AbdulSalamHello Book Readers! Welcome to my list of 10 impressive lists which I learned from the “Psychology of Money” book. Here are how you can learn these 10 lessons and move to the next step of financial growth.
Introduction
Have you ever heard the quote “Money can’t Buy Happiness”? If you are realistic and logical, you will consider this statement bogus and illogical. I have seen many people who don’t strive to earn more by thinking that happiness has no link with money. They believe in relationships, experiences, and what they have today.
But the opposite perspective about this philosophy is entirely accurate and logical. Money can buy you happiness. Money can Improve your relationships when you gift a diamond ring to your wife with your hard-earned money. Money can buy happiness when you travel with your friends without thinking once about financial constraints. Money can make your experiences better if you travel the world with it.
If you are from the realistic wing, here are the ten lessons for you from “Psychology of Money” by Morgan Housel. These lessons are so Important that Mark Manson Considered this book a must-read for everyone. Let’s get started.
1-Find “What is Enough”.
While striving for financial freedom, you must decide how much will be enough for you. How much do you want to make a month? Is it 200k $ or 1 M$ per month? You have to write your goal and make sure you stick to it. Otherwise, you will keep grinding yourself for things actively which may result in unnecessarily hard work.
2-Getting Money vs Keeping Money
Most people find their bank accounts empty by the end of the month. They try to find more opportunities to make their life more sustainable. When you strive for financial growth, you try to overcome your fears to get opportunities. But keeping money is about fear of losing money. To keep money, one should believe in the factor of “Luck” because so many things are beyond humans’ control. The author has mentioned numerous case studies of people who become rage from riches overnight.
3-Money Give you more time.
Controlling Your Money is the Highest dividend that your Money will give you. You will have more control over your time if you have more money. For example, if you are a part-time blogger (like I was last year), you will have to work on a full-time job to meet your ends, and then you can write blogs as your passion. But when you have excellent financial condition, you have more control over time because you are not doing things that you don’t want to or need to. Money facilitates you with better choices to save time. Multi-millionaires travel by choppers because it saves them a ton of time.
4-Spend Money to Lose Money
There is nothing wrong with spending money wisely. But what about purchasing things that you might not need in the long run? We often buy things to Impress others; this makes us lose money that we could invest in stocks resulting in money Multiplication. If you don’t know how you can spend money, money will not be there with you in the long run.
5-Saving=Income-Ego
The formula is impressive yet Simple. We don’t save money by thinking that we will earn again resulting in a continuous loop of earning and spending. One should learn to save money effectively and exclude his ego in this matter to be better with money.
6-Believe in Unpredictability
Keep fortune and future tellers aside; we don’t know much about the future. We didn’t know about covid-19, and we didn’t know about Ukraine Russian war. But we know that these things impact business as the world is becoming a global village. The only solution is to secure your future with assets.
7-Things will not always go right
There are a few times in our lives when we plan something else, but the road goes on the other side. This is how life is, full of ups and downs. One must be adaptable to these ups and down.
8-You Will Change
I wanted to go to the army to a life full of adventure but after 4 years of rejection from the army. Now, I want to create multiple sources of passive income that will support by for the rest of my life. That is how humans change; you learn new things, try to adopt them, and get changed. Change is the only constant thing in this world, and one must be prepared to change goals, vision, and plans accordingly.
9-Compounding
The author focuses so much on the power of Compounding; he believes that after taking risks, we should wait and let the compounding do the work. Compounding doesn’t bring Immediate results, but in the long run, there is nothing more helpful. Believe In the power of compounding and invest for the long term.
10-Define your cost of Success
If I tell you that you will get bald if your success is writing 10 research-based books. Then are you ready for that? Hah, just an example but an important one. One should be ready to pay the cost of success. One of my friends is a Public Relations Expert, he has over 10,000 contacts in his number, and he spends an average of 7 hours on the phone in communication. He is just paying the price of his success. How you are paying your price? Let me know in the comments.
Abdul Salam is a psychologist, Author and Udemy Instructor. I have diverse Professional experience in teaching, training and counseling. For the past 7 years, I have contributed to the literature on positive psychology, self-help, personal development and student affairs. I have published over a dozen books on the above-mentioned topics in this journey, and many are still in process. I have 9000+ Students on Udemy who are learning valuable things from my courses. I am regularly writing a blog on www.abdulsalamspeaks.com and here is the list of my publicly available resources.
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