Psychology of Money

I am currently reading The Psychology of Money by Morgan Housel.

It is extremely insightful and I recommend reading it if you are interested in spending more time learning about the topics we explore in this blog. (But even while reading books you can always focus on the 20% that will make the biggest impact)

Here is a quote that really hit me:

“Like everything else worthwhile, successful investing demands a price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret - all of which are easy to overlook until you’re dealing with them in real time (p. 158).”

This applies to all of your finances as well.

Budgeting. Saving. Investing. Negotiating.

All require overcoming laziness and facing the unknown and the fear it brings.

The good news is that half the solution is identifying the problem and that we just took another step forward.