1 Doing well with money has a little to do with how smart you are and a lot to do with how you behave. -Morgan Housel
How you manage financially isn’t really about how smart you are but really about your attitude. You need to have the right attitude to spend and save money. Your behavior is what dictates your finances.
2 A genius who loses control of their emotions can be a financial disaster. -Morgan Housel
Control over your emotions is essential no matter what it is you are doing. The reins of your emotions should always be in your hands. Keep your calm and think before you act.
3 Money is everywhere, it affects all of us, and confuses most of us. -Morgan Housel
Money is what runs the world. It is ubiquitous and controls most of our lives. But the truth is that not everyone understands money. Financial education is mandatory but not acquired by many.
4 I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money. -Morgan Housel
People never learn. They keep making the same mistakes that their ancestors always made. The conspicuous lessons of history are learned only by a few. The same goes for our attitude towards money as we keep repeating the same mistakes in handling it as we always did.
5 We all think we know how the world works, But we’ve all only experienced a tiny sliver of it. -Morgan Housel
The world isn’t just black or white. You could not understand it wholly even if you tried. The limited experience we have is just a tiny morsel of it. All we’ve seen of the world is insignificant in the grand scheme of things.
6 Luck and risk are siblings, They are both the reality that every outcome in life is guided by forces other than individual effort. -Morgan Housel
The truth is that not everything in life is in our control. Our individual effort is not the only thing that determines the outcome. The risk involved and our circumstances are to be taken into consideration, and the fact is that none of this is in our control. Luck and risk are not in our hands.
7 When things are going extremely well, realize it’s not as good as you think. -Morgan Housel
Always keep your guard up. Even when you think everything is going right, be prepared for the worst-case scenario. If you think things are going extremely well, it may not always be as good as you think.
8 There is no reason to risk what you have and need for what you don’t have and don’t need. -Morgan Housel
Not every risk is worth taking. It is not always a great idea to risk what you have and to get what you do not have. Keep your greed under control.
9 The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.” -Morgan Housel
Your confidence is your greatest wealth. Have the courage to follow your heart. You have it in you to achieve everything you wish to. Wake up every morning with the determination to go to bed with the satisfaction of having achieved something.
10 Spending money to show people how much money you have is the fastest way to have less money. -Morgan Housel
Spending your money in order to show off to others is the most foolish thing to do. If you have wealth, use it with prudence. Mindlessly spending money is stupid. Think long-term and spend accordingly.
10 Motivational Quotes From The Psychology of Money by Morgan Housel about Money and Investment
1. Doing well with money has a little to do with how smart you are and a lot to do with how you behave. -Morgan Housel
2. A genius who loses control of their emotions can be a financial disaster. -Morgan Housel
3. Money is everywhere, it affects all of us, and confuses most of us. -Morgan Housel
4. I love Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money. -Morgan Housel
5. We all think we know how the world works, But we’ve all only experienced a tiny sliver of it. -Morgan Housel
6. Luck and risk are siblings, They are both the reality that every outcome in life is guided by forces other than individual effort. -Morgan Housel
7. When things are going extremely well, realize it’s not as good as you think. -Morgan Housel
8. There is no reason to risk what you have and need for what you don’t have and don’t need. -Morgan Housel
9. The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.” -Morgan Housel
10. Spending money to show people how much money you have is the fastest way to have less money. -Morgan Housel