10 things I learned after losing a lot of money | Dorothée Loorbach | TEDxMünster

[Luminitaispas]

One of the most articulated conversations about money I've heard:
The 10 Lessons:
1. Money is important ( it's all about your mindset about money)
2. Money = Time ( how much money you exchange your time for)
3. Money = Value ( Seeing yourself as a person of value. You & your time are worth all the money)
4. What people say it doesn't matter ( They speak from their own perspective, it's all about them, not about you)
5. What people say it matters when it's your opinion about yourself. What affirmation am I telling myself? What do I define myself? Am I using empowering words?
6. It's really simple - just listen to what Grandma told you. The essence is this: Spend less, earn more, invest wisely & most of all - Value yourself
7. Simple, it's not that easy. Understand Parkinson law - Why most people retire poor. When it comes to spending I'm a 12 year old. To counter it and be successful as soon as the money comes in the account, it goes to special accounts for investments, for tax & for living expenses.
8. Being broke sucks. Everything is urgent. You are a full-time problem solver, and it takes all your thinking space. Breathe, Free your mind, and be successful in the direction of my purpose. Find my purpose and stop sabotaging myself and become successful
9. Stay broke - Epictetus said " Wealth consists not in having many possessions but in having few wants" - the porodox is that the more money you have, the more quiet and no wifi you want. To be present in your own life. Choose to live like you are broke
10. Money is not important - when you have it!

[TheJackCain-]

These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.

[bruno_freitas_]

A quick recap of the video


4:49 #1 Money is important
5:55 #2 Money equals time
7:00 #3 Money equals value
8:03 #4 What people say doesn't matter
9:49 #5 What people say matters
10:58 #6 It's really simple
11:33 #7 It's not that easy
13:05 #8 Being broke sucks
14:35 #9 Stay Broke
15:54 #10 Money is not important


Cheers

[harryschinas]

"Wealth consists not in having great possessions but in having few wants." So true. Great talk.

[leavesofdecember]

Sadly I think people in the comments are missing the point. The circular structure of the talk is absolutely beautiful and true. It doesn't end with "money isn't important"-if you have it. Quite the contrary money isn't important once you've realized their importance and adjusted your life to that importance. It only then stops being "important" like that jewish mother's advice "If you spend less than you earn, you will always be rich". and this should be the conclusion from this video that money isn't important when you realize that you can minimize your wants and some "needs" to the point where you can have extra money at the end of the month, and so always live in abundance. In other words, abundance is relative to your behavior towards it, and thus the importance of money is relative to your behavior towards it. If you allow yourself to be stranguled by monetary issues then money becomes more important than yourself, but if you can educate your impulses you can control the magnitude of importance of money in your life, and this goes for any level in society but like she well said, it is almost impossible when you're struggling to make ends meet, to plan ahead. Without planing ahead you are bound to make poor decisions and so not regain control over your finances. On the other end of the spectrum, if you're earning quite well and have increased your comfort and "need" to match your income, which we all do, it will be almost impossible to refrain from spending money you know you have. This discipline is almost the same in both scenarios, with the difference being in the motivation, one is fear driven spending, whereas the other is temptation spending and also fear of missing out maybe. I know because I've been in both situations, and I can confirm it's just as hard.

[christianajoe]

When you invest, you're buying a day you don't have to work

[Fanrui-csww]

The thing I regret the most is I didn’t start saving early, when i had the luxury of easily extra money and no pressure of making more. This talk is so precious that it should be shown to all young people so that they cultivate a healthy and realistic money habit as early as they can. For most people in normal circumstances, money is not important only when you have it. Control your desire and lower it compared to the amount you earn. Well delivered message thanks to the speaker.

[jawbrace]

Money is like oxygen. You take it for granted when you have it but when you don't, it's all you think about.

[aol]

Oscar Wilde
“Nowadays people know the price of everything and the value of nothing”

[raisklose]

She's a great speaker and you can really feel that it's all coming from experiences. Amazing talk.

[suryahr]

"The way other people treat you is not a reflection of who you are, it's a reflection of who they are"

[YourCash]

1:40 Only some people truly understand what this feels like. It has nothing to do with bad planning. It has to do with circumstances. Keep pushing forward, don't give up, things will get better!

[xfaroutzx]

I have to agree that financial worries are probably the worst type of worry to have. I have been experiencing lots of financial worries and it’s stressful, causes anxiety and panic BUT it is also the BEST motivator to find a solution.

[instinctively_awesome]

Buffett likes to say "the best thing to invest in is yourself"...meaning upgrading your skills, asking for the raise. It will give you more satisfaction out of life and more disposable income to put in the market sooner to have more compounding in your favor

[jayatipatell]

I would really like to confess that I have lost so much money and I'm 18. I was broke a few days ago. But this really motivated me and that incident have taught me a lot. I am pretty confident that I will built everything I have lost. Whoever has gone through this just don't loose hopes amd don't quit.

[victorpeace]

Ok but like can we just appreciate Leapnotch for making us smile everyday

[jankalfus]

This is one of the best TED talks. Ever. Very inspirational.

[dahliahardie]

Goodness gracious I almost cry watching this. I too now have to deal with "failure", and everyday I wake up trying my best to best strong and remind myself that the only way is to go up. I refuse to be weak even tho there are some days that I feel really really down. Thanks to this problem now I have motivation to wake up early at 4am in the morning, praying to God, doing anything I could to exit this dark hole. Financial problem is one of the worst but one the best "tools" for us to grow. I learn a lot, a hard way. But I am grateful. Thank you Dorothée for this reminder that I can rise and shine again :) even better

[ramblingrahema]

I can't explain how much I needed that...whew...that got me back in the game. Thank you so so much for sharing, seriously. I used to unconsciously have negative thoughts about having a lot of money (probably related to poverty trauma) I'd work for almost nothing and give money away when I barely had enough. It takes a mindset shift to realize, that I am allowed to help others but also take care of and value myself.

[Alexis-hrlj]

Winning is all about risk if you didn't take a risk yiu can make it, winning is about risk.