Morgan Housel Quotes Page 4
Best 104 Quotes by Morgan Housel – Page 4 of 4
The Psychology of Money Quotes
“The only way to be wealthy is to not spend the money that you do have. It’s not just the only way to accumulate wealth; it’s the very definition of wealth.”
“The price of investing success is not immediately obvious. It’s not a price tag you can see, so when the bill comes due it doesn’t feel like a fee for getting something good. It feels like a fine for doing something wrong.”
“The truth is that wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first-class upgrade declined.
Wealth is financial assets that haven’t yet been converted into the stuff you see.”
“There are a million ways to get wealthy… but there’s only one way to stay wealthy: some combination of frugality and paranoia.”
“There is no reason to risk what you have and need for what you don’t have and don’t need.”
“There is no single right answer; just the answer that works for you.”
“Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with.”
“We tend to judge wealth by what we see, because that’s the information we have in front of us.
We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos.
Modern capitalism makes helping people fake it until they make it a cherished industry.”
“Wealth is hidden. It’s income not spent. Wealth is an option not yet taken to buy something later. Its value lies in offering you options, flexibility, and growth to one day purchase more stuff than you could right now.”
“When you define savings as the gap between your ego and your income you realize why many people with decent incomes save so little.”
“You are one person in a game with seven billion other people and infinite moving parts. The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.”
“You have to give yourself room for error. You have to plan on your plan not going according to plan.”
“You should like risk because it pays off over time. But you should be paranoid of ruinous risk because it prevents you from taking future risks that will pay off over time.”
“Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.”
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