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Your personal experiences with money make up maybe 0.00000001% of what's happened in the world, but maybe 80% of how you think the world works.
We all do crazy stuff with money because we're all relatively new to this game and what looks crazy to you might make sense to me. But no one is crazy, we all make decisions based on our own unique experiences that seem to make sense to us in a given moment.
The hardest financial skill is getting the goalpost to stop moving.
But it's one of the most important. If expectations rise with results there is no logic in striving for more because you'll feel the same after putting in extra effort.
Happiness, as it's said, is just results minus expectations.
Good investing is not necessarily about making good decisions. It's about consistently not screwing up.
Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risk. It requires humility, and fear that what you've made can be taken away from you just as fast.
If I had to summarize money success in a single world it would be "survival".
Controlling your time is the highest dividend money pays.
The highest form of wealth is the ability to wake up every morning and say, "I can do whatever I want today.'
People want to become wealthier to make them happier. Happiness is a complicated subject because everyone's different. But if there's a common denominator in happiness a universal fuel of joy it's that people want to control their lives.
Spending money to show people how much money you have is the fastest way to have less money.
There is no faster way to feel rich than to spend lots of money on really nice things. But the way to be rich is to spend money you have, and not to spend money you don't have, It's really that simple.
It's hard and requires self-control. But it creates a gap between what you could do and what you choose to do that accrues to you over time.
Hi! Learning every moment. Each day is an opportunity.
These are just a few of the insights I acquired from reading the book. It will help you understand why people behave the way they do.
Curious about different takes? Check out our The Psychology of Money Summary book page to explore multiple unique summaries written by Deepstash users.
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