Loved this, Tim. I'm learning about the money mindset myself (just scratched the surface really) and am changing my perception around it. I try to think of it as energy, the extension of my worth and my skills put to work, and a tool for greater good, rather than the 'bad & filthy' thing that falls under the 'necessary evil' that is accessible only to the rich and corrupted people, which is how I was raised.
Excellent piece! The truest gem is at the end when you say that you have to decide how much is enough. When you get to that point you have achieved true financial maturity, although most will never get there. Cheers!
What I learned reading about finances and money is that the first step to wealth is your mindset. If you learned from your parents that money is bad and it is the problem, then you will never be able to get money and be wealthy.
That's one of the reason why lottery winners get broke again, because they don't have the mindset of a wealthy person.
You mentioned the book I Will Teach You to be Rich. I read that and liked it quite a bit too. I wrote a short review about it. I'm also very onboard with Rich Dad, Poor Dad. The Richest Man in Babylon was also quite influential on me.
Loved this short piece; most of us really do think money is about all kinds of other things (or it's the root of all evil, if you grew up poor like me! Lots of BS beliefs I have had to spend years, now decades, undoing..) People are not rational, the market isn't a logical set of numbers you can figure out, etc. The biggest hunk of garbage I am so tired of hearing is: your value in the marketplace is what you get paid. ?!?!! Srsly? Normally, your value is determined by someone entirely unqualified, with lots of artificial caps put on, and always subject to random tantrums (esp if your manager isn't the brightest, which happens way more than any of us were led to believe!) that can be career ending of cause you to lose a home, car etc. when most jobs are paying at or below subsistence wages, in most metro areas (US).
The only thing I noticed under the investing or saving section: There are a TON of other asset types that are much more lucrative and you have way more control over, that are still on close to 0% of people's radar: Real Estate and small business (privately held). This is where life changing money can be made, either through investing in another business or your own and leveraging the F out of it. 1,000 - 1,000,000% and beyond is much more standard fare down at this end, vs market - slow and steady but I agree, if you are going there go for the long plays only... day trading, I have no stomach for it. Stress city!
Loved this, Tim. I'm learning about the money mindset myself (just scratched the surface really) and am changing my perception around it. I try to think of it as energy, the extension of my worth and my skills put to work, and a tool for greater good, rather than the 'bad & filthy' thing that falls under the 'necessary evil' that is accessible only to the rich and corrupted people, which is how I was raised.
Great piece! Especially the ego part. Money just amplifies who you are.
And to the list of books, I’d just add Psychology Of Money, by Morgan Housel.
Amazing piece... Loved it!
Thank you Tim... 🙂
Excellent piece! The truest gem is at the end when you say that you have to decide how much is enough. When you get to that point you have achieved true financial maturity, although most will never get there. Cheers!
Really interesting. Seems that many of us had a similar learning curve!
Thanks!
You mentioned that understanding money is largely about psychology. We agree.
Our top book recommendation is Poor Charlie’s Almanac: The Wit and Wisdom of Charles T. Munger.
What I learned reading about finances and money is that the first step to wealth is your mindset. If you learned from your parents that money is bad and it is the problem, then you will never be able to get money and be wealthy.
That's one of the reason why lottery winners get broke again, because they don't have the mindset of a wealthy person.
Thank you. I need as many money tips as I can get!
You mentioned the book I Will Teach You to be Rich. I read that and liked it quite a bit too. I wrote a short review about it. I'm also very onboard with Rich Dad, Poor Dad. The Richest Man in Babylon was also quite influential on me.
https://theunhedgedcapitalist.substack.com/p/book-review-i-will-teach-you-to-be
Loved this short piece; most of us really do think money is about all kinds of other things (or it's the root of all evil, if you grew up poor like me! Lots of BS beliefs I have had to spend years, now decades, undoing..) People are not rational, the market isn't a logical set of numbers you can figure out, etc. The biggest hunk of garbage I am so tired of hearing is: your value in the marketplace is what you get paid. ?!?!! Srsly? Normally, your value is determined by someone entirely unqualified, with lots of artificial caps put on, and always subject to random tantrums (esp if your manager isn't the brightest, which happens way more than any of us were led to believe!) that can be career ending of cause you to lose a home, car etc. when most jobs are paying at or below subsistence wages, in most metro areas (US).
The only thing I noticed under the investing or saving section: There are a TON of other asset types that are much more lucrative and you have way more control over, that are still on close to 0% of people's radar: Real Estate and small business (privately held). This is where life changing money can be made, either through investing in another business or your own and leveraging the F out of it. 1,000 - 1,000,000% and beyond is much more standard fare down at this end, vs market - slow and steady but I agree, if you are going there go for the long plays only... day trading, I have no stomach for it. Stress city!
The #1 book I would recommend on money/wealth is “The Almanack of Naval Ravikant” so many gems in here 💎 great post Tim!