Thread by @shikuwangombe

I started reading 'The psychology of Money' last night.

I loved it for its practicality, its brevity, and the examples shared of the good and bad ways people have treated money.

Finished it all in one sitting.

Some takeaways:

'One of the most powerful ways to increase your savings isn't to raise your income. It's to raise your humility'

Basically, avoid airs and graces, or inclinations to flaunt money.

'The world is filled with people who look modest but are actually wealthy'

'When people say they want to be a millionaire, what they might actually mean is "I'd like to spend a million dollars." And that is literally the opposite of being a millionaire.'

Wealth is more about what you don't spend than what you do.

'Saving is a hedge against life's inevitable ability to surprise the hell out of you at the worst possible moment'

I think the past year+ taught many of us this in the hardest of ways.

Don't save only for a goal like a house or car. Save for the days you can't predict.

Invest in things you're interested in and believe in. So you're less susceptible to reacting to volatility (which is how you lose money)

Put your money somewhere, and leave it there to meaningfully compound. For years.

'Growth is driven by compounding, which always takes time'

'Use money to gain control of your time.... 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'

What does it profit you to gain all the money in the world and realize you've wasted time?

'... 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'

So true.

Luck is often overlooked, yet it plays a greater role in success than most of us care to admit.

So much more was covered. I recommend checking out the book. It's written by @morganhousel.

Find it here: amazon.com/Psychology-Mon…