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The Psychology of Money

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The Psychology of Money

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RANDY ARMSTRONG

Worrying does not take away tomorrow’s troubles. It takes away today’s peace.

RANDY ARMSTRONG

152

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The lack of information

The lack of information

If information is lacking, our PFC plays out different versions of what might happen to help us choose the best path forward. 

It does this by running simulations based on previous events in our lives that are most similar.

For example, trucks and buses are similar enough to cars tha...

120

1.01K reads

The posterior cingulate cortex

A hub of the DMN called the posterior cingulate cortex (PCC) connects a bunch of other brain regions.

The PCC is interesting because it gets activated when people are shown pictures that are reminders of or triggers for their addictions.

For example, the PCC lights up with cocaine cue...

123

644 reads

You must let the pain visit.

You must allow it to teach you.

You must not allow it overstay.

IJEOMA UMEBINYUO

151

762 reads

Anxiety and its close cousin

Anxiety and its close cousin

The anxiety and its close cousin, panic, are both born from fear. It's well known that fear’s main evolutionary function is helping us survive.

Fear is the oldest survival mechanism we’ve got. Fear teaches us to avoid dangerous situations in the future through a brain process called negati...

126

1.17K reads

Pay attention

Pay attention

Every time you pay attention to your actions, you become more aware of what you actually get from them. 

If you notice that potato chips make you feel crappy when you eat too many, you get less excited about eating the whole bag next time.

Not because you have to force yourself to no...

128

667 reads

The thinking trap

The thinking trap

The theory sounds—and is—simple. Yet this can easily fall into the thinking trap that was mentioned in the last chapter: you can know that something is bad for you, but thinking doesn’t change behaviors on its own. It isn’t strong enough.

Watch your thoughts. They become words. ...

161

719 reads

Anxiety

Anxiety

Anxiety is born when our PFCs don’t have enough information to accurately predict the future

Without accurate information, our brains found it easy to spin stories of fear and dread, based on the latest reports that we had heard or read.

And because of the way our brains are wired, t...

136

904 reads

Anxiety hides in people’s habits

Anxiety hides in people’s habits

We all get anxious, it’s a part of life, yet how we deal with it is critical.

If we don’t know how anxiety shows up or why, we might get caught up in temporary distractions or short-term fixes that actually feed it, creating bad habits in the process (have you ever eaten ice cream or co...

124

1.32K reads

When we face dangerous situations

When we face dangerous situations

There are different types of people depending on how they react when facing danger.

These people can be categorized into three different groups based on their reactions. These groups are fight, flight, and freeze.

123

754 reads

Mapping a habit

Mapping a habit

We map out how the pieces fit together and drive one another. Sometimes simply becoming aware of the habit patterns helps us step out of them, with significant results. At other times, we need a little hand-holding along the way.

How often have you struggled to force yourself to overcome ol...

125

831 reads

The prefrontal cortex

The prefrontal cortex

Sometime in the last million years, humans evolved a new layer on top of our more primitive survival brain; neuroscientists call this the prefrontal cortex (PFC). 

From an anatomical perspective, this “newer” brain region is located just behind our eyes and forehead.

Involved in creat...

124

1.04K reads

The default mode network

The default mode network

In neuroscience, the default mode network (DMN), or anatomically the medial fronto-parietal network (M-FPN), is a large-scale brain network primarily composed of the medial prefrontal cortex and the posterior cingulate cortex and angular gyrus.

The DMN was discovered by Marcus Raichle and ...

123

729 reads

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Principles to help us predict the future

  1. Patience. Things take time to develop naturally.
  2. Observe, don’t interpret. If people can manage to observe without interpreting and filtering what they see, they can get a clearer picture of the future.
  3. Don’t graft today’s solutions o...

The State-run “social security” programs ...

The State-run “social security” programs ...

... violate your rights to plan your retirement. Your Social Security taxes pay benefits for today’s recipients, and theoretically, tomorrow’s workers’ taxes will pay for your benefits. That's very different from investing because it doesn’t encourage responsible attitudes toward saving...

No peace for the living

No peace for the living

Achilles’ gaze lifts to meet hers. She is afraid, but does not draw back. ‘I hope that Hector kills you.’

The breath rasps in his throat. ‘Do you think I do not hope the same?’ he asks.

Achilles’ eyes fill; he looks away so the old man will not see.

Priam’s voice is gentle. ‘It ...

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