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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel with Chris Hill
This book explores how people’s emotions, backgrounds, and personal experiences shape their financial behaviors and decisions. Morgan Housel argues that financial success is less about intelligence or technical knowledge and more about behavior, patience, and understanding risk. He highlights concepts like the impact of luck and risk, the power of compounding, and how small gains grow over time. The book emphasizes that true wealth is about financial freedom and happiness rather than just accumulating money. It also discusses how saving more than you earn is more important than income level, and how avoiding comparison and fostering contentment are keys to lasting financial well-being.
The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley Ph.D. and William D. Danko Ph.D
This classic book presents research on the behaviors and lifestyles of America’s wealthy individuals, revealing that many millionaires live modestly and build wealth through disciplined saving and smart investing rather than flashy spending. It dispels common myths about wealth, showing that most wealthy people accumulate their fortunes quietly and frugally
The authors identify common traits of millionaires, such as living below their means, prioritizing financial independence, budgeting carefully, and making prudent financial decisions over time. The book encourages readers to adopt these habits to build wealth steadily.
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