The Psychology of Money Timeless Lessons on Wealth, Greed, and Happiness


 More than I want big returns, I want to be



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1. More than I want big returns, I want to be
financially unbreakable. And if I’m unbreakable I
actually think I’ll get the biggest returns, because I’ll
be able to stick around long enough for compounding
to work wonders.
No one wants to hold cash during a bull market. They want to
own assets that go up a lot. You look and feel conservative
holding cash during a bull market, because you become
acutely aware of how much return you’re giving up by not
owning the good stuff. Say cash earns 1% and stocks return
10% a year. That 9% gap will gnaw at you every day.
But if that cash prevents you from having to sell your stocks
during a bear market, the actual return you earned on that
cash is not 1% a year—it could be many multiples of that,
because preventing one desperate, ill-timed stock sale can do
more for your lifetime returns than picking dozens of big-time
winners.
Compounding doesn’t rely on earning big returns. Merely
good returns sustained uninterrupted for the longest period
of time—especially in times of chaos and havoc—will always
win.



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