Quotes from the Psychology of Money

One of the books that had an impact on me is the Psychology of Money by Morgan Housel. Below are some of the quotes that I kept from the book and those that I garnered from the internet while looking at different summaries and quotes (*Not financial advice):

• "There is no reason to risk what you have and need for something you don't have and don't need" - Morgan Housel
• "His skill is investing, but his secret is time" -- Morgan Housel on Warren Buffet
• "Getting rich: spend money you have and to not spend money you don't have. But the only way to be wealthy: not spending money you do have"
• "One of the surest ways to raise your saving is not to increase your income; it is to increase your humility"
• "Find the price and pay it"
• “Spending money to show people how much money you have is the fastest way to have less money.”
• “Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. 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.”
• “Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.” — Morgan Housel, The Psychology of Money
• Controlling your time is the highest dividend money pays.
• “Independence, to me, doesn’t mean you’ll stop working. It means you only do the work you like with people you like at the times you want for as long as you want.”
• “Less ego, more wealth. Saving money is the gap between your ego and your income, and wealth is what you don’t see. So wealth is created by suppressing what you could buy today in order to have more stuff or more options in the future. No matter how much you earn, you will never build wealth unless you can put a lid on how much fun you can have with your money right now, today.”
• “Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with.”
• Risk is what’s left over when you think you’ve thought of everything.
• Compounding works best when you can give a plan years or decades to grow. This is true for not only savings but careers and relationships. Endurance is key.