Explore the World's Best Ideas
Join today and uncover 100+ curated journeys from 50+ topics. Unlock access to our mobile app with extensive features.
82
964 reads
"Money is a tool, but it's also an emotional and psychological minefield. It can be a source of security or stress, confidence or fear, independence or dependence. It can be a force for good or for ill. It can be something we can't stand to think about or something we can't stop thinking about. It can be something we hoard or something we waste. It can be something we save or something we borrow. It can be something we invest or something we gamble. It can be something we earn or something we inherit. It can be something we give away or something we keep."
73
581 reads
Sensible optimism is a belief that the odds are in your favor, and over time things will balance out to a good outcome even if what happens in between is filled with misery.
76
721 reads
A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than accepting nuance. But you need short-term paranoia to keep you alive long enough to exploit long-term optimism.
77
663 reads
The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. Controlling your time is the highest dividend money pays.
101
1.13K reads
Having a strong sense of controlling one's life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered.
76
766 reads
Humility, kindness, and empathy will bring you more respect than horsepower ever will.
74
673 reads
Wealth is hidden. It's income not spent. Wealth is an option not yet taken to buy something later. Its value lies in offering you options, flexibility, and growth to one day purchase more stuff than you could right now.
75
605 reads
Everyone knows the tangible stuff money buys. The intangible stuff is harder to wrap your head around, so it tends to go unnoticed. But the intangible benefits of money can be far more valuable and capable of increasing your happiness than the tangible things that are obvious targets of our savings.
Savings without a spending goal gives you options and flexibility, the ability to wait and the opportunity to pounce. It gives you time to think. It lets you change course on your own terms.
78
482 reads
The most important part of every plan is planning on your plan not going according to plan.
76
548 reads
The cornerstone of economics is that things change over time because the invisible hand hates anything staying too good or too bad indefinitely.
74
525 reads
If you view "do what you love" as a guide to a happier life, it sounds like empty fortune cookie advice. If you view it as the thing providing the endurance necessary to put the quantifiable odds of success in your favor, you realize it should be the most important part of any financial strategy.
74
466 reads
Long-term financial planning is essential. But things change - both the world around you, and your own goals and desires. It is one thing to say, "We don't know what the future holds." It's another to admit that you, yourself, don't know today what you will even want in the future. And the truth is, few of us do.
It's hard to make enduring long-term decisions when your view of what you'll want in the future is likely to shift.
67
382 reads
The tendency for people to be keenly aware of how much they've changed in the past, but to underestimate how much their personalities, desires, and goals are likely to change in the future.
68
400 reads
At every stage of our lives we make decisions that will profoundly influence the lives of the people we're going to become, and then when we become those people, we're not always thrilled with the decisions we made.
67
382 reads
Real optimists don't believe that everything will be great. That's complacency. Optimism is a belief that the odds of a good outcome are in your favor over time, even when there will be setbacks along the way.
66
369 reads
Wen directly compared or weighted against each other, losses loom largee than gains. This assymetry between the power of positive and negative expectations or experiences has an evolutionary history. Organisms that treat threats as more urgent than opportunities have a better chance to survive and reproduce.
68
353 reads
Progress happens too slowly to notice, but setbacks happen too quickly to ignore.
Growth is driven by compounding, which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant.
69
363 reads
In investing you must identify the price of success - volatility and loss amid the long backdrop if growth - and be willing to pay it.
63
398 reads
There are many things in life that we think are true because we desperately want them to be true.
64
433 reads
IDEAS CURATED BY
Constantly journeying through life for the ultimate experience. Hungry for adventure, spontaneity & learnings - hungry in general.
CURATOR'S NOTE
Great reminders 👌
“
Curious about different takes? Check out our The Psychology of Money Summary book page to explore multiple unique summaries written by Deepstash users.
Learn more about books with this collection
How to set achievable goals
How to manage time for personal and professional life
How to avoid distractions
Related collections
Different Perspectives Curated by Others from The Psychology of Money
Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
15 ideas
Ashish R's Key Ideas from The Psychology of Money
Morgan Housel
1 idea
's Key Ideas from The Psychology of Money
Morgan Housel
2 ideas
Yoma Oniti's Key Ideas from The Psychology of Money
Morgan Housel
Discover Key Ideas from Books on Similar Topics
2 ideas
“I Don’t Want To Be Anything Other Than Me.”
Lewis Howes
8 ideas
How Rich People Think
Steve Siebold
9 ideas
Nudge: Improving Decisions About Health, Wealth, and Happiness
Richard H. Thaler, Cass R. Sunstein
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates