Top Lesson from the Book The Psychology of Money By Morgan Housel,
Book Summary in Hindi – Part 19
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Key Lesson from Introduction Part 19
Most Important Lesson from The Book Psychology of Money in Hindi
1. Go out of your way to find humility when things are going right and forgiveness/compassion when they go wrong.
Because it’s never as good or as bad as it looks.
The world is big and complex.
Luck and risk are both real and hard to identify. Do so when judging both yourself and others.
Respect the power of luck and risk and you’ll have a better chance of focusing on things you can actually control. You’ll also have a better chance of finding the right role models.
2. Less ego, more wealth. Saving money is the gap between your ego and your income, and wealth is what you don’t see.
3. Manage your money in a way that helps you sleep at night.
4. If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon.
Time is the most powerful force in investing. It makes little things grow big and big mistakes fadeaway. It can’t neutralize luck and risk, but it pushes results closer towards what people deserve.
5. Become OK with a lot of things going wrong. You can be wrong half the time and still make a fortune, because a small minority of things
account for the majority of outcomes.
6. Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance.
7. Be nicer and less flashy. No one is impressed with your possessions as much as you are. You might think you want a fancy car or a nice watch.
But what you probably want is respect and admiration. And you’re
more likely to gain those things through kindness and humility than
horsepower and chrome.
8. Save. Just save. You don’t need a specific reason to save. It’s great to save for a car, or a down payment, or a medical emergency. But saving for things that are impossible to predict or define is one of the best reasons to save.
8. Define the cost of success and be ready to pay it. Because nothing
worthwhile is free. And remember that most financial costs don’t have
visible price tags. Uncertainty, doubt, and regret are common costs in
the finance world. They’re often worth paying. But you have to view
them as fees (a price worth paying to get something nice in exchange)
rather than fines (a penalty you should avoid)
9. Worship room for error. A gap between what could happen in the
future and what you need to happen in the future in order to do well is what gives you endurance, and endurance is what makes compounding magic over time. Room for error often looks like a conservative hedge,
but if it keeps you in the game it can pay for itself many times over.
10. Avoid the extreme ends of financial decisions. Everyone’s goals and desires will change over time, and the more extreme your past decisions were the more you may regret them as you evolve.
11. You should like risk because it pays off over time. But you should be paranoid of ruinous risk because it prevents you from taking future
risks that will pay off over time.
12. Define the game you’re playing, and make sure your actions are not being influenced by people playing a different game.
13. Respect the mess. Smart, informed, and reasonable people can disagree in finance, because people have vastly different goals and desires. There is no single right answer; just the answer that works for you.
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