THE psychology OF MONEY- Morgan Housel

  • Some lessons have to be experienced before they can be understood.

  • The point is that ceiling of Social comparison is so high that virtually no one will ever fit in.

 

  • Planning is important, but the most important part of every plan is to plan on the plan not going according to the plan.

 

  • Napoleon's definition of military genius was , " The man who can do average thing when all those around him are going crazy."

 

  • If you see "Do what you love!" as a guide to a happier life, it sounds like empty fortune cookie advice.

 

  • It is hard to wake up in the morning telling yourself "You have no clue what the future holds", even if it is true.

 

  • History is mostly the study of surprising events.

  • You cant prepare for what you cant envision.

  • A good thumb rule for lot of things in life is "Everything that can break will eventually break."

 

  • Every job looks easy when you are the one not doing it.

 

  • Growth is driven by compounding, which always takes time. Destruction is driven by single point of failure, which can happen in seconds, and loss of confidence, which can happen in an instant.

 

  • Risk is what left over when you think you have thought of everything.