Психология денег

•the default stance is often to implicitly ignore luck as a factor of success

•The cover of Forbes magazine does not celebrate poor investors who made good decisions but happened to experience the failure. But it certainly celebrates rich investors who made reckless decisions and happened to get lucky

•The line between “inspiringly bold” and “foolishly reckless” can be a millimeter thick

•If you risk something that is important to you for something that is unimportant to you, it just does not make any sense.

•Happiness is results minus expectations

•If something compounds—if a little growth serves as the fuel for future growth—a small starting base can lead to results so extraordinary they seem to defy logic

•Getting money is one thing. Keeping it is another

•Getting money requires taking risks, being optimistic, and putting yourself out there.

But keeping money requires the opposite of taking risk. It requires humility and frugality 

•Planning is important, but the most important part of every plan is to plan on the plan not going according to plan

•hasizes room for error. The more you need specific elements of a plan to be true, the more fragile your financial life becomes

•Conservative is avoiding a certain level of risk. The margin of safety increases your chances of success by improving your odds at a given risk level. The bigger your safety net, the less advantage you need to succeed

•A barbelled personality—optimistic about the future, but paranoid about what will prevent you from getting to the future—is vital

•The "tail" refers to the extreme end of a probability distribution, where rare or unlikely events occur

•The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.”

•Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered

•People like to feel like they’re in control—in the drivers’ seat. When we try to get them to do something, they feel disempowered. Rather than feeling like they made the choice, they feel like we made it for them. So they say no or do something else, even when they might have originally been happy to go along.

•Your kids don’t want your money (or what your money buys) anywhere near as much as they want you. Specifically, they want you with them

•You might think that expensive possessions will earn you respect and admiration, but they rarely do—especially from the people whose respect and admiration you truly want.

•Wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. If you spend money on things, you will end up with the things and not the money

•Savings can be created by spending less. You can spend less if you desire less.

And you will desire less if you care less about what others think of you.

As I argue often in this book, money relies more on psychology than finance

•if the cost of the downside is ruin, the upside the other 95% of the time likely isn’t worth the risk, no matter how appealing it looks

•Every financial decision we make revolves around the goal to be independent 

•achieving some level of independence does not rely on earning a doctor’s income. It’s mostly a matter of keeping your expectations in check and living below your means. Independence, at any income level, is driven by your savings rate

•If there’s a part of our household financial plan I’m proud of it’s that we got the goalpost of lifestyle desires to stop moving at a young age