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journeytothenewworlds07's review against another edition
5.0
This is a very well-crafted book, which includes sections of human behavior, psychology, history, and possible future outcomes. There are essentially 19 themes in the book and many of them are extremely important to hear and apply to your life. This book also incorporates some of the tried and true wisdom of great investors such as:
-spend less than you earn
-you don't need a "reason" to save money...just do it
-don't envy others
-don't seek the envy of others
-you can only do what's best for you and your family when it comes to money
-low cost index funds are pretty much unmatched
Definitely a book I'll read every year
-spend less than you earn
-you don't need a "reason" to save money...just do it
-don't envy others
-don't seek the envy of others
-you can only do what's best for you and your family when it comes to money
-low cost index funds are pretty much unmatched
Definitely a book I'll read every year
svreads's review against another edition
5.0
Some of my favorite quotes and passages:
• "To study why people bury themselves in debt, you don't need to study interest rates; you need to study the history of greed, insecurity, and optimism."
• "History never repeats itself; man always does." - Voltaire
• "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."
• "It was not until the 1980s that the idea that everyone deserves a retirement took hold...The Roth IRA was not born until 1996. If it were a person, it would be barely old enough to drink...There is not decades of accumulated experience to even attempt to learn from. We're winging it."
• "Every group of people I ask thinks the world is more violent and more hopeless - in short, more dramatic - than it really is." - Hans Rosling
• "Achieving some level of independence does not rely on a doctor's income. It's mostly a matter of keeping your expectations in check and living below your means. Independence at any income level is driven by your savings rate. And past a certain level of income your savings rate is driven by your ability to keep your lifestyle expectations from running away."
• "Define the game you're playing, and make sure your actions are not influenced by people playing a different game than you are."
• "To study why people bury themselves in debt, you don't need to study interest rates; you need to study the history of greed, insecurity, and optimism."
• "History never repeats itself; man always does." - Voltaire
• "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."
• "It was not until the 1980s that the idea that everyone deserves a retirement took hold...The Roth IRA was not born until 1996. If it were a person, it would be barely old enough to drink...There is not decades of accumulated experience to even attempt to learn from. We're winging it."
• "Every group of people I ask thinks the world is more violent and more hopeless - in short, more dramatic - than it really is." - Hans Rosling
• "Achieving some level of independence does not rely on a doctor's income. It's mostly a matter of keeping your expectations in check and living below your means. Independence at any income level is driven by your savings rate. And past a certain level of income your savings rate is driven by your ability to keep your lifestyle expectations from running away."
• "Define the game you're playing, and make sure your actions are not influenced by people playing a different game than you are."
drante's review against another edition
4.0
- ## The Book in 3 Sentences
- This book gave me the explanation on why our relationship to money is so distorted and how it helped me change the way on how I think about saving money. I never knew that my own consumer mentality is adopted from the baby boomers of US, however, it does not surprise me.
- ## Impressions
- The book is well-written and the author [[Morgan Housel]] does a great job at explaining the gist of our relationship to money. It should be noted that the explanations used in the book are no way near scientific, which is a positive thing, but it should be noted.
- Even though the author provides you with the how and why you should save money, this is not a book on how to invest and trade stocks. It could however be read as a book on how to become rich, because change your view and relationship to money could in the long run make you wealthy.
- ## How I Discovered It
- This book was recommended by the YouTuber Ali Abadaal.
- ## Who Should Read It?
- Do you use money? Then you should probably read this book.
- ## How the Book Changed Me
- The book helped me put words to how I define rich: __The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. __
- By being able to say that for me rich is control over time I have gained further incentives to save and use money more wisely.
- ## My Top 3 Quotes
- __"... the world is too complex to allow 100% of your actions to dictate 100% of your outcomes.__
- By realizing this, one should understand that not all success is due to hard work, and that not all poverty is due to laziness, and should be considered when judging people and even yourself.
- __"At every stage of our lives we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made."__
- When regretting things from the past should be done with care, as it is these decisions that shaped the you now.
- __"I can afford to not be the greatest investor in the world, but I can’t afford to be a bad one."__
- Striving for perfection when investing is not feasible and probably not possible, it is however possible to avoid plain stupid investments. The different between an OK investment and a great one is less than the difference between an OK and a awful one.
- ## Summary + Notes
- This is a good book about why our relationship to money is obscure and what we can do to change it. Many of the suggestions outlined in the book is no more difficult than spending less and saving more under a greater period of time could actually help you become rich. But first one must define what is rich to me and what are goals, this should then control your methods of reaching said goals.
-
- This book gave me the explanation on why our relationship to money is so distorted and how it helped me change the way on how I think about saving money. I never knew that my own consumer mentality is adopted from the baby boomers of US, however, it does not surprise me.
- ## Impressions
- The book is well-written and the author [[Morgan Housel]] does a great job at explaining the gist of our relationship to money. It should be noted that the explanations used in the book are no way near scientific, which is a positive thing, but it should be noted.
- Even though the author provides you with the how and why you should save money, this is not a book on how to invest and trade stocks. It could however be read as a book on how to become rich, because change your view and relationship to money could in the long run make you wealthy.
- ## How I Discovered It
- This book was recommended by the YouTuber Ali Abadaal.
- ## Who Should Read It?
- Do you use money? Then you should probably read this book.
- ## How the Book Changed Me
- The book helped me put words to how I define rich: __The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. __
- By being able to say that for me rich is control over time I have gained further incentives to save and use money more wisely.
- ## My Top 3 Quotes
- __"... the world is too complex to allow 100% of your actions to dictate 100% of your outcomes.__
- By realizing this, one should understand that not all success is due to hard work, and that not all poverty is due to laziness, and should be considered when judging people and even yourself.
- __"At every stage of our lives we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made."__
- When regretting things from the past should be done with care, as it is these decisions that shaped the you now.
- __"I can afford to not be the greatest investor in the world, but I can’t afford to be a bad one."__
- Striving for perfection when investing is not feasible and probably not possible, it is however possible to avoid plain stupid investments. The different between an OK investment and a great one is less than the difference between an OK and a awful one.
- ## Summary + Notes
- This is a good book about why our relationship to money is obscure and what we can do to change it. Many of the suggestions outlined in the book is no more difficult than spending less and saving more under a greater period of time could actually help you become rich. But first one must define what is rich to me and what are goals, this should then control your methods of reaching said goals.
-
readlittledove's review against another edition
4.0
4.5 stars
Even as a dummy, I have come out enlightened and wiser about future financial decisions I'll need to take and big picture things like why markets and economies and people move in this or that direction and the larger story that binds them all. Pithy book filled with great advice.
Even as a dummy, I have come out enlightened and wiser about future financial decisions I'll need to take and big picture things like why markets and economies and people move in this or that direction and the larger story that binds them all. Pithy book filled with great advice.
booksreadbydeepti's review against another edition
5.0
Money has never been a bargaining chip in my life and I have worked hard to keep it that way despite other people's perceptions of my money choices, because there was a reason which had me stuck with my few key choices, which obviously affected other areas in my life, so even though I was affected, I never let them get to me. Now obviously few things were clearing up during my healing, so i am slowly opening up to the idea of future. I decided to choose this book to be a guide.
I really liked the book. It introduced how financial decisions are made by most people and there are so many factors which need to be taken into account when investments are done. Also, even when they are done with sound thinking, there is a chance of them not working out well citing examples at the changes in economy in America over the past five decades.
It made me open up to possibly invest more but also accept my decisions made in the past.
All in all a really good book and i would recommend it to newbies like me who are starting to think about investing.
I really liked the book. It introduced how financial decisions are made by most people and there are so many factors which need to be taken into account when investments are done. Also, even when they are done with sound thinking, there is a chance of them not working out well citing examples at the changes in economy in America over the past five decades.
It made me open up to possibly invest more but also accept my decisions made in the past.
All in all a really good book and i would recommend it to newbies like me who are starting to think about investing.