Ashish R's Key Ideas from The Psychology of Money
by Morgan Housel

A good rule of thumb for a lot of things in life is that everything that can break will eventually break

Arrange your financial life in a way that a bad investment here and a missed financial goal there won’t wipe you out so you can keep playing until the odds fall in your favor

Warren Buffett’s net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday

Doing well with money has a little to do with how smart you are and a lot to do with how you behave

“Savings can be created by spending less.

You can spend less if you desire less.

And you will desire less if you care less about what others think of you.

Money relies more on psychology than

finance

Happiness is just results minus expectations

Modern capitalism is a pro at two things: generating wealth and generating envy

You can build wealth without a high income, but have no chance of building wealth without a high savings rate

There's only one way to stay wealthy: some combination of frugality and paranoia. And that's a topic we don't discuss enough.

Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with

Everything has a price, but not all prices appear on labels

Spending money to show people how much money you have is the fastest way to have less money

It gets dangerous when the taste of having more—more money, more power, more prestige— increases ambition faster than satisfaction

You feel as if you’re falling behind, and the only way to catch up is to take greater and greater amounts of risk