I recently attended an event with a panel of speakers. One of the audience members asked the business owners, what are they reading. My ears immediately perked up. I love hearing about what others are reading. The panelist mentioned the Psychology of Money. Immediately the title of the book captured me. I want to learn more about money. Don’t you?
Psychology of Money is a fantastic read that explains to the reader that the way we spend or save our money is based on our experiences. Through the interwoven stories of people who have become wealthy or lost everything, the readers are able to identify the intersection of wealth and greed. It implores the reader to examine their own relationship with money and a convincing argument to save money to save.
The best part of the Psychology of Money
The lightbulb turned on for me when I read Chapter 7, entitled “Freedom”. Firstly, think about your savings account. What are you saving for right now? Most of the time when people are saving, it is typically for a big purchase such as a car, house, or vacation. However, what if you just saved to save? By saving money without a purpose, it will provide you with freedom. Freedom from worry that you might be fired. Or Freedom to quit your job and take a sabbatical as I did. The defining quote in Chapter 7 is.
“Control over doing what you want , when you want to, with the people you want to, is the broadest lifestyle variable that makes people happy.”
In addition,
“Money’s greatest intrinsic value is its ability to give you control over your time. To obtain, bit by bit, a level of independence and autonomy that comes from unspent assets that give you greater control over what you can do and when you can do it.”
Yes! That’s it!
Best Quotes
I shared a few of the quotes from my favorite chapter, but here are a few other thought-provoking quotes.
“Getting money and keeping money are two different skills.”
We may understand how to acquire money, but can we keep it? For instance, someone said that if you want to be a millionaire, you actually have to make more than a million dollars. As soon as you spend $1, you will no longer be a millionaire. Isn’t that the truth?
“One of the most powerful ways to increase your savings isn’t to raise your income. It’s to raise your humility.”
“When you define savings as the gap between your ego and your income, you realize why many people with decent incomes save so little.”
I have been guilty of working side gigs as a nurse to increase my income. I have taught for exam programs, conducted clinical research, and even did some home care nursing. In those instances, I knew I was saving for something which meant that I had to keep living the same. I did not live anymore lavishly because I was working towards a goal. if I did not live the same way as I did before, it would be useless since I would not be able to save money.
“Flexibility and control over your time is an unseen return on wealth.”
My sabbatical is proof that money saved can buy flexibility and control.
“We should also come to accept the reality of changing our minds….You realize that the odds of picking a job when you’re not old enough to drink that you will still enjoy when you’re old enough to qualify for social security are low.”
My mother worked 40 years for a hospital institution, and I applaud her every day. I think once we become nurses, we believe we should stay nurses. This quote is a reminder that change is inevitable. I remember how excited I was as a brand new nurse. Now, I prefer to be in calming environments, brainstorming, and working on projects. Change is inevitable.
Overall thoughts
I loved this book! It has given me a completely different perspective on the way I use money. If you are contemplating your relationship with money, or just want a different perspective, I would highly suggest reading this book
Book Rating:⭐️⭐️⭐️⭐️⭐️