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A summary of π§π΅π² π£πππ°π΅πΌπΉπΌπ΄π πΌπ³ π πΌπ»π²π by @morganhousel.
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[THREAD]
![A summary of π§π΅π² π£πππ°π΅πΌπΉπΌπ΄π πΌπ³ π πΌπ»π²π by @morganhousel.[THREAD] https://abs.twimg.com/emoji/v2/... draggable=](https://pbs.twimg.com/media/Ejlh4wcWAAEdkv-.jpg "RΓΌckhand Zeigefinger nach unten")
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What seems irrational to you might seem completely rational to someone else.
Don& #39;t judge others& #39; monetary decisions based on your individual knowledge, experiences, or expectations.
Don& #39;t judge others& #39; monetary decisions based on your individual knowledge, experiences, or expectations.
It is difficult to grasp that other people have different goals than you do.
You think you& #39;re rational, and you think they are rational.
You don& #39;t know their worldview.
What makes something rational for them may not be something you know or understand.
You think you& #39;re rational, and you think they are rational.
You don& #39;t know their worldview.
What makes something rational for them may not be something you know or understand.
There can be no luck without risk.
When you& #39;re taking risks, remember to protect your downside so you avoid a wipeout.
When you get successful, don& #39;t attribute all the success to your efforts. Acknowledge the role of luck.
When you& #39;re taking risks, remember to protect your downside so you avoid a wipeout.
When you get successful, don& #39;t attribute all the success to your efforts. Acknowledge the role of luck.
Some things in life, like your reputation, are not worth risking for any amount of money.
If something compounds, a small starting base can lead to massive outcomes given enough time.
If you want to do better as an investor, increase your time horizon.
If you want to do better as an investor, increase your time horizon.
Good investing isn& #39;t about earning the highest possible returns.
It& #39;s about earning pretty good returns that you can stick with for the longest period of time.
This will allow compounding to work its magic.
It& #39;s about earning pretty good returns that you can stick with for the longest period of time.
This will allow compounding to work its magic.
In the long run, the investor who doesn& #39;t screw up, survives.
It does not matter how many times you& #39;re right or how many times you& #39;re wrong.
It matters how much you make when you& #39;re right, and how much you lose when you& #39;re wrong.
It matters how much you make when you& #39;re right, and how much you lose when you& #39;re wrong.
Nobody is as impressed with your possessions as you are.
Humility, kindness, and empathy will bring you more respect than fancy possessions ever will.
Humility, kindness, and empathy will bring you more respect than fancy possessions ever will.
Wealth is what you don& #39;t spend.
Spending money to show people how much money you have is the fastest way to have less money.
Spending money to show people how much money you have is the fastest way to have less money.
Building wealth has more to do with your savings rate than it does with your income or investment returns.
The control you have over your time is determined by the savings you have.
This is an unseen return on wealth.
The control you have over your time is determined by the savings you have.
This is an unseen return on wealth.
The highest form of wealth is the ability to wake up every morning and say - "I can do whatever I want today."
Make plans for what to do when your original plan falls apart.
The most important driver of anything tied to money is the stories that people tell themselves and the preferences they have for goods and services.
These things change with every culture and generation.
These things change with every culture and generation.
Your preferences will change over time.
Maintain a margin for error when you plan for your future.
Maintain a margin for error when you plan for your future.
Nothing in life is free.
This is true for financial markets as well.
Volatility combined with uncertainty is the price you pay for higher returns.
This is true for financial markets as well.
Volatility combined with uncertainty is the price you pay for higher returns.
Pessimists sound smarter than optimists, even when the optimists are likely to be right.
Everyone has an incomplete view of the world.
We form a complete narrative to fill in the gaps.
This makes us overconfident in our worldview.
We form a complete narrative to fill in the gaps.
This makes us overconfident in our worldview.
To summarize:
https://abs.twimg.com/emoji/v2/... draggable="false" alt="β‘οΈ" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">Think long term
https://abs.twimg.com/emoji/v2/... draggable="false" alt="β‘οΈ" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">Save more
https://abs.twimg.com/emoji/v2/... draggable="false" alt="β‘οΈ" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">Understand risk
https://abs.twimg.com/emoji/v2/... draggable="false" alt="β‘οΈ" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">Maintain a margin for error
https://abs.twimg.com/emoji/v2/... draggable="false" alt="β‘οΈ" title="Pfeil nach rechts" aria-label="Emoji: Pfeil nach rechts">Be humble
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