September 23, 2021

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On the psychology of money

There are two issues that concern everyone, whether we care or not: money and health. Humanity has accumulated an infinite amount of knowledge in both fields and there are well-trained and experienced specialists. Is it then possible to delegate these things completely and no longer care about them yourself? The answer is no twice!

Today, as it was 100 years ago, it is “tiring” to live healthier and make good financial decisions. Our own contribution, our daily actions are more important than any (short term) diagnosis and treatment by a specialist. However, we pay little attention to everyday behavior, and it is they who have a decisive influence on the final outcome after many years.

So health and finance define compound interest, collapse and irrational behaviour.

Morgan Housel wrote: “Money affects us all and can teach us important aspects in many other areas of life, such as risk-taking, self-confidence, and happiness. There is hardly any other topic that better explains why people act in certain ways.”

So we must look at the psychology of money to better understand human behavior. To better understand ourselves. To make better decisions, not only in financial matters.

There is no strict science on how to invest money successfully. It is a soft skill that can be learned or never mastered. The deciding factor here is personal behavior, much more than specific knowledge or investor intelligence. This is Hussle’s core belief that runs like a red thread throughout the book.

At the same time, it is Hussle’s stories that convey knowledge and encourage behavioral changes. Who raises in front of us a mirror and builds on the fact that we humans have always learned from the behavior of others. Because we are social beings and not computers that are fed code and always running the same program.

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So I recommend: Read this the book*! Do something good for your money and your health. We all see only part of the world. Expand your horizons with Houses stories, you will live on them for a long time.

(C) 2021 Kofakoro

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