to bootstrap your way to success.

3. Some book chapters should be concise. Short chapters are easy to read. We don't have to write or explain in many words. A single word is enough for the wise in some cases, therefore a little chapter is enough for the wise we wanted to explain.

4. It is not important to say about hard money, it is all about what you think about money itself. The deep mindset of what you think is the most powerful than the cash. Your mindset indicates how much you can earn, and save. Therefore, it might determine how happy you are.

5. Stop buying expensive things just to show off people who don’t even care about you. Society is always looking for the next gist, and you don’t want to always be the gist, except if you are contesting for a political position. Make your decisions based on inner convictions, not because you want to impress a neighbor who probably doesn’t care.

6. Be cautious about your attitudes towards money. It will determine how much of it you will make, control or use.

7. Always be optimistic. Pessimism never achieves anything. In the long run, only an optimist will still be around when the game is over. In spite of your present circumstances, you need to believe that the future will be better. That’s what can keep you going.

8. Objects in the mirror are closer than they appear. But that’s not relevant for you, except you are the one driving the car. Be careful with the information you consume, not all of it is applicable to you.

9. Nice things take time. Your investments in getting knowledge, skills, money, and relationships need to take time before they give back your fruitful outcome. Be patient. There is a time to plant the tree and a time to harvest its fruit. Be patient, Your time will come.

10. Everything has a price. Financial wealth has a price. Saving. Good investment. Knowledge. Skills. If you want freedom and wisdom in your financial journey, you need the willingness to pay the price. Pay the price for a financially secure life.

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