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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with behavior, finance and establishing good habits.
They say imitation is the best form of flattery.
Well if you want to be wealthy, the best way to achieve that is to imitate those who already have achieved it.
Debt-Free Doctor takes a look at some habits that differentiate the rich from the poor in, “19 Habits Of The Wealthy vs Poor- Which Do You Have?”
Money can’t buy you happiness.
Some of the happiest people out there do not have large bank accounts.
So how do they do it?
Financial Samurai shares some insight in, “How To Feel Rich Even If You Can’t Get Rich.”
When it comes to finance, you really cannot judge a book by its cover.
There are stories of highly educated individuals in high power positions that find themselves declaring bankruptcy.
Likewise there are stories of individuals who by all appearances had a modest lifestyle who leave millions of dollars to their estate.
Collaborative Fund highlights how behavior plays a significant role in, “The Psychology of Money.”
Certain relationships can be beneficial, creating a synergy where the sum of two individuals is greater than either apart.
Conversely, there are relationships that can be toxic, believe me I know, which can drag you down into a pit of despair.
So it should come as no surprise that you can also have good or toxic relationships with money.
Physician on FIRE points out some of the warning signs on the latter in, “9 Symptoms of an Unhealthy Relationship with Money.”
I can not think of a single good outcome that occurs from panicking.
In a state of panic your mind tends to make hasty decisions that do not follow logic and that often ends in disastrous results.
This is especially true when it comes to investing.
Panic sellers tend to lock in losses when they mimic Chicken Little by thinking the sky is falling.
This is why it is important to create an investment policy statement that allows you to stay rationale in times of volatility.
Accidental FIRE discusses what happens when you do let your emotions control you in, “Study: Cash Panickers From COVID-19 Volatility Lost Money.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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