The Psychology Of Money and People - Deepstash
The Psychology of Money

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The Psychology of Money

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The Psychology Of Money and People

  • Short-term traders ignore the rules governing long-term investing, particularly around valuation. Because those rules are irrelevant to the game they are playing.
  • Bubbles do their damage when long-term investors playing one game start taking their cues from short-term traders playing another game.
  • It is hard to grasp that other investors have different goals than we do.
  • An anchor of psychology is not realizing that rational people can see the world through a different lens than their own.


2.79K reads


Money: The Greatest Show On Earth

Money: The Greatest Show On Earth

  • Doing well with money has little to do with how smart you are, and a lot to do with how you behave.
  • Financial success is not hard science, it’s a soft skill where how you behave is more important than what you know.
  • To grasp why people bury themselves in debt, you need to ...


16.8K reads

Maintaining Your Wealth

  • There are a million ways to get wealthy. The only way to stay wealthy is some combination of frugality and paranoia.
  • To summarize money success in a single word: survival.
  • Getting money and keeping money are two different skills.
  • Getting money requires taking risks, b...


6.38K reads

True Wealth Is Freedom

  • The highest form of wealth is the ability to wake up and say “I can do whatever I want today.”
  • The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.
  • Control over doing what you want, wh...


4.21K reads

Luck And Risk

  • Luck and risk are siblings, they are both the reality that every outcome in life is guided by forces other than individual effort.
  • The world is too complex to allow 100% of your actions to dictate 100% of your outcomes.
  • When judging financial success, both your own and that o...


10.9K reads

The Uncertain Future

  • The ability to do what you want, when you want, for as long as you want has an infinite ROI.
  • You can’t prepare for what you can’t envision.
  • Avoid single points of failure. If many things rely on one thing working, and that thing breaks, you are counting the days until catastr...


2.69K reads

The Paradox Of Wealth

  • The paradox of wealth is that people tend to want wealth to signal to others that they should be liked and admired.
  • You might think you want an expensive car, a fancy watch, and a huge house. What you really want is respect and admiration from other people.
  • Y...


3.77K reads

Heads And Tails

  • It is not intuitive that an investor can be wrong half the time and still make a fortune.
  • Anything that is huge, profitable, famous, or influential is the result of a tail event, an outlying one-in-thousands or millions event.
  • Most of our attention goes to things that are hug...


4.56K reads

Having Money In The Bank Gives You Independence

  • A small amount of wealth means the ability to take a few days off work when you are sick without breaking the bank.
  • To obtain bit by bit, a level of independence and autonomy that comes from unspent assets that give you greater control over what you can do and when you can do it.


3.73K reads

Nothing is Ever Enough

  • There is no reason to risk what you have and need for what you don’t have and don’t need.
  • The hardest financial skill is getting the goalpost to stop moving.
  • If expectations rise with results there is no logic in striving for more because you’ll feel the same after putting in...


9.45K reads

The Psychology of Money: True Wealth Is What You Don’t See

  • Someone driving a $100,000 car might be wealthy. Or he may just be poorer by $100,000.
  • We tend to judge wealth by what we see because that is the information we have in front of us.
  • Wealth is the nice cars not purchased, the diamonds not bought, the watche...


3.64K reads

The Neglected Element In Investing Money: Surprises

Two dangerous things happen when you rely too heavily on investment history as a guide to what’s going to happen next.

  1. You will likely miss the outlier events that move the needle the most.
  2. History can be a misleading guide to the future of the economy and stock market because ...


2.97K reads

Mistakes and Errors

  • Good ideas taken too far are indistinguishable from bad ideas.
  • People underestimate the need for room for error in almost everything they do that involves money.
  • Room for error lets you endure a range of potential outcomes. Endurance lets you stick around long enough to let t...


2.9K reads

The Compounding Of Money

  • Lessons from one field can often teach us something important about unrelated fields.
  • You do not need tremendous force to create tremendous results.
  • If something compounds, a small starting base can lead to extraordinary results.
  • Linear thinking is so much more intuit...


7.49K reads

Believing In Narratives

  • Stories are, by far, the most powerful force in the economy.
  • The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.
  • Everyone has an incomplete view of the world, but we form a complete narrative to fill...


2.6K reads

Richie Rich

  • Rich is a current income. Someone driving a $100,000 car or living in a big house is almost certainly rich because you need a certain level of income to afford the monthly payment. It’s not hard to spot rich people. They often go out of their way to make the...


3.68K reads

Gravitating Towards a Negative Outlook

  • Optimism is the belief that the odds of a good outcome are in your favour over time, even when there will be setbacks along the way.
  • Two topics will affect your life whether you are interested in them or not, money and health.
  • An iron law in economics: extremely good and extr...


2.54K reads

Survival Mindset

  • Compounding doesn’t rely on earning big returns, merely good returns sustained uninterrupted for the longest period of time, will always win.
  • Many bets fail not because they were wrong, but because they were mostly right in a situation that required things to be exactly right.


5.53K reads


Success is a lousy teacher, it seduces smart people into thinking they can’t lose.



13.7K reads

Things To Remember

  • Go out of your way to find humility when things are going right and forgiveness and compassion when things are going wrong.
  • Less ego equals more wealth.
  • Become okay with a lot of things going wrong.
  • Use money to gain control over your time, because not having control ...


3.19K reads

Facts about Saving Money

  • Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.
  • If you view building wealth as something that will require more money or big investment returns, you may become too pessimistic.
  • You can build wealth without a high...


3.39K reads

Nothing Is Free

  • Everything has a price and the key to a lot of things with money is figuring out what that price is and being willing to pay it.
  • Most things are harder in practice than they are in theory. This is often because we are not good at identifying what the price of success is, which preven...


2.63K reads




Total food specialist. Friendly webaholic. Coffee fan. Proud analyst. Tv expert. Explorer. Travel nerd. Incurable beer advocate.

The Psychology of Money is a collection of short stories exploring the strange ways people think about money and teaches you how to make better sense of it.

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