Page 196 - Psychology of Money - Timeless Lessons on Wealth, Greed, and Happiness-Harriman House Limited (2020)

It is dangerous nonsense to assert that in the practice of their art and science
physicians can rely on their benevolent intentions, their abilities to judge
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what is the right thing to do ... It is not that easy. Medicine is a complex

profession and the interactions between physicians and patients are also
complex.

That last line is important. “Medicine is a complex profession and the

interactions between physicians and patients are also complex.”

You know what profession is the same? Financial advice.

I can’t tell you what to do with your money, because I don’t know you.

I don’t know what you want. I don’t know when you want it. I don’t know
why you want it.

So I’m not going to tell you what to do with your money. I don’t want to
treat you like a dentist treated Clarence Hughes.

But doctors and dentists aren’t useless, obviously. They have knowledge.
They know the odds. They know what tends to work, even if patients come
to different conclusions about what kind of treatment is right for them.

Financial advisors are the same. There are universal truths in money, even if
people come to different conclusions about how they want to apply those

truths to their own finances.

With that caveat in place, let’s look at a few short recommendations that can
help you make better decisions with your money.

Go out of your way to find humility when things are going right and
forgiveness/compassion when they go wrong. Because it’s never as good
or as bad as it looks. The world is big and complex. Luck and risk are
both real and hard to identify. Do so when judging both yourself and