ilmscore | Life-changing lessons from The Psychology of Money

Life-changing lessons from The Psychology of Money

Predictions from this Video

Total: 5
Correct: 0
Incorrect: 0
Pending: 5
Unrated: 0
Prediction
Topic
Status
An S&P 500 Index Fund purchased in the 1980s experienced approximately 13 years of combined drawdowns of 20% or more and 8 months of 50% drawdowns before achieving an 11,000% gain.
"let's say you bought an S P 500 Index Fund in the 1980s yes one can argue that it went up 11 000 since then but you would still have needed to face about 13 years combined where your Investment Portfolio was down 20 from its high and eight months when it was down 50 it's only after paying that emotional price and sticking it out through those downfalls that you would have then benefited from the compounded results"
Investing
Pending
To maximize the probability of financial success, it is more effective to follow strategies employed by many successful individuals (Y) rather than imitating a single exceptionally successful person (X).
"if one person did X to get wealthy but many people did why to get wealthy doing why will have a bigger probability of you gaining financial success"
Financial Success
Pending
Income has diminishing returns on personal life satisfaction, meaning that beyond a certain income level, additional money does not significantly increase happiness.
"studies that show how your income has diminishing returns on your personal life satisfaction and Beyond a certain point more money stops buying you further increases of Happiness"
Money and Happiness
Pending
Achieving financial well-being involves balancing wealth accumulation with the preservation of important aspects of life such as relationships, health, and overall well-being.
"it's about finding the balance between accumulating wealth and preserving what truly matters things like our relationship health and your overall well-beings"
Financial Well-being
Pending
Money provides freedom and control up to a certain point, after which intrinsic sources like self-knowledge and understanding personal values become the primary drivers of fulfillment.
"Money up to a certain point will buy you freedom and control and then after that that value needs to come intrinsically know who you are and what matters the most to you"
Money and Freedom
Pending