We'll Get Through This
The following is an excerpt from an article by Morgan Housel discussing the parallels of the Great Depression to the current Coronavirus market reaction:
Earning 20% a year and getting washed once a decade will leave you worse off than earning 8% a year and being able to hold your ground when times get rough. That’s so obvious. But it’s times like this that you realize financial “survival” is not just relevant to the broke and paranoid; it’s the single most important ingredient to long-term growth.
“Survival” means different things. It means having a strategy whose downsides you’re preemptively familiar with, so you’re prepared both psychologically and financially when they occur. It means being able to make decisions without being handcuffed by the timeline of debt repayment. It means having a huge gap between what could happen and what you need to have happen to do OK.
Read the full article by Morgan Housel here.
Follow Morgan Housel on Twitter here.
Pre-order Morgan Housel’s book, The Psychology of Money, here.
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