PDF Book Details
| Name of Book | The Psychology of Money |
| Author | Morgan Housel |
| PDF Size | 2.95 MB |
| No of Pages | 202 |
| Language | English |
Psychology of Money Book PDF
When money comes to a person, he forgets who he’s, and while cash goes far from him, the sector forgets who he is. Money is a amazing issue, that is why it is important for every person to realize approximately the psychology of money.
You must have heard about many books related to personal finance, but in today’s post, we are going to give one of the most read books in the world, The Psychology of Money Book Pdf, written by Morgan Housel. If you want to understand the psychology of money, then you must read this book.
The Psychology of Money Book PDF download link will be found below the article; you can easily download it on your mobile or desktop.
Summary, Psychology of Money Book PDF
The psychology of money is explained in detail in the book The Psychology of Money, written by Morgan Housel. Every person has his own perspective about money. Some people say that money is everything, and some people say that money does not matter, happiness matters.
The first and most important thing mentioned in the book is that money should not be wasted. In today’s world, people spend more than necessary just to show off. In the eBook, the writer says that spending cash to expose off to others is the easiest manner to emerge as terrible and the hardest to stay rich. Morgan also says that there are numerous ways to grow to be rich within the world. But there’s handiest one manner to turn out to be bad, and this is by way of no longer handling cash nicely and spending it as lots as possible.
The 4 rules for making money from Psychology of Money Book
- Enough
Enough means when can we say that I have earned more? This is enough, and now I should stop. Our biggest challenge in life is that we do not know how long to wait or how much risk to take. The biggest reason for not having enough is comparing yourself to others through social comparison. The author says that we should set a goal instead of comparing it with others, and then stop when we achieve that goal.
- Getting Rich vs. Staying Rich
Nowadays, with the growth of the internet and social media, one can easily become rich, but staying rich is the most difficult task. Look, in today’s time, it has become easier to spend than it is to earn. The author says that the best way to save your wealth is to spend it very thoughtfully and not assume that the success you had yesterday will be the same tomorrow.
- True wealth is what you don’t see.
What we see is not the whole truth, but knowingly or unknowingly, that thing forces us to think badly. Whenever we see a rich man, we think that we wish we were like him, but we are not able to think about how his life is going.
- Time less money advice
1. Independent Decision.
Take all your financial decisions independently, and do not think that if someone else has taken it, then I must take it, or if someone else has done it, then I should also do it.
- Live below your means.
The worst thing you can do is spend your future earnings right now.
- Maintain 20% of wealth in liquid funds.
You will not need to sell your investments whenever you see big losses when you have an emergency fund.
- The first rule of compounding is not to interrupt it.
Your actual wealth can only come through long-term investment, but the condition is that you keep investing it without stopping and let it compound.
5. Three Key Elements to Financial Success
- High savings rate
- Patience
- Long-term optimism
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