your money patterns reflect your psychology. Start there

This is not financial advice, this is my own personal reflection on the book “the psychology of money”.

1. People act from their experiences. Don't judge from yours.

2. Luck & Risk is around you. They don't fit the stories you want to tell. Be careful who you praise and admire.

3. If you can't recognize when you have enough, you will soon have nothing.

Reputation is invaluable
Freedom and independence
Family and friends
Being loved
Happiness
Know when it is time to stop taking risks that may harm those things.

4. Warren Buffet could have been an ordinary investor if not for his longevity.Investing - if done well - is boring.It’s because the main part of the growth of a portfolio is time.


5. Be financially unbreakable. Stick around long enough to see compounding.

“A genius is the man who can do the average thing when everyone else around him is losing his mind."
—Napoleon

6. People want to become wealthier to make them happier. Freedom & control of your own life is the highest money pays.


7. The Man in the Fancy Car is irrelevant, because the observers are busy imagining themselves in it.

“People must gawk everywhere they went, and I'm sure they loved it. I'm sure they felt admired.
But did they know I did not care about them, or even notice them? Did they know I was only gawking at the car, and imagining myself in the driver's seat?
Did they buy a Ferrari thinking it would bring them admiration without realizing that I-and likely most others-who are impressed with the car didn't actually give them, the driver, a moment's thought?
Does this same idea apply to those living in big homes? Almost certainly.
Jewelry and clothes? Yep.
My point here is not to abandon the pursuit of wealth. Or even fancy cars. I like both.
It's a subtle recognition that people generally aspire to be respected and admired by others, and using money to buy fancy things may bring less of it than you imagine. If respect and admiration are your goal, be careful how you seek it. Humility, kindness, and empathy will bring you more respect than horsepower ever will.”

There is no faster way to feel rich than to spend lots of money on really nice things. There's no faster way to not be rich as well. That's the paradox of wealth.

8. Dont spend money to show you have money.Savings = Income - Ego


The video I referenced a few times in here:    • Why I deleted social media indefinitely   
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