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The Art of Spending Money

The Morgan Housel Podcast

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Unraveling Spending Psychology

This chapter delves into the psychological factors influencing spending habits, particularly how an individual's family background and past experiences inform their financial decisions. It introduces 'revenge spending' and examines its connection to childhood poverty, drawing on George Vanderbilt's story as a cautionary tale about excessive consumption. The narrative highlights the complexities between wealth, happiness, and the emotional ties to money, questioning the true value derived from extravagant purchases.

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