The Truth About Money

"Money won't make you happy”

Water doesn't make me happy either.

But try going without it and you'll learn that life's better with as opposed to without.

That's the reality of it.

Money itself isn't important.

It's just numbers on a screen or a paper bill.

But what you do with that money is important.

Here are 10 lessons about money from the book "The Psychology of Money" ↓

THE BALANCE

There's only one way to stay wealthy: a combination of frugality and paranoia.

Getting money requires taking risks, being optimistic, and putting yourself out there.

But keeping money requires the opposite of taking risks.

MAN IN THE CAR PARADOX

No one's as impressed with your possessions as you are.

People tend to display wealth to be liked and admired.

But in reality, they like your possessions.

Not you.

HAVING ENOUGH

One of the most challenging financial skills is to stop the goalpost post moving.

It's evident in our consumer-driven lifestyles.

Capitalistic systems make it simple to feel good with the latest gadget or item, and you have to keep purchasing them.

THE CONCEPT OF COMPOUND INTEREST

Allow your money to multiply naturally while staying out of the way.

PLANNING IS NECESSARY, BUT...

The most important aspect of any plan is to prepare for it not going according to plan.

Life happens.

Plan for the best-case scenario, but be prepared for the worst.

YOU CAN BE WRONG HALF THE TIME AND STILL GET RICH

“Here’s the thing about luck…you don’t know if it’s good or bad until you have some perspective.” - Alice Hoffman

You should play the long game in finances.

THE BIGGEST RETURN ON INVESTMENT IS TIME-MANAGEMENT

Money's essential value is its power to provide you with control over your time.

You have more control over what you can do and when you can do it if you have the money to do so.

RAISE YOUR HUMILITY

One of the most effective ways to increase your savings is to raise your humility rather than your income.

Taking my ego out of my decisions in the future will be smarter, especially if it leads to achieving a long-term goal.

TRUE WEALTH IS WHAT YOU DON'T SEE

We tend to judge wealth by what we see: cars, clothes, and houses.

What we don't see are investment accounts.

We rely on outward appearances to judge their financial success.

But the reality is that true wealth is hidden.

EVERYTHING THAT CAN BREAK WILL EVENTUALLY BREAK

If you have only one source of income right now, you're looking at catastrophe.

Diversify your income streams and your skillset ASAP.

If you want to read "The Psychology of Money Yourself", you can order it on Amazon here.

Much love,

Mason - Founder of New Mentalities