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10 Lessons From The Psychology Of Money That Changed My Life
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Money lessons from Morgan Housel's "The Psychology of Money."
To learn more than ever from important non-fiction books, join me on Shortform:
subscription. One of my favorite books on Shortform is "The Psychology of Money."
Chapters:
00:00 Money Is Psychological
00:32 Don't Copy Others Success, But Study Successful Patterns
01:48 Life Is No Fun Without A Sense Of Enough
02:50 The Most Profitable Financial Skill Is Patience
03:51 The Highest Form Of Wealth Is Controlling Your Time
04:44 People Think Your Car Is Cool, Not You
06:40 Staying Wealthy Is A Combination Of Frugality And Paranoia
07:35 Rich Is Visible, Wealth Is Invisible
08:32 You And I Think Different About Money…Because We’re Different
09:19 There Is No Greater Force In Finance Than Room For Error
09:46 Money Relies More On Psychology Than Finance
In this video, I share 10 lessons I have learned from the book, "The Psychology of Money."
1. Don't Copy Others Success, But Study Successful Patterns
We often underestimate the amount luck plays in order to achieve success. You cannot recreate someone's success by copying what they've done because we all have different opportunities and circumstances; instead, you should study successful patterns amongst a broad group of successful people.
2. Life Is No Fun Without A Sense Of Enough
When it comes to money, people can never find contentment. Lifestyle inflation causes people to spend a huge amount of money and the more they spend, the further away they get from contentment. It is important to establish a comfortable quality of life and not continuously upgrade.
3. The Most Profitable Financial Skill Is Patience
Warren Buffet has achieved a huge amount of wealth in his life because he has an extreme level of patience. He is not trying to get rich quick, but accepts that wealth takes a long time to achieve. Achieving wealth through compound interest is an extremely realistic way to achieve wealth; however, you must be patient.
4. The Highest Form Of Wealth Is Controlling Your Time
People often want big houses, nice cars, and material possessions when they start making a lot of money; however, you can always make more money, but you can never make more time. The best thing that money can buy is more time to do what you want.
5. People Think Your Car Is Cool, Not You
People often buy nice material possessions because they think it will grant them respect and admiration; however, it is the possession that people admire, not you. There is nothing wrong with having nice things, but don't think they will grant you respect.
6. Staying Wealthy Is A Combination Of Frugality And Paranoia
Getting wealthy and staying wealthy are two completely different things. In order to stay wealthy, you must be frugal, understand you could lose it all if you are not cautious, and understand luck was involved.
7. Rich Is Visible, Wealth Is Invisible
Being rich is a very visible thing that consists of nice possessions. Being wealthy is an invisible thing that you cannot see. Wealthy people don't feel the need to show off what they have.
8. You And I Think Different About Money…Because We’re Different
People do crazy things with money, but nobody is crazy. Our view of money comes from our upbringing, life experiences, and world events. Don't be too quick to judge or argue with someone on money because we're all different.
9. There Is No Greater Force In Finance Than Room For Error
Life is full of surprises and you must be prepared for life's surprises by making sure you have enough cash on hand.
10. Money Relies More On Psychology Than Finance
Although money is just basic math, the truth is that money is a very emotional thing. When you analyze your own psychology with money, you can have a better relationship with you finances.
**Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
To learn more than ever from important non-fiction books, join me on Shortform:
subscription. One of my favorite books on Shortform is "The Psychology of Money."
Chapters:
00:00 Money Is Psychological
00:32 Don't Copy Others Success, But Study Successful Patterns
01:48 Life Is No Fun Without A Sense Of Enough
02:50 The Most Profitable Financial Skill Is Patience
03:51 The Highest Form Of Wealth Is Controlling Your Time
04:44 People Think Your Car Is Cool, Not You
06:40 Staying Wealthy Is A Combination Of Frugality And Paranoia
07:35 Rich Is Visible, Wealth Is Invisible
08:32 You And I Think Different About Money…Because We’re Different
09:19 There Is No Greater Force In Finance Than Room For Error
09:46 Money Relies More On Psychology Than Finance
In this video, I share 10 lessons I have learned from the book, "The Psychology of Money."
1. Don't Copy Others Success, But Study Successful Patterns
We often underestimate the amount luck plays in order to achieve success. You cannot recreate someone's success by copying what they've done because we all have different opportunities and circumstances; instead, you should study successful patterns amongst a broad group of successful people.
2. Life Is No Fun Without A Sense Of Enough
When it comes to money, people can never find contentment. Lifestyle inflation causes people to spend a huge amount of money and the more they spend, the further away they get from contentment. It is important to establish a comfortable quality of life and not continuously upgrade.
3. The Most Profitable Financial Skill Is Patience
Warren Buffet has achieved a huge amount of wealth in his life because he has an extreme level of patience. He is not trying to get rich quick, but accepts that wealth takes a long time to achieve. Achieving wealth through compound interest is an extremely realistic way to achieve wealth; however, you must be patient.
4. The Highest Form Of Wealth Is Controlling Your Time
People often want big houses, nice cars, and material possessions when they start making a lot of money; however, you can always make more money, but you can never make more time. The best thing that money can buy is more time to do what you want.
5. People Think Your Car Is Cool, Not You
People often buy nice material possessions because they think it will grant them respect and admiration; however, it is the possession that people admire, not you. There is nothing wrong with having nice things, but don't think they will grant you respect.
6. Staying Wealthy Is A Combination Of Frugality And Paranoia
Getting wealthy and staying wealthy are two completely different things. In order to stay wealthy, you must be frugal, understand you could lose it all if you are not cautious, and understand luck was involved.
7. Rich Is Visible, Wealth Is Invisible
Being rich is a very visible thing that consists of nice possessions. Being wealthy is an invisible thing that you cannot see. Wealthy people don't feel the need to show off what they have.
8. You And I Think Different About Money…Because We’re Different
People do crazy things with money, but nobody is crazy. Our view of money comes from our upbringing, life experiences, and world events. Don't be too quick to judge or argue with someone on money because we're all different.
9. There Is No Greater Force In Finance Than Room For Error
Life is full of surprises and you must be prepared for life's surprises by making sure you have enough cash on hand.
10. Money Relies More On Psychology Than Finance
Although money is just basic math, the truth is that money is a very emotional thing. When you analyze your own psychology with money, you can have a better relationship with you finances.
**Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
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