Nick Radge wrote:
http://www.collaborativefund.com/blog/the-psychology-of-money/
A few quotes:
Quote:
“There is no such thing as a long-term plan that isn’t susceptible to occasional volatility. When volatility is guaranteed and normal, but is treated as something that needs to be fixed, people take actions that ultimately just interrupts the execution of a good plan.”
Quote:
“Most of the time, something big happening doesn’t increase the odds of it happening again. A stable strategy designed to endure change is almost always superior to one that attempts to guard against whatever just happened happening again.”
Quote:
Good investing is about earning pretty good returns that you can stick with for a long period of time.
thanks Nick, that was a good read. Particularly liked these two paragraphs:
“My own money is barbelled. I take risks with one portion and am a terrified turtle with the other. This is not inconsistent, but the psychology of money would lead you to believe that it is. I just want to ensure I can remain standing long enough for my risks to pay off. Again, you have to survive to succeed.
A key point here is that few things in money are as valuable as options. The ability to do what you want, when you want, with who you want, and why you want, has infinite ROI.”
