[心得分享] The Psychology of Money-Keep your investment time as long as possible so you have the chance to gain the result

 

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

作者: Morgan Housel
推薦分數：⭐⭐⭐⭐⭐

英文難度：⭐⭐⭐☆☆
（GJ的英文程度-英文指考75分，多益875分，單字量沒有高中多，口說可以表達自己但絕對不到native）

Frankly speaking, I didn’t notice that I had already read this book in mandarin until I finished chapter 9 talking about fancy cars. But this book is really worth reading if you are confused about how you should deal with the money you have. I like some of the ideas the author mentioned in the book, but before I start to talk about them, we should all agree on one thing. Being able to do what you want, when you want to, with who you want in our own terms is what works for everyone, right?

Things are never as good or as bad as it looks like. What seems irrational to you might be totally rational to another person. Why? Because we all view money differently. Buying a lottery to give yourself a chance to win a million might seem stupid to a billionaire, but it’s totally possible a moderate family can turn rich. People born in 2008 compare to people born in 1990 will be way more conservative to stock market. So don’t care about what others use their money, choose the way you feel comfortable and do it, because what seems good to others don’t mean it is good to you.

Be OK when things go wrong most of the time. You can be wrong half the time but still make fortune. People focus on all the success stories and want to copy the road those people went through, but when you found things go wrong, you stopped trying. What happened? Did you do something wrong? Nah, it’s just you didn’t keep trying. There were millions of people, but there is only one Bill Gates. Did Bill Gates made every decisions correctly? No, but he hit one of it that earned huge returns. The long tail theory tells us that the greatest return happens in the lowest possibility but may impact you the most, so keep your investment time horizon as long as possible so you have the chance to gain that result.

At last, saving shouldn’t need any reason, just save. Why did I say so? We can’t expect any thing goes right in our future because accidents happen. When accidents happen and you don’t have money, you can’t do anything but cry and tell yourself why you didn’t save any money. I am so grateful that I have some very supportive families and friends when I was abroad so things didn’t went worse. Because I’m able to pay some of the emergency bills, some accidents are resolved. That’s what saving is for, prepare for the unexpected, because shits always happen.

“The Psychology of Money致富心態” 2022/10/14