Financial success is a soft skills!!

Hi friends,

Greetings!!! Welcome to my next blog.

Hope you all doing great. It is time to take again utmost care about ourselves. COVID-19 cases are increasing trend now-a-days. So, requesting you all to follow SMS. 'S' means Social distancing, 'M' stands for Mask wearing and 'S' for Sanitizing hands. Also take care of close one's around you. Intake hygiene food, exercise daily, I suggest to consume as much as hot water and build your immune too. 

Soon get fully vaccinated to avoid further more spread of COVID-19. Hope for better future. 

Today I was going through Mr. Morgan Housel video of 'The Psychology of Money', timeless lessons on Wealth, Greed and Happiness; so amazing this will build strong content of personal finance. He is stressing about behavior of ourselves towards money and emphasis that our behavior on money is more important then how much intelligent we are. Further tells everyone is prone to certain behaviors over others. Once we become aware of our tendencies, we can harness the power of our mind, our thoughts and our will--then we can change our life.   

He reiterates 'Financial success is not a hard science. It's a soft skills where how you behave is more important than what you know'. Top five key takeaways I would say are

1. Pay the price: Anything we buy has fee or money attached to it. Same way when market is volatile their we need to pay the price. There has been lot of circumstances where we lose money, still we have to cope with for future benefits. Example during COVID or for stocks when company not performing or during financial crisis, invested finance may go down or bare a loss. Still it is okay, we are paying the price.
2. Never Enough: Big mistake people does comparing with others. When we are in capitalism, wealth creation starts as per our behavior of money and then if we comparing with other's envy created. So, sometime accept that enough is enough. Example when we achieve little success and what we do is compare with others in terms of car or money, jealously creates.
3. Crazy is in the eye of beholder: Since we are with different background, different education, different opinion will come towards a conceptualization. For one content if I feel worthful other may see same thing worthless. So, people have different lenses worn; check which best suits to us for our success. Example which business suits, which investment to be done etc.
4. Peak-a-boo: There may be an outlier, creating extreme impact like financial huge crisis. Example like COVID-19. Being prepared for unforeseen and being prepare mentally, financially for surviving them.  
5. The seduction of pessimism: We have to be careful while taking investment advice. Understand that pessimism appeals more to survival instincts than optimism does. Pessimism is initiating negatives thoughts and optimism is positive attitude towards a concept which ultimately leads to success. Be careful about this kind of emotions.

He also underline ultimately what deserves me, I will get. Have patience, be aware of what's going on and keep changing. I would like to thank Mr Morgan Housel for enlightening me.

Thank you guys for reading. Hope some points will help you and me for implementing. For more information, please go through the book or comment me.

Cheers!

Take care 😷Love you all💗.

See you at next blog. Live life to maxout.