What do psychology and the rich have to do with each other? And what psychology books do they read? Out of simple curiosity I read this book, The Psychology Books in the Rich Person's Study. Dan Ariely — "Predictably Irrational." Most people believe they know a lot about money, but surprisingly they do not know what money is, what money does for them, or what money does to them.
David DeSteno — "The Truth About Trust." Thomas Stanley, Sarah Stanley Fallaw — "The Next Millionaire Next Door." Wealth comes to people who respect money. Respect for money also includes saving on taxes and managing money effectively.
Naoyuki Arai — "The Rich Person's Network." The very attitude of expecting something in return from the other person is wrong. To befriend a person is to contribute to that person. Rafael Badziag — "The Billion Dollar Secret." They do not waste time on negative thoughts.
Hard times never last forever. Peter F. Drucker — "The Effective Executive." An executive who achieves goals can make any meeting a productive meeting, or it can become a meeting that is nothing but a waste of time.
Hiroyuki Inoue — "The Skill of Turning Learning into Money." If you don't know what study to start with, first start with study related to the field you are currently engaged in. Dale Carnegie — "How to Win Friends and Influence People." Recognition and encouragement. B.F. Skinner — "Skinner's Behavioral Psychology." Bodo Schäfer — "A Dog Called Money (Kira)." Richard Carlson — "Stop Thinking, Start Living." P.24 It points out that to the rich, money is something "to preserve and invest," and to the poor, something "to spend." The rich do not earn money to buy something or to do something. That is, they do not earn money in order to spend it.
You must understand psychology to be able to move money and people. In the film "The Big Short," there is a story about the investment of Michael Burry, the founder of Scion Capital. There was internal and external pressure, but by holding to his own belief (yet a path different from others) to the end, he left an enormous profit. He is a contrarian investor who does not conform to the prevailing trend, and the people praised as the greatest investors in history are contrarian investors. Become the 5% who break away from the herd.
They move in the opposite direction from the majority. They do not act in a herd. To succeed in investing, it is advantageous to shake off the social conformity rooted in popular judgment and stand on the side of the minority. P.43 The rich do not get drunk even living in a wine cellar.
YOLO. One of the most important characteristics of YOLO is that it does not sacrifice the present for the future. The instinct for pleasure dominates human behavior. You must be able to control and regulate it. As the Guggenheim family did, create social value and pursue practical pleasure. Jewish people think that wealth beyond what is needed to solve food, clothing, and shelter is not their own possession, and that the overflowing property is only entrusted to them to manage.
P.68 Van Gogh and Picasso. Van Gogh, who lived a desperately poor and lonely life, was extremely closed off and was not recognized in his lifetime. Picasso, on the other hand, had his genius recognized from childhood, already gained world fame in his twenties, and from a young age mingled with influential figures in the art world and formed bonds with people from all walks of life.
Lipkin
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Is satisfied with "giving" in itself
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Does not weigh profit and loss.
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Does not expect the words "thank you."
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Does not put a price on his own actions.
Lipkin's principles are also in line with Lee Jae-yong's give-and-give strategy. P.83 Let us change our thinking.
- With an individualistic perspective. Do not cling to your conditions or environment.
Success is not something achievable only when conditions are perfectly in place. Under any conditions, obstacles that always block the way will appear! Do not settle even in a recession. You set the rules of the game yourself.
- Bill Gates tells himself every morning, "It seems something very good will happen today," "I can do anything."
P.112 Time. Time is something you make and invest. You move on your own to create something or actively generate value. Greatly reduce the waste of opportunity cost. P.132 Bill Gates—asked whether he could not just live comfortably enjoying leisure, "If you settle into a familiar life, you can no longer grow." All companies in the world set management goals every year, and no matter how a pandemic situation like a financial crisis or COVID-19 comes, they set a plus-alpha goal higher than the previous year.
You must study a variety of fields broadly.
- Learning that changes the subconscious. 2. Liberal arts (literature, art, the humanities, philosophy) 3. Investment and finance 4. Choosing a major that suits you
P.143 Eighty percent of life is negotiation. Most people focus on the difference in positions, that is, the demands, and fall into negative emotions such as dissatisfaction and anger. When this happens, the negotiation degenerates into an emotional fight, an argument, a quarrel, and at worst comes close to a struggle. Focus on the other person's desire—the intention to buy.
Using the cases of Jobs, Matsushita, and Trump, ask open questions to know the other's desire. Rather than finding a single answer, widen the range of alternatives. Widen the scope of the topic. Discard a uniform way of thinking. You must not be preoccupied with merely defending. There is no single best answer. Go through a wise decision process of selecting the answer among the many possible answers. Widen the topic to make the agreement more attractive.
Make the other person's decision easy. P.172 It is said that the most destructive word in life is "later," and the most productive word is "now." If you have newly conceived something, execute something within 24 hours.
Opportunity does not come to those who wait for the right time. If it is something you have to do anyway, big or small, easy or difficult, it is better to put it into action right away. Pursue long-term aspirations; value creation, contribution to others, change and innovation, influence, self-realization and enlightenment.
P.211 What is the worst-case scenario? What outcome will this scenario bring? Do you have a concrete alternative prepared for just in case? What is the way to minimize uncontrollable risk? What if..? That Chairman Lee Kun-hee periodically repeated Samsung Group's crisis theory, saying "Samsung is in crisis. If we do not change, we die," is also part of productive paranoia. "Where there is life, danger always exists."
The 1991 leak of Bill Gates's memo. In the incident called the "nightmare memo," MS's stock plunged 11 percent and Bill Gates's assets fell by more than 3 billion dollars. Bill Gates always predicted the changes to come in the future through memos and pondered how to deal with them.
P.249 Recognize that the future and investments cannot be controlled, and judge and accept them from a third, objective viewpoint. Insight. Think about what effort I have made to achieve what I aimed for. Consistency is also strength. You must consciously improve yourself!
Abstinence from alcohol. Now. Added: Professor Benjamin Graham's class, which is said to have changed Warren Buffett's life. Look up the book.