6 minutes agoAuthor: Shashank Shukla
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Book- Psychology of wealth
(Hindi translation of English book ‘The Psychology of Money’)
Author- Morgan Howjal
Translation- Asma
Publisher- Jaiko publishing house
Value- 225 rupees
Morgan Houzzle’s book ‘Psychology of Money Property’ gives a new perspective about money. This is different from finance books that usually talk about the stock market, investment methods or teach to keep accounts.
Haoujal says that in order to succeed in terms of money, it is not necessary to know how much knowledge you have. It is more important to handle the money.
This book by Morgan Hauzal is divided into 20 small chapters. In this, it is explained through stories how we think and behave on money.
Book’s main points This book teaches us many important things, from which we can take our decisions related to money in a better way. Below are some major points. Let us understand it through graphics.
Everyone has their own understanding about money Haoujal says that every person’s financial decisions are based on their personal circumstances and experiences.
For example, a person who grew up in poverty can give more importance to savings, while a person coming from a rich family can be comfortable to take risks.
Howjal says that-
‘Some people are born in families who encourage education. Some people do not exist against it or do not give much importance. Some people are born in rich economies that encourage entrepreneurship. On the other hand some people in war and poverty. I want you to succeed. But also understand that all success is not achieved through hard work and all poverty is not due to laziness. Keep this in mind while judging others and yourself too.
The role of luck and risk is important in life The book states that fate and risk play a large role in financial success. Success does not depend only on hard work or intelligence; External factors are also important.
For example, Ronald Reid was an ordinary gas station employee and watchman. He made assets of $ 80 million on the basis of his simplicity and patient investment.
On the other hand, Richard Fuskon, who studied at Harvard, became bankrupt in the 2008 recession due to his luxury lifestyle and heavy debt. This shows that behavior is more important than education.
It is very important to know how much is enough Hauzal insists that we should know what is ‘enough’ for us. The desire for greed and more can lead us to financial loss.
The book attempts to convince Ronald Reid and Richard Fuskon to explain how important patience and restraint is in making money.
It is important to understand the strength of compounding The book explains the strength of compounding compounding in the book. Houjal Warren gives an example of Buffett, whose $ 81.5 billion out of the $ 84.5 billion assets came after the age of 65 years.
This indicates that small, regular investment can make large assets in the long run. Haoujal says that earning good returns continuously for a long time is the time when you take advantage of compound interest.
Being more important than becoming rich Being rich is a big achievement, but more important that you maintain your property and keep it increasing.
Many people increase the expenses without the right plan after getting some success, which ends their wealth quickly.
Therefore, earning money is not only enough, but it is also necessary to save and invest wisely so that you can stay financially safe and stable for a long time. This is the real success
To be rich means to control your time Hauzal believes that the biggest strength of money is that it gives you complete control on its time. They say that the biggest feature of money is that it makes you the master of your time.
This simply means that money gives you freedom that you can do whatever you want, whenever you want and for the time you want. In the book, savings have been described as the basis of money manufacturing.
Haoujal says that ‘savings are the difference between your ego and your income. Savings not only gives you financial security, but it also gives you the flexibility to take advantage of opportunities and deal with uncertainties.
Take decisions according to the situation, it is not always necessary to be rational Hauzal suggests that it is better to be realistic in financial decisions rather than being completely rational. Emotions and social factors affect our decisions, and we should accept it.
Be as you are, be made, there is no need to show off The book also states that pretending money can make you poor.
Howjal writes, ‘To show people money to show people how much money you have, this is the fastest way to be less money. Instead, earn respect from humility and kindness.
Why should the book be read ‘Psychology of wealth property’ is a book that inspires you to change your attitude towards wealth.
It teaches you that money is not only a game of numbers, but it depends on your behavior, feelings and thinking. The book is worth reading for several reasons. Let us understand it through graphics.
Which people are this book for?
- People who want to manage their money properly.
- Investors who want to understand how people’s thinking and feelings affect the market.
- Psychology enthusiasts who want to know the relationship between wealth and people’s behavior.
- Those who want to get economic freedom and control themselves on their time.
Book style and structure
The biggest feature of the book is its simple and attractive style. Each chapter presents a new story or example, which makes difficult financial concepts easier.
For example, the story of Ronald Reid and Richard Fuskon is not only inspiring, but also states how important behavior in earning or making money.
‘Psychology of wealth property’ is a book that can change our attitude towards wealth. It teaches us that money is not only a game of numbers, but it depends on our behavior and thinking.
This book is a necessity for those who want to make their future financially better. By reading this, you can not only improve your financial decisions, but can also understand that the real value of money is in your time and freedom.
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