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Morgan Housel, in his book "The Psychology of Money", suggests several strategies for leveraging human thought, habits, and emotions for personal gain. These include understanding the difference between getting rich and staying rich, recognizing the role of luck and risk in financial success, and acknowledging the power of compounding. He also emphasizes the importance of saving, being patient, and avoiding the influence of others' wealth and spending habits. Lastly, he advises to focus on long-term financial goals and not to be swayed by short-term market fluctuations.
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There has never been a battle larger than that for the city of Stalingrad during World War II. Having lasted almost half a year, that single battle saw more casualties than the total military dead of the United States, Great Britain, Italy, France, and Yugoslavia combined. In 1942 a unit of 104 German tanks was outside of the city in reserve. But when it was needed most, its officers were shocked to discover that only twenty of their tanks were operational.
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How should investors manage the inevitabilities of risk? What are the most powerful wealth-building tools that require little technical skill? How do...
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