30 min
Ep 76. The Psychology of Money: Room for Error Every Day is Saturday
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- Business
Today we are revisiting Morgan Housel's book, The Psychology of Money, this time taking a deep dive into dive into Chapter 13: Room for Error. The key takeaway? If you're aiming for long-term success, leaving room for error is crucial. As Housel puts it, "Room for error lets you endure a range of potential outcomes, and endurance lets you stick around long enough to let the odds of benefiting from a low-probability outcome fall in your favor." With that in mind, we'll explore the concept of margin of safety, the importance of preparing for various outcomes, and why it's essential to acknowledge the emotional aspect of financial planning alongside the technical aspects.
You can find show notes and more information by clicking here: https://www.fiatwm.com/podcast/76
Today we are revisiting Morgan Housel's book, The Psychology of Money, this time taking a deep dive into dive into Chapter 13: Room for Error. The key takeaway? If you're aiming for long-term success, leaving room for error is crucial. As Housel puts it, "Room for error lets you endure a range of potential outcomes, and endurance lets you stick around long enough to let the odds of benefiting from a low-probability outcome fall in your favor." With that in mind, we'll explore the concept of margin of safety, the importance of preparing for various outcomes, and why it's essential to acknowledge the emotional aspect of financial planning alongside the technical aspects.
You can find show notes and more information by clicking here: https://www.fiatwm.com/podcast/76
30 min