The Psychology of Money - Chapters 9 and 10 Rich vs Wealthy
I am still liking this book. I hope you are not sick of the chapter recaps. It helps me think about the book even more.
The Psychology of Money
Chapter 9- Wealth Is What You Don’t See
Wealth is money not spent. Wealth you cannot see. You will rarely know if someone is wealthy.
Rich is your current income. Rich you see. You see them spending.
There is difference.
Spending money to show people how much money you have is the fastest way to have less money.
You buy a car for 100k. You either spent the 100k or went into debt and are now 100k in debt. Wealth to me is the cars not purchased but could have purchased. This was a quick chapter to lead into the importance of savin gmoney.
Chapter 10- Save Money
When I saw this chapter header I though about how hive has its own amazing way to save with HBD. right now I am getting 20% on my HBD I have in savings and that is a lot more than most places. Plus this is with a pretty stable coin that is always close to 1 USD. I need to get more HBD while the rates are high. I think they will get lowered eventually.
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The author puts it in this way-
“your savings is the gap between your ego & your income. Beyond your basic & comfort needs, the money you spent on is your ego approaching money. You just spent to show the people that you have money.“
He talks about how you need to save even when you dont have a goal to save for. It needs to become a habit. I think this is a good way to think about it. I have tried to automate my savings and for the most part it has made my life easier with money. I never have to think about saving.
He also talks about the hidden return from savings. A few examples are taking some personal time when needed without stressing. Being able to take your time between jobs to find just the right one.
off to the next chapter.
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Metals are my savings. I work for myself so I don’t have a weekly paycheck. I’ve always paid my bills on time and have no credit card debt. I do have a self invested 401K. But having actually money laying around is real easy.
Keep stacking that metal!
!PIZZA
$PIZZA slices delivered:
@dkid14(1/20) tipped @silverd510
So many people including me have always think both rich and wealth are the same thing that can be used interchangeably. At the long run, it is much more better to have wealth than riches
I like your perspective about wealth
I'd love to buy cars too but I want to have a good business first
I'm glad you're still enjoying the book, and I'm definitely not sick of the chapter recaps! I think it's great that you're taking the time to think about the book in more depth and share your thoughts with me.
Chapter 9 is a good reminder that wealth is not just about how much money you make, but about how much money you keep. It's easy to get caught up in the consumerism trap of buying things to show off our wealth, but ultimately that's just a recipe for financial ruin. True wealth comes from living below your means and investing your savings wisely.