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Using you Heart and Head to Hack Your Personal Finance...NYT Book Review

beebee
in Fund Discussions
One Excerpt:
Accept that you are flawed, he says, and you will have a chance of doing the right thing. “Do not aim to be coldly rational when making financial decisions,” he says. “Aim to be pretty reasonable. Reasonable is more realistic and you have a better chance of sticking with it for the long run.”

Mr. Housel offers two examples of reasonableness: Try to defer gratification, recognizing that wealth is created by not spending today so that you have more options in the future. And try to maintain a long horizon.

“Time is the most powerful force in investing,” he says. “It makes little things grow big and big mistakes fade away.”
mutfund/money-hacks-psychology-of-money

Comments

  • WABACWABAC
    The link was behind a paywall for me. But I was able to google a little more information about Mr, Housel. Seems like the sort of guy I would recommend to my wife when she says we ought to pay someone to manage our investments.

    There's just not enough of it to waste on fees to find an advisor worth the money. Someone who would only repeat common sense advice that is well known, and freely available.

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