“Some people are born into families that encourage education; others are against it. Some are born into flourishing economies encouraging of entrepreneurship; others are born into war and destitution. I want you to be successful, and I want you to earn it. But realize that not all success is due to hard work, and not all poverty is due to laziness. Keep this in mind when judging people, including yourself.”

“Money’s greatest intrinsic value—and this can’t be overstated—is its ability to give you control over your time.”

“Spending money to show people how much money you have is the fastest way to have less money.”

“Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance.”

“Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.”

“Controlling your time is the highest dividend money pays.”

“Independence, to me, doesn’t mean you’ll stop working. It means you only do the work you like with people you like at the times you want for as long as you want.”

“Be nicer and less flashy. No one is impressed with your possessions as much as you are. You might think you want a fancy car or a nice watch. But what you probably want is respect and admiration. And you’re more likely to gain those things through kindness and humility than horsepower and chrome.”

“Progress happens too slowly to notice, but setbacks happen too quickly to ignore.”

“Things that have never happened before happen all the time.”

“Saving is the gap between your ego and your income.”

“Nothing is as good or as bad as it seems.”

“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.”

“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.”

“Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with.”

“You are one person in a game with seven billion other people and infinite moving parts. The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.”

“Risk is what’s left over when you think you’ve thought of everything.”

“Plan to survive reality. Future filled with unknown is everyone’s reality.”

A selection of quotes from the book The Psychology of Money by Morgan Housel

611 quotes from The Psychology of Money: ‘Some people are born into families that encourage education; others are against it. Some are born into flourish...

Understand yourself and those around you.

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Psychology

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Money & Investments

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Books

The Psychology of Money Quotes by Morgan Housel

The Psychology of Money Quotes

A person’s success in life can be measured by the number of uncomfortable conversations he or she is willing to have.

As a Product Manager, you are likely to face many difficult conversations, for example, stopping work that fails to align with top priorities, giving feedback, negotiating roadmaps, and apologising when you took your eye off the ball. Mastering difficult conversations can give you superpowers. You can get the confidence to promote new product ideas, drive organisational changes, and lead your group.

Managing difficult conversations

<ul><li>The "What happened" layer. What's the story here?</li><li>The Feelings layer is uncovering how you really feel.</li><li>The Identify layer ask what does this say about me?</li></ul>

Three layers of difficult conversations

Conversations fall apart when we say, "I am right, and you are wrong." This is because we have more information about ourselves than we have about the other person. We know our intent, but we judge their intent based on their action. We also base our deduction on what suits our pre-conceived ideas.How to overcome this limitation:<ul><li>Use the "And" stance, meaning acknowledging that both stories can be right.</li><li>Disentangle the impact of the action from the original intent.</li><li>Map the contribution system. Each party can acknowledge that one of their actions contributed to the case.</li></ul>

The "What happened" Layer

Feelings are at the centre of a difficult conversation. Ignoring emotions can cause resentment, anger, and broken relationships. There are three steps to expressing feelings in difficult conversations.<ul><li>Get better at uncovering your feelings. Reframe feelings to something you experience, not who you are. You are not angry, you are experiencing anger. Question what is behind the emotion.</li><li>Realise that you can negotiate with your feelings. Your feelings are caused by what you're thinking. </li><li>Describe your feelings to your colleague without venting. "I felt that my opinions were not paid attention to."</li></ul>

The Feelings Layer

In the identity conversation, you start to worry about what the conversation says about you. Three core identity-related questions we think about:<ul><li>Am I competent?</li><li>Am I a good person?</li><li>Am I worthy of love?</li></ul> You are more likely to lose balance if there is a gap between what you believe to be true and what you fear to be accurate.To regain balance:<ul><li>Use the 10/10/10 framework. Ask yourself: Will this matter in ten minutes? Ten months? Ten years?</li><li>Get help from a therapist, coach or a friend.</li></ul>

The Identity Layer

1.  Start from the third-person perspective.It helps you create distance to have a broader point of view and to express yourself more objectively. 2.  Listen more intentlyUse the SOAR framework<ul><li>Make Space</li><li>Observe and validate</li><li>Ask</li><li>Repeat and confirm</li></ul> 3.  Speak for yourself with clarityMost people prefer to be with people who speak their mind. We trust them and feel confident in them. Assertively state your story without aggression or getting defensive.

Mastering difficult conversations

Navigating difficult conversations is a skill that gives you Product Management superpowers. It can help you influence, negotiate and lead effectively.

Have you ever avoided a conversation that you know that you needed to have? Has a desire for comfort taken you off the direct path to achieving your goals? Or even worse, have you ever had the…

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Communication

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Product & Design

Product Managers Can Use These Techniques To Master Difficult Work Conversations

In the world of software as a service (SaaS), the distance between the Product team and the Customer Success team may appear to stem from competing priorities. However, a close-up look reveals that the interests of the two teams are very similar.

A productive relationship between CS and product teams

When companies are just starting, the responsibilities of the teams overlap. Product speaks with customers. CS helps with product testing. As a result, it's easy for teams to be collaborative and agile. But when organisations scale, teams find it more challenging to stay in sync. Product and CS teams may seldom interact, leading to misaligned goals, misunderstanding priorities, and miscommunication with customers.

Rapid scale cause silos

The poor communication caused by siloed teams is frustrating for internal teams and impacts your product experience. The product teams rely on the conversations CSMs have with customers to inform their roadmap and inspire innovation. But if the CS team doesn't have a forum for sharing customer feedback with Product, product teams are unable to build functionality to address the customer challenges. Similarly, if the product team doesn't inform the CS team about the latest product decisions and developments, CS can't advise customers about the product.

Poor communication

CSMs spend their time talking to customers about the business challenges they're trying to solve. Product teams don't get one-on-one time with customers. Instead, they use analytics to try and understand the customer experience. Analytics is vital but lacks the qualitative and emotional aspects of sentiment and satisfaction. Understanding both quantitative analytics and qualitative user feedback is essential to understanding the customer experience fully.

Varied understandings of the customer experience

<ul><li>Both teams focus on the customer experience: Product focus on the "why" of customer needs. CS drives the experience throughout the customer journey. It builds loyalty, drives expansion, and cause retention.</li><li>Both teams need to be agile and adaptable: Product needs to respond quickly to competitive developments, bugs or feature requests. CS needs to be available to customers to respond to issues.</li><li>Both teams thrive with a product-led mindset: Product teams play an ongoing role in the business's success. CSMs leverage the product to drive loyalty and competitive advantage.</li></ul>

Similarities between Product and CS

Product and CS often fail to work together because of three key issues.

Part one of this three-part series explores key challenges that have prevented Product and Customer Success from collaborating at their best.

Discover the world of business and economics.

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Economics

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Marketing & Sales

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Business

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Startups

Three challenges that hinder CSM and PM collaboration | Pendo Blog

As product leaders, it is your task to build a great product culture.
This prevents ineffective product management and helps to reduce churn. Generally, it gives the people you work with the opportunity to grow.

Building a product culture

Product teams need to understand human motivation and psychology. Entrepreneurs Neel Doshi and Lindsay McGregor state that there are three pillars of motivation: <ul><li>Play: The number of tasks, projects, and priorities can feel overwhelming. But keeping a sense of fun brings innovation and creates value to customers.</li><li>Purpose: A person wants to feel like their work is meaningful and builds a better world.</li><li>Potential: A person needs to know that there is an opportunity for growth and advancement.</li></ul>

Three pillars of motivation

This eBook includes tips product leaders can put into action to help motivate PMs, reduce churn, and establish a great product culture.

The 3 P's of a Great Product Culture: Play, Purpose, & Potential

Mindless shopping is a money destructive habit that makes us want more and crave for more by futher developing our consumer mentality and allowing it to swallow us.Many of us believe that we have to spend money in order to have a good time and while it's nothing to be ashamed of, we have to pull ourselves out of this mindset because it will only empty our bank accounts.Learn how to give up consumer mentality and instead rely on inner joy and practice more mindfulness.

Quit Mindless Shopping

Most people see credit cards as a free loan but it really isn't. Most countries use credit cards in order to build a good credit score however in order to get out of deb, one must:<ul><li>Assess their financial health and track their incoming and outgoing cashflow</li><li>Negotiate lower interest rates with your bank or cc provider</li><li>Make extra payments to your loans when more money come in</li><li>Live on a temporary budget when debts are overwhelming; and</li><li>Cancel all your unnecessary memberships and other spending habits that make you bleed</li></ul>

Stop Using Credit Cards as a Loan

If you've ever heard of the saying "live below your means" I'd like you to know that I am a big believer of it and should I ever have the need to borrow money, for example a car, I'm living above my means.However, it doesn't mean that you won't get to enjoy life. It just means that if you want to enjoy your life while also ridding of your debts, we must temporarily allow ourselves to live with what we can afford.

Don't Borrow Money for Liabilities

Do you value your own time? If you do, why do you spend hours on end searching for deals on clothes or shoes?If we put a dollar value on our time and base our decisions off of that we'd be able to make ourselves more productive and more likely to be time-efficient.

Quit Spending Hours to Save Pennies

When we invest in ourselves and spend less time on entertainment and consumerism ideals, we can actually build a more stable career. With our free time we can start a side business, learn how to make money work for us instead of us working for money. By having multiple streams of income we'll feel more at ease because money doesn't control our lives.

Having One Income Stream

At 28, I was walking around with $30K in student debt, no assets, and about $8K in savings to fall back on.

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Personal Development

5 Destructive Money Habits to Quit Today - Darius Foroux

<ol><li>The purpose of money is not intuitive or linear.</li><li>The person having money easily mistakes overconfidence for optimism.</li><li>Getting rich and staying rich are two different things that require different tools and habits.</li><li>Money makes us fight with ourselves, creating an internal battle.</li><li>Just be patient and save more money.</li><li>Saving increases our options and debt remove them.</li><li>Our expectations cannot catch up with reality.</li><li>No amount of money is enough.</li><li>Spending money to show others how rich we are is an easy way to get poor.</li><li>We are too impressed with what we possess.</li></ol>

The Top 10 Rules Of Money

Barry Ritholtz asked people for their top 10 money rules last week. Here are mine. What money can and can’t do for you isn’t intuitive, so most people are surprised at how they feel when they suddenly have more or less than before. Money makes it easy to mistake optimism (good) with gullibility (dangerous) and overconfidence (disastrous). Getting rich and staying rich are different things that require different skills. The formula for how to do well with money is simple. The behaviors you battle while implementing that formula are hard. “Save more money and be more patient” is too simple for most people to take seriously, but it’s the best solution to most financial problems. Expectations move slower than reality on the ground, so it’s easy to become frustrated when clinging to the economic trends of a previous era. Everything is relative. John D. Rockefeller was asked how much money was enough and said, “Just a little bit more.” Everyone, at every income, tends to feel the same. Spending money to show people how much money you have is the fastest way to have less money. Debt removes options, savings add them. No one is impressed with your possessions as much as you are.

Money Rules

John Maynard Keynes (1883-1946) was interested in the level of national income and the volume of employment rather than in the equilibrium of the firm or the allocation of resources. He was still concerned with the problem of demand and supply, but “demand” in the Keynesian model means the total level of effective demand in the economy, while “supply” means the country’s capacity to produce. When effective demand falls short of productive capacity, the result is unemployment and depression; conversely, when demand exceeds the capacity to produce, the result is inflation.

Keynesian Economics

<ul><li>Central to Keynesian economics is an analysis of the determinants of effective demand. </li><li>The Keynesian model of effective demand consists essentially of three spending streams: consumption expenditures, investment expenditures, and government expenditures, each of which is independently determined. Foreign trade is ignored.</li><li>Keynes attempted to show that the level of effective demand, as determined in this model, may well exceed or fall short of the physical capacity to produce goods and services. </li><li>He also proved that there is no automatic tendency to produce at a level that results in the full employment of all available human capital and equipment. His findings reversed the assumption that economic systems would automatically tend toward full employment.</li></ul>

Keynesian Economics And Effective Demand

Economics - Economics - Keynesian economics: The second major breakthrough of the 1930s, the theory of income determination, stemmed primarily from the work of John Maynard Keynes, who asked questions that in some sense had never been posed before. Keynes was interested in the level of national income and the volume of employment rather than in the equilibrium of the firm or the allocation of resources. He was still concerned with the problem of demand and supply, but “demand” in the Keynesian model means the total level of effective demand in the economy, while “supply” means the country’s capacity to produce. When effective demand falls short

Economics - Keynesian economics

Vintage clothing is defined as a new or old garment that belongs to a previous era, in the span of 100 years, after which it becomes antique clothing.
Online sites and neighbourhood stores offer vintage clothes that have become increasingly sought after with buyers who are influenced by celebrities and fashion trends.

Vintage Dresses

Shopping for vintage clothing has the thrill of a treasure hunt, where we learn a bit of history and may find something decidedly priceless. The stuff that was made a century ago is also better in quality of material, craftsmanship and embellishments, making them something worth paying for.
Vintage clothing offers the consumer an escape into the past, just like watching an old movie. It is their chance to live a different life.

The Psychology Of Vintage Clothing

Anyone with some money can go to a GUCCI store and buy knick-knacks costing thousands of dollars. Purchase of vintage clothing is a more layered game, which makes it satisfying, as the consumer is hunting for a piece of history that has a story to it.
Questions like Who wore this last? or What was life like back then? pop up in the buyer who lives a bit of history by wearing clothes from a different time.

Vintage Clothing: The Fun Is In The Hunt

In a world of high-volume, low-quality clothing items, the search for something better may lead us to vintage dresses.

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Fashion & Beauty

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Society, Arts & Culture

The Psychology of Vintage | Psychology Today

It is normal not to feel any special passion for your work. A particular slice of the population has been sold on the idea that you should do what you love and that work should be a source of fulfilment. This idea has done lots of damage because when people can't find work they love, they tend to feel there's something wrong with them. 
Most of the world works principally for money. We might do better if we're taught to find work we're decent at and don't hate.

Not feeling a special passion for your job

If you dislike the way you spend your weeks, that is a sign that something is wrong. You don't want to feel like this for the next ten or twenty years.
There are other options available. In fact, many people switch professional paths entirely when they're mid-career. It is a feasible option.

Actively disliking your job

People don't always choose a career path based on a deep, innate drive. Sometimes they find a path based on practical factors such as the work itself, the kind of hours expected, the amount of travel, or other factors that interest or repel them. 
If you don't have specific interests or ambitions to guide your career, it's perfectly normal to be open about it and continue growing in the role you're currently in.

A career path based on practical factors

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Career

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Mental Health

‘I Feel No Ambition Whatsoever at Work’

When we walk into a store and see an Ultra HD Television costing upwards of $40,000, we usually feel as if it’s a complete waste of money and start to look at the other bargain options in the $1500 range. While we may think we are smart shoppers, we have been manipulated.
Anchoring is a cognitive bias where the initial figure that is provided to our minds distorts our thinking and influences our subsequent buying decision. The $1500 TV wouldn’t look so enticing and cheap if we didn’t see the expensive one before. In fact, if the first TV we saw was for $500, then the $1500 TV would look expensive.

Cognitive Biases: Anchoring And Our Relationships With Buying Stuff

Many psychological findings are hard to replicate, but anchoring is easy to demonstrate and repeat.
Court judgements are routinely influenced by anchors, where initial numbers play a subconscious role in the judge’s mind. Salary negotiations are affected by the starting position, so it is always important to make the initial offer.

The Anchoring Effect Really Works

Everyone is using the anchoring effect. Even when we try to sell a car, we initially put a price much higher than what we plan to get from it.
The most common example is when during online and offline sales, we see that the earlier, inflated price has a big red cross over it, and the new, seemingly cheaper price is highlighted just next to that.

The Anchoring Effect Is Used By All

Anchoring is an extremely strong bias, and even if we are aware of it, it still works. We can follow certain rules to avoid this highly prevalent and effective cognitive bias as much as possible:
<ol>
<li>Be aware of the anchor effect and recognize that our need for a bargain and even our mood can make us fall for it.</li>
<li>Have as much information you can get about the product and the possible price range before making a large purchase.</li>
<li>Have preset limits on spending, so that you don’t go above it.</li>
</ol>

No One Is Immune To The Anchor Effect

You're no mug right? Think again. We all get fooled by anchoring, and probably use it ourselves as well.

The Psychology of Money Quotes by Morgan Housel

Product Managers Can Use These Techniques To Master Difficult Work Conversations

Three challenges that hinder CSM and PM collaboration | Pendo Blog

The 3 P's of a Great Product Culture: Play, Purpose, & Potential

5 Destructive Money Habits to Quit Today - Darius Foroux

Lilliana W.