In this book summary of How to Talk to Anyone by Leil Lowndes you will learn to perfect your social skills. This book contains 92 little tricks you can use to improve your personal, and professional relationships. The tools in this book are included in this book are accessible, so that anyone can implement them.
Now, we all admire people, who seem to have it all. Confident people can have the best jobs, partners, friends and houses because success is about dealing with people, and when you deal with people, you need to have a positive body language, have a great posture, have a heads up look and maintain a direct gaze.
How to Talk to Anyone Book Summary Chapter Wise
Chapter 1 How to Make a Killer First Impression
The first impression is powerful, and sets the tone for future interactions. You have just a few seconds to create a positive impact. Key tips in the chapter:
Smile: A genuine smile is contagious, and make you seem approachable and friendly.
The Flooding Smile: Smile broadly, when you first meet someone, then, let it fade to make it seem authentic.
The Sticky Eyes trick: Maintain eye contact for a few seconds to convey confidence and interest.
Firm Handshake: A weak handshake can convey a sense of insecurity, while, a firm handshake conveys confidence.
Chapter 2: How to Read People Like a Book
Lowndes explains how to observe people, their non-verbal cues. He also gives tips on how to start a conversation, and people should know how to maintain a conversation, and avoid yes/ no answers.
Chapter 3 How to Talk to Anyone
This chapter has tips on how to talk to people, steer in a direction interesting to both parties. The author suggests being an active listener, and paraphrase what the other person is saying.
Chapter 4 How to Be A Good Storyteller
This chapter is about telling engaging stories that can capture a listener’s attention. The author suggests people to use vivid details, and descriptive language to paint a picture in the mind of the listener.
Chapter 5 How to Spot a Liar?
In this chapter, the author provides tips on how to detect deception, and lies. The author suggests paying attention to non-verbal cues such as facial expressions, body language, and tone of voice.
Chapter 6 How to Win Arguments
In this chapter, the author offers tips on how to effectively communicate, during an argument, or disagreements, according to the author, people should remain calm, collected and avoid attacking a person’s character.
The Road Ahead
How to Talk to Anyone is an excellent resource for anyone looking to improve their communication skills. The book provides advice on how to navigate social situations, start and maintain conversations, and build strong relationships, in addition effective communication is essential for climbing the ladder of success, you need to have empathy, clarity and open mindedness helps convey respect and understanding. Become a conversation master with this book which you can order now at BooksWagon’s Online Bookstore Dubai.
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Does money ever make you nervous? Do you feel that you cannot deal with personal finances? Suppose, you have credit card debt, or maybe you are afraid of getting into debt? Or, maybe you are so afraid of debt that you never opened a credit card at all. You may have never opened a channel of credit at all. The author Robert Kiyosaki observes that the mindset is the most significant part of these limitations. The statements like: ”I am not smart enough to manage money”. That is not confusing, ”I cannot figure it out.”
According to the author, our experience with financial education lies at the helm of these insecurities. We need to know what the rich, or poor know about money.
Chapter 1 Explore Your Money Motivations
The author’s experience has shown that money, people are motivated by one, or two things such as greed, or fear. However, the question of managing money never comes in our minds. Emotions can drive our decisions. We must imagine a scenario in which you have started a new job with a raise in salary, but the next step is to decide how to manage the money. As you decide, what would be the right thing to do? Would you buy a new car, or a new house, or fashionable accoutrements? Or you should invest in stocks, or bonds? This is the point, according to the author, when class divide comes into play. Wealthy people ask children to hang on to their wealth.
It also means redistributing to invest in stocks. Besides, this people, who have less financial education are unlikely to make choices to secure a financial future. On the other hand, people born into poor families are unlikely to know about investment.
Chapter 2: Who Wants to be a Millionaire?
If you went to an average person on the street, it is clear that many would say yes, I want to be a millionaire. However, an excess amount of wealth can also be a problem because staying wealthy might be a problem because people then, do not have a handle on their spending like spending a million dollars on a house. According to the author, people who consider dilemmas, after getting a million dollars would have planned accordingly.
Chapter 3: How to Make Smart Investments
What is an asset, and a liability? An asset is an investment that help in making more money for the company. A liability is an investment that will cost you money. Besides, house is also thought of as an asset, but is a big liability because you are constantly putting money into it.
Chapter 4 Final Summary
The author shows that socio-economic divide between rich, and poor parents have created a disparity in financial education. Wealthy parents are comfortable with the inner workings of the stock market. Hence, the author uses his experience to create a roadmap by explaining the basics of the stock market. Besides there are many takeaways for Rich and Poor Dad
Key points of Rich Dad Poor Dad
The poor and middle-class work for money, but the rich have money work for them, the truly wealthy understand the standpoint that money should come to them through assets, stocks and bonds. In other words, make money work for you.
It is not how much money you make; it is how much money you keep. Many people believe that we are rich by the money we make, but it is how much we keep. According to the author, the key to becoming wealthy is to manage money smartly.
Financial education is very important because graduates’ complete degree without knowledge of financial aptitude. Thus, educated individuals struggle because they cannot manage money, and they do not how to make money work hard for them.
People need to mind their own business by focusing on the asset column, while everyone else focuses on income statements. The key is to acquire assets that generate income.
You need to pay yourself first which means you need to prioritize on saving, before paying bills. It is the lack of self- discipline that causes most winners to go broke.
Do not fear losing money, fear of failure prevents opportunities to build wealth and you, then cannot take financial risks.
Patient investing is not gambling, it requires precision of thought, patience and knowledge, in addition to research.
Book Blurb
It is a thought-provoking book that challenges the mindset around wealth, and financial success. It highlights on the following differences:
It provides eye opening insights into the differences between rich and poor. It also offers rich, valuable lessons on building wealth. It also shows how to achieve financial independence.
The book empowers readers to take control of their financial independence.
Thus, Rich Dad Poor Dad is a great book for all those, who are looking to invest in wealth, build a vision for the future. If you want more such great self-help books, then, login at bookswagon.ae and order them now. It is a haven for book lovers in the UAE offering language diversity with multiple genres of books such as self-help, graphic novels such as Manga, historical fiction, memoirs, science fiction, children’s books and a lot more.
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You Can by George M Adams is an inspirational work that encourages readers to believe in their potential, and strive for personal success. In this motivational book Adams stresses, the importance of positive thinking, self-discipline, and a practical attitude towards life.
You can book summary chapter-wise
Introduction to Self-Belief: Adams states the importance of believing in oneself, and to nurture the courage of life’s challenges. He emphasizes the belief that you can achieve your goals, regardless of the circumstances.
Setting Goals and Pursuing Dreams: This chapter is about setting attainable goals. The author advises readers to visualize dreams, practical steps towards achieving them reinforcing the power of dreams, as the blueprint of success.
Power of Positive Thinking: George Adams explores the benefits of maintaining a positive mindset. The idea of the book is to focus on strengths to improve resilience, motivation and overall outlook of life.
Taking Action and Overcoming Possibilities: This chapter emphasizes the need to take immediate action, overcome procrastination. The key is to develop habits that push individuals to act promptly, and progress is a series of small steps.
Self-Discipline and Focus: Discipline and focus are critical for achieving goals. He explains the importance of self-control to remain committed to their goals, regardless of setbacks, or failures.
Handling Failures and Adversity: The author George Adams encourages readers to see failures as learning experiences and suggests techniques for dealing with adversity, turning setbacks into growth opportunities for growth, and to strengthen resolve.
Building Strong Relationships: George Adams includes a section of physical, and mental health reminding readers of the need for balance, well- being and journey of success.
Maintaining Health and Well- Being: Adams includes a section of physical, mental health reminding readers of the need for balance, and well- being in their journey towards success.
The Power of Habit and Routine: This part focuses on the role of routines in achieving goals. Small daily actions contribute to personal, or professional growth.
Perseverance and Consistency: The book’s motivational message is on the importance of perseverance. In addition, success is a result of relentless effort and consistency.
You Can is an enduring classic in the realm of self-help literature, its timeless wisdom transcends generations, and was a pivotal read for anyone, who wants to embark on a quest for personal development. This book provides practical advice, who is relatable and ensure that readers can incorporate teachings into the daily lives.
According to George M. Adams, positive thinking holds a lot of power, and it is for anyone looking to enhance their life, realize dreams through timeless wisdom, practical advice, inspiring tone make it a must have book for people. You can use it to unlock your potential, achieve inspirations. He expands on the transformative power of self-belief providing readers with a call to action to harness inner strength and resilience. He further elaborates that one should live mindfully and motivate oneself, despite setbacks. He addresses the role of imagination, and vision in reaching highest potential, he believes visualizing success is a powerful tool, to see beyond current limitations leading to a fulfilling and authentic life, in addition to maintain a humble outlook and to reach highest goals. The life of purpose, joy and contribute to a blessed life.
Importance of daily habits in You Can Book
The author cites the importance of daily habits; he believes that real change is built incrementally, and the small consistent habits that yield the greatest results over time through disciplined routines focusing on positive actions to build constructive habits, readers can slowly shape their lives to align with their goals. Another crucial element Adams emphasizes is self-reflection. He encourages readers to examine their values, passions and motivations. The author said we possess an inner strength, in addition success is not only about achieving something, but about resilience, kindness, self- discovery and courage to pursue dreams with integrity, and joy.
Success is not only about hard work; it is also about the right resources to take you on the right path. We at bookswagon.ae believe that each reader, and learner has the potential to achieve greatness. If you are writing a summary for your college assignment, or for your personal collection, bookswagon.ae has the books to guide you headfirst.
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How many times have you grabbed a motivational book only to lose your new found motivation? Motivation is the sudden push to make things happen. What comes next once you have reached your ultimate goal.
You need to have a system set up to make progress daily. These small changes add up to create a big picture. You need to create an identity for yourself which includes small changes which will propel your steps towards your goals.
Habits shape personal identity; this will increase in productivity hacks to form new habits that can bring lasting change.
Atomic Habits author is James Clear, who talks about the power of small habits reminiscent of transforming professional world. This book postulates that real change comes from countless small decisions giving way to big ones. A considerable focus is on creating a system, instead of focusing on goals.
It has made its point across countless anecdotes, and real life examples. He takes you on a journey of self- improvement.
Key Takeaways from Atomic Habits
Focus on making adjustments to your behaviour, as small changes lead to lasting achievements.
Use the habit loop cue which includes craving, response and reward. It reinforces the process to create a new habit.
Align your habits with the identity you want to build. Your personal habits will lay down the path you wish to undertake.
Integrate a new habit you wish to undertake: Existing cues and human behaviour make it easier to take up new habits.
You need to have patience, as the process of habit formation is not always visible.
You need to design your environment to support the process of habit formation.
Breaking down habits into two minute tasks makes them much more visible.
Habit formation is a process of continuous improvement.
Forming Good Habits: A Breakdown of Atomic Habits’ Laws
Clear ‘s four laws of human behaviour change stem from the concept of the habit loop. This loop comprises four stages:
Cue
Craving
Response
Reward
Stage 1: Cue: This cue acts as a trigger which initiates the good habit loop that can be anything from a specific time to an emotional state.
Stage 2: Craving: The cue is followed by a craving- A motivational force representing the desire for a reward associated with the habit.
Stage 3:Response: The response is the actual behavior, or action performed in response to the cue and craving which constitutes the habit itself.
Stage 4 Reward: A reward is the positive outcome, or satisfaction resulting from completing the habit, reinforcing the loop, and increasing the likelihood of habit repetition.
Clear created four laws that help you build a successful habit loop. In each of the four tactics, he has given 3-4 tactics for habit building and the tactic to break it.
Law 1. Make it Obvious
Are you aware of the habits you must build and break? If not, you can train your mind to act in a certain way. The mind acts on cues and a loop of bad habits. There is a cue that gives a cue to make your brain act in a certain manner. Then, the behaviour, or response becomes automatic.
Habit Scorecards: This is a checklist in which you jot down daily activities. You then, figure out, if an object is positive, negative, or neutral. The goal of your scorecard is to gain awareness, and identify the patterns hindering progress. You need to list your daily activities at home. Categorise your activity as positive, negative, or neutral. Rate each habit, according to its overall impact. See your progress, and then, make changes such as work more on high priority tasks, check progress and adjust plans.
Implementation Intention: This step involves planning, when, and where to take specific actions to reach your goals. First, you need to spot a gap in your existing habits. Now, set a goal like this ”I will reflect on my day, and plan for tomorrow.” Second, you need to use habit stacking, a technique to pair a new habit with an old one. Then, you need to introduce the cues for better habits in your environment.
Breaking A Bad Habit- making it invisible: Do you know that people with high self- control tend to spend less time in tricky situations? They reduce exposure to the cue that makes them take a bad habit.
For example: you have a bad habit of using your phone in working hours, scrolling through it, Suppose, you break this bad habit by keeping your phone away. This will make the bad habit truly invisible.
In this second law, Atomic Habits author mentions that habits work on a dopamine driven fixed loop. The dopamine goes up, the urge to take action. The anticipation of rewards is so powerful that it makes it easier to break the spectrum of bad habits, and take up new ones.
Temptation Building Strategy
For example, you minimize distractions, and wish to focus on the tasks you love. Here is what you can do to dissipate distractions.
Designate time blocks for specific tasks
Listen to a podcast which you like a lot.
Combine Habit Stacking with Temptation Building
This is the formula given by the author:
After (Current Habit), I will (Habit, I need)
After (Habit I need), I will (Habit, I want)
After lunch, I will work on my marketing report for half an hour.
Breaking Bad Habits- Repogram your Mind
Now, we should know what are the bad habits we have, so we can decide to correct them. Example: you wake up at nine every morning, and you need to leave for work at 10. You have been trying hard to break this loop and want to wake up early.
So keep telling yourself: I want to wake up early, but I am not able to.
I get to wake up at 5 am every morning and feel the breeze on my face. (You need to shift your attitude for a shift in mental makeup.
The idea is to associate hard habits with positive experiences.
Law 3. Make it Easy
”The most effective form of learning is practice, not planning.”
The more you repeat an old habit, the more the mind gets used to. Let us see you introduce a new project management software in your organisation, it gets time getting used to because the old system is outdated, yet people are used to it.
Here the environment is made conducive to learning and good work habits are adopted.
The Two Minute Rule: Our brain is programmed to avoid doing difficult things. So, the mind tries to resist change. You need to have a two-minute rule for habits/ changes. Such as if you want to build a reading habit, start with one page/ day.
Law 4. Make it Satisfying
You are more likely to repeat a habit, when the experience is satisfying. According to the author, we are conditioned to prioritize immediate rewards.
The Cardinal Rule of Behaviour Change
if you put the laws into motion by making things obvious, appealing and effortless. The next rule is to make a change of habits rewarding.
Habit Tracker
Having a habit tracker can be a life saver. It makes you monitor your progress with every change in habits.
Thus, the key is to be consistent with habit formation and change, and if you wish to read more books on self- help, then, login at bookswagon.com and order books now from bookstore Dubai on many categories of biographies, memoirs, and graphic novels.
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Our subconscious mind has the ability to influence your beliefs and attitudes, it has the power to direct your thoughts, desires and purpose. Dreams we see at night are also a result of our subconscious mind, they can reveal our deep desires embedded within the recesses of our mind. Our dreams are also a product of our fears. This is the summary of the book The Power of the Subconscious Mind written by Joseph Murphy. The author reveals his experience, capabilities of our subconscious mind in this book.
This is a spiritual self-help classic book easily available at books online store in the UAE. You can easily buy it to change your life in numerous ways.
Treasure house within you
The subconscious is a treasure waiting to be explored. The answers that you desperately want to search for in the outside world lie within your subconscious, just ponder deeply and you will have the answer to many weaknesses and triggers connected to past events, the ability to succeed is related to the control of the subconscious mind. It is the healer of your body. As you direct it, the way it will become, for example: If you say, you can achieve something, the mind will perceive it and create an image, directing the mind to do the task, or achieve. It is with negative direction also, if you believe you cannot do something, you are signaling the subconscious mind in a negative direction.
Change your thoughts, change your destiny. The power to influence your life lies with you.
How your mind works?
The conscious mind is the reasoning mind; the conscious mind is independent of conscious control, it is the product of your thoughts, it is enriched by the seeds you feed into it, negative, or positive, it is enriched, or tarnished by your thoughts. You have the power to choose what you can achieve, or perceive whether it is health, happiness, or wealth. You must believe yourself to be rich, successful and wise.
The miracle power of the subconscious
You must think of happy ending, or happy outcomes to able to witness them. Whenever you have a problem, you must think you can solve it through a favourable solution, when you are sick, you need to create a placebo effect which is only possible, when a physical, or mental health of a person improves, after taking a placebo, or ”dummy treatment. The placebo effect is also, due to a person’s expectations.
Keep your conscious mind busy with positive expectations, the subconscious mind will also respond to your positive habitual thinking. The problem of overthinking is, due to past goals remaining unfulfilled, think positive and bury feelings of regret, your subconscious mind will respond positively.
Mental healings in ancient times
”What things soever you desire, when ye pray, believe that ye receive them”. The writer tells us that we must believe that our desires have already been fulfilled, we must believe this and repeat it to our subconscious mind, the things will ultimately become real. The power of healing lies within our subconscious mind. Faith is like a seed planted in the ground. Plant the idea in the mind, water it daily, meaning affirm it daily with expectancy and manifest it.
Mental healings in modern times
You must learn to pray for the health of your loved ones. Calm your mind, thoughts of wealth, health, vitality operate through the subconscious mind. Believe that everyone around is you is healthy, wealthy and vital. You are also healthy, wealthy and vital. Keep affirming what you want to achieve to your subconscious mind, it will become true. Believe in perfect, wealth, health, a peaceful life.
Practical techniques in mental healings
There are different techniques and processes for building a bridge, or an engine, similarly your mind also has techniques for governing, controlling and directing your life. You can have radiant health, perfect life with wealth and peace with the thought you have in the studio of your mind. What you expect, perceive to be true will become real, as you believe. A mental picture is worth a thousand words. Your subconscious mind will manifest what you think and affirm to yourself again and again.
The tendency to subconscious is lifeward
According to research in psychology, 90% of your mental life is subconscious. The person who does not use the subconscious mind will be limited in achieving various things. His vision will also get narrowed. Great artists, musicians and writers tune in with their subconscious power to reach the skies. Mark Twain said that he never worked in his life. All his writings were the result of his abilities to tap into his subconscious.
How to get the results we want?
We pray to the Lord to get many things done, but they are not answered. For prayers to become true, you need to believe in them. You need to have a clear understanding of the scientific basis. For example: you cannot ask your subconscious mind to do something for you. You need to visualise the end; the state of freedom it gives. First, acknowledge what you want to do, or achieve, turn it over to the subconscious mind. Believe in your heart that it is done.
How to use the subconscious to achieve wealth?
Some people work a few hours a week, but, are able to achieve a lot of money. Achieving wealth is not only through the sweat of one’s brow. If you are struggling financially, it means you have not convinced your subconscious mind that you will always be wealthy. The idea that you want to be wealthy must be ingrained in the subconscious mind.
Your right to be rich
If you want to be rich and nothing else matters, you may get it, but at what cost? You must also satisfy the mind’s hunger, harmony, love, joy and perfect health. There is no virtue in poverty, it is like a mental illness. If you want guidance regarding investments, and you are worried about stocks/ bonds. ”Infinite Intelligence watches financial transactions, whatever I do, will prosper” Repeat to your subconscious mind, you will find that you can invest wisely. You will be protected from loss.
Your subconscious mind as a partner in success
The true meaning of successful is to be successful in the enterprise of living. A long period of achieving peace, joy and wealth can be termed as success. The real things of life are intangible such as peace, harmony, security, happiness. Meditating on these qualities can help imbibe them.
How scientists use subconscious mind
The infinite intelligence of subconscious is all wise, it is about the ideal home that meets all my requirements, and what you can afford. You turn this to the subconscious mind, it will respond, according to the nature of the request.
Your subconscious and the wonders of sleep
Your mind gets muddled with strife, vexation, strife and contentions, it needs to withdraw and commune silently with the wisdom of the subconscious mind.
How to attract the ideal husband?
We all want an ideal life partner, and the way to achieve is to visualise through your subconscious mind, sit down in your chair, close your eyes, release your stress, now talk to your subconscious and say, I want a man, who is sincere, healthy, loyal and prosperous, these will sink into your subconscious mind. They will part of you and will embody in your body.
How to attract the ideal wife?
You can attract the ideal wife the same way with closed eyes and by talking to your subconscious, wish for the qualities to be present in your ideal wife.
Your subconscious mind and your happiness
True happiness will enter your life; the day you realise that you can overcome any weaknesses. Believe in the power of the Lord.
How to stay in spirit forever
Fatigue, or old age does not have impact on mental qualities, get out of the ageism syndrome. Any age can be the beginning of a glorious life, believe it in your mind, it will become real, and if you want to get successful or wealthy in life, read more self-help books. To buy, log on to BooksWagon.ae bookstore UAE. BooksWagon is a haven of online shopping for books for booklovers, with books available in all popular categories such as fiction, science fiction, business, self-help, children, religion and biographies. Browse the extensive catalogue to buy books online in the UAE and experience a world of wisdom.
This is a hilarious instalment in Jeff Kinney’s beloved series of comic books called the Diary of a Wimpy Kid. The protagonist of the story is Greg Heffley, as he navigates the chaos of a summer vacation gone wrong. Heffley family decide to spend the summer at a beach house, when their escapade goes wrong leading to a series of mishaps with their family. It also leads to a series of many laugh out loud moments. Greg becomes determined to uncover the secret behind Grandma’s famous meatball recipe which add more hilarity to the story.
Plot and Setting: The story starts with Heffley family deciding to take a much needed vacation. They rent a beach house too small to accommodate the entire family. The beach house with its cramped quarters, outdated amenities becomes a source of comedy. Greg, his brothers Rodrick, Manny and their parents find themselves in a slew of ridiculous situations. They encounter strange and funny situations such as a broken air conditioner to dealing with an invasion of seagulls. The family’s attempts to enjoy the vacation are thwarted at every turn.
Characters: Greg Heffley is at the centre of the story. His humorous perspective on life’s challenges is the highlight of the series. Rodrick his brother adds further chaos to the story with his laidback attitude. Greg’s attempts to discover his grandmother’s recipe leads to funny situations in the story. There are many laugh out loud moments which are funny, and yet grounded in reality. The summer vacation provides a great backdrop for Greg’s summer escapades evoking memories of nightmarish family trips.
Humor and Relatability: This series has a unique blend of humor and relatability. The author has succeeded in showing the hilarity and awkwardness of family life with every family member with their quirks and a spurt of hilarious situations.
Gramma’ s Meatball Recipe: This is a recurring sub plot in ”Hot Mess” which involves Greg’s mission to uncover the secrets behind his Grandmother’s recipe. His schemes to sneak to the kitchen to know the ingredients, his attempts to eavesdrop on conversations, in order to recreate the recipe himself add to the fun elements in the story.
Themes: This book explores various themes such as the importance of family, the challenges of growing up, and the value of perseverance. Hefleys make it a point to spend time with each other in the story, despite all odds. They also try to create cheerful memories such as Greg’s determination to uncover his grandmother’s secret recipe. These are all traits which young readers can admire and aspire. The story also emphasizes the importance of friendship, as Greg navigates his summer adventures. His interactions with his friends highlight joys, challenges, and showcasing loyalty amidst misunderstandings. Greg also encounters various summer escapades; he continues to grapple with his identity. The challenges he faces in the story align with the theme of self- discovery.
Humour in Everyday Life: The underlying premise of the story is finding mundane situations in life funny and interesting. It takes courage to laugh at our misadventures and this the protagonist is able to do well. Many people have their quirks and moments of awkwardness.
The combination of these elements and themes have resulted in a story by Jeff Greeney that is funny, heartwarming and helps us find joys in the small moments of life.He has also written stories like Cabin Feverwhich is about Heffley family stuck indoors in the midst of a snowstorm. And as holiday season approaches, Greg finds himself in trouble in school. If you want to buy The Diary of a Wimpy Kid: Hot Mess online, then, log on to bookswagon.ae and order now.
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Psychology of Money relates to your behaviour with money. The core concept of this book is to comprehend why individuals make certain choices, and those choices determine how you create your wealth. This is the summary of Psychology of Money, and how it has examined attitudes and behaviours towards money. In this Blog post, I have deeply Explained bout the Psychology of Money Book Summary.
The greatest show on Earth
Chapter 1: No one is Crazy: People have Different Views about Money
Money is viewed by people differently. People born in poverty, or who have undergone a recession, or people who have gone through rough patch in life will anchor to a different set of views. Hence, we make our decisions based on the experiences we gain in life.
It is important that we take our investment decisions based on our goals and the right investment options, and not play them by emotions. Financial outcome, whether success or failure, is an interplay of various factors like income stability, spending and consumption habits, economic conditions. Making a sound decision is the most critical among all.
Chapter 2: Luck and Risk- They have a bigger Impact than Financial Risks
Not every success is a result of hard work, and not all poverty is due to laziness. Skills and effort are at times overemphasized. Outcomes are also influenced by luck and risk. The accidental impact of actions outside of our control can be more consequential than the ones we usually take.
To explain, this the author uses the example of Bill Gates. He is smart hardworking, and also has a rare affinity with computers. He was able to establish Microsoft and thus, became a billionaire.
However, when looking at the success of billionaires, CEO’S and other rich people, it is difficult to identify what is luck, skill and risk. When you learn about the best way to manage money, we should not be observing successes and failures of people. Then, saying ”Do what she did, avoid what she did” The focus of this book is on specific individuals and more on broad patterns of success and failure. The role of luck in success needs to be identified and the risk of failure helps us to develop humility.
Chapter 3: Never Enough, learn to Shift the Goalpost
There are countless individuals, who have lost everything because they felt millions were not enough. The lesson to learn from these failures is not to risk what you do not have and what we do not need. In addition, the hardest financial skill is to stop the goal posts from moving. The cycle never ends. It is often related to comparing yourself to others, someone always will have more than us. Make goals related to one’s own accomplishments.
Chapter 4: Confounding Compounding – Leverage the Power of Compounding
Good investing is not about investing in highest returns. It is about earning great returns that you can stick with and which can be repeated for the longest period of time. Warren Buffet is a great example in this case and his strategy is not his investment strategy. It is time because he started investing at the age of 10. Compounding only works, if you an asset to grow. Start investing as early as possible to get good returns.
Chapter 5: Getting Wealthy Vs Staying Wealthy
Getting money is about taking risks, being optimistic and staying in the danger zone. Keeping money requires the opposite of taking risk. It requires the following two things:
Humility and fear can be taken away from you
Frugality and success can be attributed to luck, so past success cannot be relied upon indefinitely
Be optimistic about your future, however paranoid about your obstacles.
Chapter 6: Tails You Win
Few events cause majority of outcomes, when you accept some events make a huge impact. You embrace short term fears and uncertainty leading to problems.
Chapter 7: Freedom
The highest form of wealth is the ability to wake up every morning and say that you can do whatever you want and to have control over your time. This is the intrinsic value of money which is to have control over your time.
Chapter 8: Man in the Car Paradox
The Man in the Car Paradox is that people do not think you are cool because you are driving a flashy car. People think it would be cool, if they had that car. If respect and admiration are your goals, then, you need to develop kindness and empathy.
Chapter 9: Wealth is What You See – Difference Between Rich and Wealthy
We tend to judge wealth by what we see because that is the information we have. Being rich is a current income. Nice cars are purchased. Diamonds are brought, but wealth is hidden.
Chapter 10: Save Money – Your Saving Rate is Key
Building income is nothing to do with investment, or income returns and lot to do with saving rate. One can build wealth without a high income, but no chance of building wealth without a savings rate.
Savings can be created less, you can spend less, if you desire less. However, saving money is not just about goals. Saving without a spending goal gives you options and flexibility. The ability to wait and opportunity to pounce. Flexibility allows you to wait for better opportunities.
Chapter 11: Reasonable > Rational – Being Rational is Draining
You need to adopt a financial plan that you can stick to over the long- run, a rational investor takes a decision based on facts. A reasonable investor takes their decisions in the court room. Besides, Investing has a social component which is often ignored, when, it is viewed through a financial lens.
Chapter 12: Surprise – Things that Never Happened Before Happen all The Time
History can be misleading guide to the future of the economy because it does not account for structural changes, it also helps us calibrate our expectations. The history of money is useful and it should be an evolution in progress.
Chapter 13: Room for Error- Margin of Safety
Things that have not happened before, happen all time. Avoiding unknown risks is impossible, you cannot prepare for what you cannot envision. You need to avoid single points of failure. The biggest single point failure with money is sole reliance on a pay check to fund short- term spending needs.
Chapter 14: You will Change- Expect your Future Self to have Different Goals
Long- term financial planning is way harder because goals of people change over time. When, you plan an investment strategy keep in mind that you can change. In addition, you need to have moderate annual savings.
Chapter 15: Nothing’s Free, you need to pay the Price of Success
Successful investing demands a price, it can lead to volatility, fear, doubt, uncertainty and regret. In addition, when you invest in long- term, you need to willing to accept the short-term price of market fluctuations. You should view market volatility as a fee, not as a fine.
Chapter 16: You and Me- Find your Personal Identity and Play Your Own Game
Long- term investors optimistic in their ability to generate real economic growth over the next 30 years that will accrue to your investment. Short- term investors do not care about the price of a stock, as it has momentum. You need to understand your time horizon, rather than being persuaded by the actions of people because every investor is different.
Chapter 17: Seduction of Pessimism
Create an investment plan that makes sense to you and stay the course. Do not withdraw, or change your investment behaviour, when the market is a down low. The media uses fear to scare investors into making irrational decisions. You need to keep your cool in uncertain times, true financial optimism is to expect things are bad and be surprised, when they are not.
Chapter 18: When you Believe Anything
The more you want something to be true, the more likely you will believe a story that overestimates the odds of it being true. The author calls these things appealing fictions and they have a big impact on how we think of money.
The Psychology of Money Review
Independence has always been a personal financial goal. In addition, the investment strategy has to pick the right sector. It also has to rely on high savings rate, patience and optimism that the global economy will create value over the next decades.
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