𝟱 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝗢𝗻𝗲 𝗼𝗳 𝗠𝘆 𝗔𝗹𝗹-𝗧𝗶𝗺𝗲 𝗙𝗮𝘃𝗼𝗿𝗶𝘁𝗲 𝗕𝗼𝗼𝗸𝘀 𝗔𝗯𝗼𝘂𝘁 𝗠𝗼𝗻𝗲𝘆
𝟱 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝗢𝗻𝗲 𝗼𝗳 𝗠𝘆 𝗔𝗹𝗹-𝗧𝗶𝗺𝗲 𝗙𝗮𝘃𝗼𝗿𝗶𝘁𝗲 𝗕𝗼𝗼𝗸𝘀 𝗔𝗯𝗼𝘂𝘁 𝗠𝗼𝗻𝗲𝘆 If you haven’t yet read 𝑻𝒉𝒆 𝑷𝒔𝒚𝒄𝒉𝒐𝒍𝒐𝒈𝒚 𝒐𝒇 𝑴𝒐𝒏𝒆𝒚 by Morgan Housel–you need to. My first time reading this book, it was hard to put down. Housel is a great storyteller, and he gets into the mindset of why we do what we do with money. As I put together this infographic, it could have easily turned into my 12 or 13 favorite takeaways, because the book is full of golden nuggets of truth. 𝙄 𝙣𝙖𝙧𝙧𝙤𝙬𝙚𝙙 𝙞𝙩 𝙙𝙤𝙬𝙣 𝙩𝙤 𝙢𝙮 5 𝙁𝙖𝙫𝙤𝙧𝙞𝙩𝙚 𝙏𝙖𝙠𝙚𝙖𝙬𝙖𝙮𝙨: ⏱ 𝗧𝗶𝗺𝗲 𝗶𝘀 𝗬𝗼𝘂𝗿 𝗚𝗿𝗲𝗮𝘁𝗲𝘀𝘁 𝗔𝗹𝗹𝘆: The longer your money has time to grow through compounding, the greater the impact. Start investing early and focus on long-term goals rather than short-term gains. ✅ 𝗙𝗼𝗰𝘂𝘀 𝗼𝗻 𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗖𝗮𝗻 𝗖𝗼𝗻𝘁𝗿𝗼𝗹: Financial markets and economic events can be unpredictable. Don’t get caught up in chasing trends or worrying about things outside your control. Focus on your behavior, saving habits, and making sound investment decisions. ✈ 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗙𝗿𝗲𝗲𝗱𝗼𝗺 𝗶𝘀 𝘁𝗵𝗲 𝗧𝗿𝘂𝗲 𝗚𝗼𝗮𝗹: Wealth isn’t just about having a lot of money. It’s about having the freedom to pursue your passions and live life on your own terms. Define what financial freedom means to you and tailor your financial plan accordingly. 🏦 𝗞𝗲𝗲𝗽𝗶𝗻𝗴 𝗠𝗼𝗻𝗲𝘆 𝗶𝘀 𝗞𝗲𝘆: Financial success isn’t just about making money, it’s about holding onto it. Avoid unnecessary spending and impulsive decisions that can derail your financial goals. 😯 𝗣𝗹𝗮𝗻 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗨𝗻𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱: Life rarely goes exactly according to plan. Build in buffers for unexpected expenses and market fluctuations. Your financial plan should be flexible and adaptable. ❓ ❓ ❓ If you’ve read The Psychology of Money, what takeaway stood out to you?