I came across this interesting point when reading a book by Morgan Housel on a new Kindle.
The author wrote this letter, in part, to his son:
”Some people are born into families that encourage education; others are against it. Some are born into flourishing economies encouraging of entrepreneurship; others are born into war and destitution. I want you to be successful, and I want you to earn it. But realize that not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself.
Therefore, focus less on specific individuals and case studies and more on broad patterns.”
“The Psychology of Money” by Morgan Housel is a book that explores the intersection between psychology and personal finance. The author presents timeless lessons on wealth, greed, and happiness, drawn from his experience in the financial industry and interviews with successful investors and entrepreneurs. The book argues that our emotions and behaviors have a significant impact on our financial decisions, and understanding them is crucial to achieving financial success and happiness.
The author also emphasizes the importance of simplicity, patience, and perspective in investing and shares insightful anecdotes and stories to illustrate his points. Overall, the book provides practical and thought-provoking insights into the psychology of money, making it a must-read for anyone interested in personal finance and wealth management.