The Psychology of Investing: How Failures Drive Success

Today we'll be diving into chapter 6 of Morgan Housel's book, The Psychology of Money. This chapter, entitled "Tales You Win", explores the intriguing idea that being wrong half of the time can still lead to financial success. Our discussion will focus on being on the brink of success and failure, as well as how perseverance—even when met with repeated failures—is the key to success in investing.

Listen in to learn how failures can drive overall success when it comes to investing and why every successful person has a trail of failures behind them. You’ll hear about the importance of understanding that failures scream louder than successes when it comes to investing, the psychology of investing, and stories that illustrate how to navigate the ups and downs of the market to achieve financial success.

What You’ll Learn:

• What it means to be right on the cusp of success and failure.

• The importance of overcoming failures.

• Why it is important to remember that you will be wrong sometimes.

• The importance of remembering that success comes with sacrifices.

Ideas Worth Sharing:

• “Failures drive a lot of the overall success when it comes to investing over time.” - Fiat Wealth Management

• “Failures scream louder than successes.” - Fiat Wealth Management

• “Any successful person that you run into has a trail of failures behind them.” - Fiat Wealth Management

Resources:

• The Psychology of Money by Morgan Housel

• Spending Money and Having Fun by Bradly J. Gotto

• Fiat Wealth Management

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