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Book Breakdown Part 4: The Psychology of Money

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Manage episode 375466658 series 2604691
Content provided by assetbuilder. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by assetbuilder or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode, we delve into the final segment of our review of “The Psychology of Money” by Morgan Housel. But before we do, we provide a brief overview of the Southern LA Bank's crash, caused by a drying revenue stream for clients and miscalculations about interest rates. Understanding your banking choices and conducting research is crucial, and remember the distinction between brokerages and banks.

We explore the disparities between day traders/short-term investors and the needs of long-term investors. Long-term goals should not mimic short-term strategies. Time horizons are key, offering success predictions. The media's focus on pessimism caters to our planning for worst-case scenarios, while optimism often raises suspicions of sales pitches. Progress is gradual, setbacks sudden. Don't solely heed pessimism; avoid overreactions.

Our worldview is limited, leading to shaky decisions based solely on personal perspectives. This is evident in active vs. passive investing—actively managed accounts tend to yield less over time. Embracing humility in finances, relinquishing ego, and managing money for peace of mind is vital. Humility matters in success. Outcomes are shaped more by behavior than portfolios. Care for yourself; small actions accumulate. Focus on control, release what you can't. Join us for insights on mindful financial management on this episode on Keep It Simple!

Click here to connect with the Asset Builder team

[00:00] Show intro

[00:29] Welcome to the show!

[01:07] Overview of Southern LA Bank crash

[12:02] Chapter 16
[17:24] Chapter 17

[22:50] Chapter 18

[27:42] Chapter 19

[32:03] Giveaway: win this book!

[32:50] Outro

  continue reading

92 episodes

Artwork
iconShare
 
Manage episode 375466658 series 2604691
Content provided by assetbuilder. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by assetbuilder or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode, we delve into the final segment of our review of “The Psychology of Money” by Morgan Housel. But before we do, we provide a brief overview of the Southern LA Bank's crash, caused by a drying revenue stream for clients and miscalculations about interest rates. Understanding your banking choices and conducting research is crucial, and remember the distinction between brokerages and banks.

We explore the disparities between day traders/short-term investors and the needs of long-term investors. Long-term goals should not mimic short-term strategies. Time horizons are key, offering success predictions. The media's focus on pessimism caters to our planning for worst-case scenarios, while optimism often raises suspicions of sales pitches. Progress is gradual, setbacks sudden. Don't solely heed pessimism; avoid overreactions.

Our worldview is limited, leading to shaky decisions based solely on personal perspectives. This is evident in active vs. passive investing—actively managed accounts tend to yield less over time. Embracing humility in finances, relinquishing ego, and managing money for peace of mind is vital. Humility matters in success. Outcomes are shaped more by behavior than portfolios. Care for yourself; small actions accumulate. Focus on control, release what you can't. Join us for insights on mindful financial management on this episode on Keep It Simple!

Click here to connect with the Asset Builder team

[00:00] Show intro

[00:29] Welcome to the show!

[01:07] Overview of Southern LA Bank crash

[12:02] Chapter 16
[17:24] Chapter 17

[22:50] Chapter 18

[27:42] Chapter 19

[32:03] Giveaway: win this book!

[32:50] Outro

  continue reading

92 episodes

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