10 Lessons From The Psychology Of Money

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psychology of managing money

Stop buying things to please people who don’t care. And in many cases, people really don’t care. Society is always looking for the next gist, and you don’t want to always be the gist, except if you are contesting for a political position. Make your decisions based on inner convictions, not because you want to impress a neighbor who probably doesn’t care.

  1. Building wealth takes time. More time than we may be willing to acknowledge. Think about Warren Buffet, who only became incredibly rich in his later years.
  2. Sometimes it’s not your talent, your skills, your qualifications, your connections, or even how wealthy you are, sometimes it’s just luck. You gotta respect that. Think of Tony Elumelu. Be humble.
  3. Some book chapters should be really short. Short chapters are easy to read. Not everything should be said in plenty of words. A word is enough for the wise, a short chapter is enough for the wise.
  4. It is not so much about physical money, it is so much about what you think about money itself. The mindset is more powerful than the cash itself. Your mindset determines how much you can make, how much you can save, how much you can multiply, and ultimately, how happy you will be.
  5. Stop buying things to please people who don’t care. And in many cases, people really don’t care. Society is always looking for the next gist, and you don’t want to always be the gist, except if you are contesting for a political position. Make your decisions based on inner convictions, not because you want to impress a neighbor who probably doesn’t care.
  6. Be very careful about your attitudes towards money. It will determine how much of it you will make, control or use.
  7. Always be optimistic. Pessimism never achieves anything. In the long run, only an optimist will still be around when the game is over. In spite of your present circumstances, whatever that may be, you need to believe that the future will be better. That’s what can keep you going.
  8. Objects in the mirror are closer than they appear. But that’s not relevant for you, except you are the one driving the car. Be careful with the information you consume, not all of it is applicable to you.
  9. Good things take time. Your investments, in knowledge, in skills, in money, and in relationships will take time before they bear fruit. Be patient. There is a time to plant and a time to harvest. Be patient.
  10. Everything has a price. Financial wealth has a price. Saving. Good investment. Knowledge. Skills. If you want financial wealth, be willing to pay the price. Pay the price for a financially secured life.
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