I Wish I Learned This Early | The Psychology Of Money By Morgan Housel

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The Psychology of Money By Morgan Housel.
Ronald James Read worked in a gas station for 25 years and as a janitor at J. C. Penney for 17 years. Read was the first person in his family who graduate from high school. He had an average job with a modest salary, yet he saved a lot of money. He invested his money into blue-chip stocks. Read gifted $2 million to his step-kids in his will, as well as $6 million to the local hospital and library.
Richard Fuscone, a former Merrill Lynch executive, lived in an eleven-bedroom luxury estate not far from Ronald Read. Fuscone graduated from Harvard, had a successful career, then retired early to devote his time to charity causes. Fuscone went bankrupt in 2000 and lost practically everything. The story of Ronald Read and Richard Fuscone has two probable explanations:
1. Financial outcomes are mostly determined by luck, regardless of human intellect or effort.
2. Financial success is a soft skill, not a scientific one. How you act is more important than your knowledge.
This soft skill is the psychology of money. However, not many of us have this soft skill. This video is inspired by Morgan Housel's great book "The Psychology of Money". Let's take a closer look at the strange and human side of money.
Category
Psychology
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