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Focusing on the long term leads to better financial outcomes from "summary" of The Psychology of Money by Melody Jefferson,Morgan Housel
It's easy to get caught up in short-term thinking when it comes to money. We're bombarded with messages about the latest hot stock or get-rich-quick scheme that promise instant wealth. But the truth is, focusing on the long term is what leads to better financial outcomes in the end. When you're constantly chasing after the next big thing, you're more likely to make impulsive decisions that can end up costing you in the long run. By taking a step back and thinking about the big picture, you can avoid falling into this trap. Investing for the long term allows you to ride out the inevitable ups and downs of the market without panicking. It's about having the patience and discipline to stick to your plan, even when things get tough. This approach not only reduces the likelihood of making emotional decisions, but also gives your investments time to gro...
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