Tag: personal finance

Book notes: The Psychology of Money by Morgan Housel

The Psychology of Money by Morgan Housel book summary review and key ideas.

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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

Synopsis:

“Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.

Money – investing, personal finance, and business decisions – is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.  

In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.” -Audible

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TOTD: Why 70% of lottery winners end up bankrupt

What to do if you win the lottery and not end up broke.

I cover a range of topics in this talk including:

  • Why lottery winners go broke
  • What to do if you win the lottery
  • My own thoughts on personal finance
  • Why money won’t make you happy

 

What are your thoughts on winning the lottery? Leave me a comment and let me know! I respond to every comment 🙂

TOTD: How to spend more money guilt-free

The key to spending more is to know what you value and what brings you happiness.

For many of us, we feel like we’re not good with our money.

  • We spend more than we think we should
  • We buy things that don’t make us happy long-term
  • We get buyers remorse often
  • We find we have less money at the end of the month
  • We’re constantly waiting for payday so we can feel good again

The key to being able to spend more is to:

  1. Know what you value, what brings you true joy, and spend more on that
  2. Cut mercilessly on things we don’t value or doesn’t bring us lasting happiness

From there, you can develop your own “conscious spending plan” as outlined in the book I Will Teach You To Be Rich by Ramit Sethi.

Why I Spent Almost $120 on Acai Bowls Last Month

Why I don’t think this is going overboard.

For anyone who checks out my foodie Instagram account (@yolocruzfoodz) and story, or has talked with me in the past couple of months, you probably know that I’ve become mildly obsessed with acai bowls.

“Mildly” being up for interpretation.

This point was underscored when I took a look at my July spending towards this recent obsession (I track all of my spending categories via my budgets feature on Mint).

While my fascination with acai bowls began in late May / early June, this was the first month I knew it was becoming an actual obsession.

July Acai Spending Breakdown:

Total: $117.95

Continue reading “Why I Spent Almost $120 on Acai Bowls Last Month”