"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."
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.
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.
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.
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.
Humility, kindness, and empathy will bring you more respect than horsepower ever will.
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.
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.
The most important part of every plan is planning on your plan not going according to plan.
The cornerstone of economics is that things change over time because the invisible hand hates anything staying too good or too bad indefinitely.
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.
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.
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.
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.
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.
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.
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.
In investing you must identify the price of success - volatility and loss amid the long backdrop if growth - and be willing to pay it.
There are many things in life that we think are true because we desperately want them to be true.
Constantly journeying through life for the ultimate experience. Hungry for adventure, spontaneity & learnings - hungry in general.
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.
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
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