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BEHAVIOUR
- Doing well with money has a little to do with how smart you are and a lot to do with how you behave. And behavior is hard to teach, even to really smart people.
- Every decision people make with money is justified by taking the information they have at the moment and pugging it into their unique mental model of how the world works.
155
1.56K reads
Paradox
People tend to want wealth to signal to others that they should be liked and admired. But in reality those other people often bypass admiring you, not because they don't think wealth is admirable, but because they use your wealth as a benchmark for their own desire to be liked and admired.
151
1.36K reads
Investment Related
- Have a six month emergency fund and save 10% of your salary.
- The ability to stick around for a long time, without wiping or being forced to give up is what makes the biggest difference.
- Your success as an investor will be determined by how you respond to punctuated moments of terror, not the years spent on cruise control.
- 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.
- Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.
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1.38K reads
IDEAS CURATED BY
Curious about different takes? Check out our The Psychology of Money Summary book page to explore multiple unique summaries written by Deepstash users.
Sanyasi @@'s ideas are part of this journey:
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