7 Quotes from Psychology of Money by @morganhousel
(thread)
1)Spending money to show people how much money you have is the fastest way to have less money.
2)Wealth is nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first class upgrade decline. Wealth is financial assets that haven't yet converted into the stuff you see.
3)Using your money to buy time and options has a lifestyle benefit few luxury goods can compete it.
4)People tend to want wealth to signal to others that they should be liked and admired.
5)There are many things never worth risking, no matter the potential gain.
6)It gets dangerous when the taste of having more-more money, more power, more prestige increases ambition faster than satisfaction.
7)Be careful who you praise and admire. Be careful who you look down upon and wish to avoid becoming.
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