Infinite Loops

Morgan Housel – The Psychology of Money (EP.06)

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Apr 23, 2020
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INSIGHT

Money's Taboo and Hidden Nature

  • Money is a deeply taboo topic because it is hidden and personal, unlike visible attributes like weight or fitness.
  • This secrecy makes learning about money behavior and status difficult, leading to misunderstandings and envy.
INSIGHT

Money as Social Hierarchy Proxy

  • Money serves as a nonviolent modern substitute for tribal status and hierarchy often sought through war historically.
  • However, wealth doesn't guarantee positive traits like kindness or happiness, and can often result in unhappiness or poor relationships.
ADVICE

Use Money to Buy Time

  • Use money primarily to gain control over your time rather than to acquire material goods.
  • Having freedom in how you spend your day is key to long-lasting happiness.
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