We're in a New Year and everybody is planning how to be successful this year.
So here are 9 of Morgan Housel's best quotes for financial success to help kick start your finances:
1. More people wake up every morning wanting to solve problems than wake up looking to cause harm. But people who cause harm get the most attention. So slow progress amid a drumbeat of bad news is the normal state of affairs.
2. There is, and always will be, more money to be made providing investment advice than receiving it.
3. You have no obligation to have an opinion about anything.
4. You're twice as biased as you think you are (four times if you disagree with that statement).
5. Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risk. It requires humility, and fear that what you’ve made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you’ve made is attributable to luck, so past success can’t be relied upon to repeat indefinitely.
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6. It’s hard to grasp that other investors have different goals than we do because an anchor of psychology is not realizing that rational people can see the world through a different lens than your own.
7. Most things are harder in practice than they are in theory.
8. People do some crazy things with money. But no one is crazy. Here’s the thing: People from different generations, raised by different parents who earned different incomes and held different values, in different parts of the world, born into different economies, experiencing different job markets with different incentives and different degrees of luck, learn very different lessons.
9. The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.