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2653: Mindful Money by Ira Israel on Scarcity Mentality, Abundance & Financial Freedom
Optimal Finance Daily - Financial Independence and Money Advice
The psychology of money
Our relationship with money, as reflected in our beliefs about scarcity and abundance, can greatly influence how we view wealth and success. This mindset can shift over time based on our financial gains and losses. People's perceptions of wealth can differ, such as middle-class individuals focusing on salaries, while wealthy individuals assess their net worth. Social class can be associated with colors, evident in the choices at different car dealerships. Research suggests that family income often plays a more significant role in academic success than scholarly aptitude, emphasizing the impact of socio-economic factors on opportunities for education and social mobility.
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