If you remember from childhood you are told that your behavior can affect the course of your life and determine whether you are successful or not. Interestingly, your behavior can have a similar effect on your investment journey and determine whether you achieve your financial goals. Furthermore, while you can always find a job and make money, it is the way you save and invest that will determine how that money will grow and how long you can keep that money.

Morgan Housel explains beautifully in her book, ‘The Psychology of Money’ that your behavior and experiences can have a big impact on the investment choices you make and how your investment journey is ultimately shaped.

key takeaways

• How smart you are is more important than how you behave in the investing world.
• Knowing how to do something is not enough. Performance is the key.
• Greed can become a major problem as you may take on more risk than you can afford in your attempt to earn higher returns.
• Wealth is easy to create, but it is very difficult to maintain it.
• The only way to save and grow your wealth is to invest in a stable and consistent manner and to make investment decisions that are free from bias.

Housel’s book tells you how you can easily maintain your wealth by managing your behavior. You can listen to the podcast on
Edelweiss Mutual Fund
Website, Spotify, Google Podcasts, and Apple Podcasts. We hope you enjoyed this podcast and stay tuned to hear more podcasts like this on Investing Nuggets. If you are a bookworm you can also read the book summary here. We hope you enjoyed this podcast and stay tuned to hear more podcasts like this on Investing Nuggets. If you are a bookworm, you can also read the summary of the book
Here
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