This weekend brings a valued book
reading and sharing learning from The Psychology of Money, few bullet points:
#Good investing is not
necessarily about making good decisions, It’s about consistently not screwing
up.
#There are a million ways to get
wealthy, and plenty of books on how to do so…..But there’s only one way to stay
wealthy: some combination of frugality and paranoia.
Even if “wealthy” is not a word
you’d apply to yourself, the lessons from that observation apply to everyone,
at all income levels.
#Getting money is one thing………#Keeping
it is another.
#If I had to summarize money
success in a single word it would be #Survival
#Capitalism is hard. But part of
the reason this happens is because getting money and keeping money are two
different skills.
#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.
#Michael Moritz, the billionaire
head of Sequoia Capital, was asked by Charlie Rose why Sequoia was so
successful. Moritz mentioned, We assume that tomorrow won’t be like yesterday.
We can’t afford to rest on our laurels. We can’t be complacent. We can’t assume
that yesterday’s success translates into #tomorrow’s good fortune.
Not “growth” or “brains” or
“insight.” The ability to stick around for a long time, without wiping out or
being forced to give up, is what makes the biggest difference. This should be
the cornerstone of your strategy, whether it’s in investing or your #career or
a #business you own.
#Compounding only works if you
can give an asset years and years to grow. It’s like planting oak trees: A year
of growth will never show much progress, 10 years can make a
meaningful difference, and 50 years can create something absolutely #extraordinary.
#But getting and keeping that #extraordinary
growth requires surviving all the unpredictable ups and downs that everyone
inevitably experiences over time.
Disclaimer : This is purely a knowledge sharing article, not offering or influencing any deal or transaction or investments.
Birla WP Management Co.
read my blogs : www.YogeshBirlaCA.Blogspot.com
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