Digestly
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2:15:35
Understand & Apply the Psychology of Money to Gain Greater Happiness
Morgan Housel
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- Understanding Your Relationship with Money:Examine your past experiences to understand your current spending and saving habits. There's no single 'right' way; find what works for you and avoid judging others' choices.
- The Regret Lens:Base financial decisions on what you'll regret in the future. Consider your potential future regrets, acknowledging that this perspective shifts over time.
- Avoid Financial Extremes:Steer clear of extreme saving (FIRE movement) or spending (YOLO investing). These approaches often lead to future regret.
- Money as a Tool for Independence and Purpose:Money buys happiness indirectly by enabling experiences (time with loved ones, pursuing passions) that foster purpose and independence. Prioritize these core values over mere accumulation.
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