내 금융 생활을 바꾼 책 🤑 :: ChatGPT 정리

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The Book That Changed My Financial Life 🤑
https://www.youtube.com/watch?v=Gg8_TA7U0Uw 

 

 

[ 요약 ]

모건 하우젤의 '더 사이코로지 오브 머니'라는 멋진 책에서 배운 12가지 돈에 관한 교훈에 대해 이야기하고자 합니다.

우리의 돈에 대한 태도에 대한 세 가지 교훈을 다룰 것입니다.

- 첫 번째 교훈은 사람마다 돈에 대한 태도가 다르다는 것입니다. 그래서 우리는 다른 사람들이 자신의 돈을 어떻게 사용하는지에 대해 판단하기 전에 그들의 태도가 어떻게 그들의 수익과 지출에 영향을 미치는지 이해해야 합니다.

- 두 번째 교훈은 돈을 벌 때 운이 차지하는 중요성을 과소평가해서는 안 된다는 것입니다. 빌 게이츠가 돈을 벌기 위해 한 일은 무엇입니까? 이 책에서는 사람들이 서로 다른 시기에 운이 좋았다는 것을 설명하며, 이와 관련된 패턴을 살펴보는 것이 중요하다고 강조합니다.

- 마지막으로, 우리가 돈을 보호하기 위해 취해야 할 교훈이 있습니다. 이러한 교훈은 돈에 대한 태도, 돈을 벌고, 돈을 쓰는 것, 그리고 돈을 보호하는 것에 대한 것입니다. 이 세 번째 교훈은 우리는 "이게 충분하다"라고 말할 줄 알아야 한다는 것입니다. 우리는 종종 목표를 이루면 새로운 목표를 설정하고 이를 계속 추구합니다. 하지만 이러한 비교는 종종 무의식적인 사다리에서 위에 있는 사람들과 비교하게 됩니다. 이 교훈은 충분한 것을 인정하고 성장만을 추구하지 않아야 한다는 것을 상기시킵니다. 이 책에서는 부자들이 돈을 추구하는 과정에서 부정적인 일들을 하는 예시도 제시합니다. 충분한 것이 언제인지에 대해 고민하고, 불필요하게 위험을 무릅쓰지 않아야 한다는 것입니다. 

복리효과를 이해하십시오. 예를 들어, S&P 500 지수 펀드에 1,000달러를 투자하고 연간 10%의 수익을 얻으면, 2년 후 1,100달러가 됩니다. 이는 1,100달러에서 10%를 얻는 것으로 또한 3년 후에는 1,210달러를 얻습니다. 이러한 복리효과는 시간이 지남에 따라 이자나 이익을 얻는 것입니다. 워렌 버핏은 어린 시절부터 투자를 시작하여 대단한 부를 쌓았습니다. 버핏의 99.9%의 부는 복리효과로 인한 것입니다.

한 가지 더 있습니다. 특별한 이유가 없어도 최대한 많은 돈을 저축하라는 것입니다. 수입이나 투자 수익과는 관계없이 저축율이 부의 형성에 영향을 끼칩니다. 지출을 절감하는 것보다 자존심을 절감하는 것이 더 중요합니다. 개인의 지출을 낮추고 저축율을 높이면 더 많은 자유를 누릴 수 있습니다. 일을 좋아하지 않더라도 고소득을 유지해야 하는 사람들이 많은데, 작은 생활비로도 충분히 살아갈 수 있다면 삶에서 더 많은 자유를 누릴 수 있습니다.

 

 

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[ 한글 전체 ]

안녕하세요, 친구 여러분.
채널에 다시 오신 것을 환영합니다.
오늘은 제가 이 환상적인 책에서 배운
돈에 대한 12가지 교훈에 대해
모건 하우젤의 '돈의 심리학'이라는 책에서 배운 돈에 관한 12가지 교훈에 대해 이야기하고자 합니다.
이것이 바로 이번 북클럽 에피소드에서 이야기하는 내용입니다.
클럽, 제가 가장 좋아하는 책 중 몇 권의 하이라이트 부분을
제가 가장 좋아하는 책의 하이라이트입니다.
총 4부로 나눠서 진행합니다.
1부에서는 돈에 대한 우리의 태도에 대한
돈에 대한 우리의 태도에 대해
돈을 버는 것에 대한 교훈, 돈을 쓰는 것에 대한 교훈,
그리고 돈을 얻은 후에는
보호하는 방법에 대해 이야기하겠습니다.
1부, 돈에 대한 우리의 태도에 대한 세 가지 교훈.
제가 이 책에서 얻은 첫 번째 교훈은
사람마다 돈에 대한 태도가 다르다는 것입니다.
그리고 그 태도가 돈을 벌고 쓰는 방식에 영향을 미치기 때문에
돈을 벌고 쓰는 방식에 영향을 미치기 때문에
사람들을 너무 성급하게 판단해서는 안 됩니다.
사람들을 너무 성급하게 판단해서는 안 됩니다.
따라서 사람들의 행동에 대해 생각해 봅시다.
에 대해 생각해 봅시다.
1970년대에 태어났다면, S&P 500,
미국 내 상위 500대 기업을 추적하는 인덱스 펀드인
상위 500대 기업을 추적하는 인덱스 펀드인 S&P 500은 13세부터 13세 사이에
13세에서 30세 사이에 시작 금액이 10배로 증가했습니다.
하지만 여러분이 20년 전에 태어났다면,
시장은 기본적으로 아무데도 가지 않았을 것입니다.
따라서 이 두 그룹의 사람들은 인생을 살아가면서
주식 시장이 어떻게 작동하는지에 대해 근본적으로 다른 생각을 가지고 살아갈 것입니다.
그리고 이러한 견해는 당연히 그들의 행동 방식에 영향을 미칠 것입니다.
1970년대에 태어난 사람들이 1980년대에 태어난 사람들보다
1950년대에 태어난 사람들보다 주식에 투자할 가능성이 훨씬 높습니다,
주식 시장이 실제로는 아무것도 하지 않는다고 생각하는
아무것도 하지 않습니다.
그래서 예를 들어 저 같은 사람에게는
조금 이상하게 보일 수 있습니다.
왜 더 많은 사람들이 S&P 500에 투자하지 않는 걸까요?
계속 오르고 있으니까요.
왜 더 많은 사람들이 암호화폐에 투자하지 않을까요?
하지만 책을 읽고 나서 깨달은 것은,
솔직히 말해서, 저는 그것에 대해 거지처럼 굴지 않아야 한다는 것입니다.
사람들은 각자의 상황에 따라 돈에 대한 태도가 다르기 때문입니다.
돈에 대한 태도가 다르기 때문입니다.
두 번째 교훈은 돈을 벌 때 운의 중요성을
운의 중요성을 과소평가하지 마세요.
기본적으로 우리가 추구하는 모든 결과는,
돈을 버는 것이든 인생의 다른 어떤 것이든,
운과 기술, 그리고
그리고 불공정한 이점의 조합입니다.
빌 게이츠를 예로 들어보겠습니다,
빌 게이츠는 분명 뛰어난 재능을 가졌지만
하지만 그는 또한 운이 좋게도
미국 내 몇 안 되는 고등학교 중 하나에 다닐 수 있었던 것도
고등학교에 다닐 수 있었던 것도 행운이었죠.
그리고 그것이 그가 코딩을 시작하고
궁극적으로 마이크로소프트가 된
Microsoft.
그래서 모건은 이 책에서
개인에게 너무 집중하지 말아야 한다는 것입니다.
엘론 머스크가 부자가 되려고
부자가 되기 위해?
빌 게이츠는 부자가 되기 위해 무엇을 했나요?
대신에 우리는 더 넓은 패턴을 살펴봐야 합니다.
더 넓은 패턴을 살펴봐야 합니다.
다른 사람들이 다른 시기에 운이 좋았다는 사실입니다.
이 책의 세 번째 교훈은
는 이 정도면 충분하다고 말하는 법을 배워야 한다는 것입니다.
인간은 목표 지점을 계속 이동하는 것이 자연스러운 일입니다.
재정적 목표든 커리어 목표든 핫 봇 목표든
재정적 목표든, 커리어 목표든, 핫 봇 목표든, 목표 전 목표든,
우리는 항상 다음 목표를 기대합니다.
그리고 일반적으로 이 사이클은 끝나지 않습니다.
왜냐하면 우리는 계속해서 자신을
보이지 않는 사다리에서 우리보다 위에 있는 사람들과 계속 비교하기 때문입니다.
이 교훈은 저에게 큰 공감을 불러일으켰습니다.
왜냐하면 저는 13살 때부터 기업가 정신을 추구해왔고
13살 때부터 인터넷으로 돈을 벌기 위해 노력해왔기 때문입니다.
처음에는 거의 돈을 벌지 못했죠.
그리고 시간이 지남에 따라 천천히, 천천히, 천천히,
제 수입은 기본적으로 복리로 증가하여
합리적인 사람이라면 이 정도면 충분하다고 말할 정도로
이 정도면 충분하다고 말할 수 있을 정도로요.
하지만 제가 발견한 것은 비교 대상 그룹이
계속 변화하고 있다는 것입니다.
마치 제 유튜브 채널이 막 시작했을 때와 비슷합니다.
여기저기서 약간의 수익이 발생했을 때처럼요,
저는 이렇게 생각했죠.
여기저기서 100파운드 정도만 벌어도 좋겠다고 생각했죠.
그러다 여기저기서 100파운드를 벌기 시작했죠.
정말 멋지다고 생각했죠.
하지만 수백만 명의 구독자를 보유한 채널을 보세요.
수백만 명의 구독자를 보유하고 있죠.
얼마나 많은 돈을 벌고 있는지 모르겠어요.
모건이 우리에게 일깨워주는 점이 마음에 드는 건
이제 그만하면 충분하다는 것을 인식하고
그리고 단지 성장을 위해서만
그 자체를 위해서.
이 책에서 모건은 정말 부유한 사람들이
정말 부유한 사람들이 더 많은 돈을 쫓기 위해
더 많은 돈을 쫓기 위해
예를 들어, 버니 마도프처럼 이미 엄청나게 부자였지만
부자였지만 더 많은 돈을 벌기 위해
더 큰 부자가 되기 위해 다단계 사기를 벌이다가
그 결과 감옥에 갇혔죠.
그리고 모건은 이 질문이 정말 중요하다고 말합니다.
언제쯤이면 충분할까?
정말 더 많은 것이 필요한가?
그리고 그가 말한 멋진 인용구가 있습니다,
당신이 가지고 있고 필요한 것을 위험에 빠뜨릴 이유가 없습니다.
가지고 있고 필요한 것을 위험에 빠뜨릴 이유가 없습니다.
그리고 이 교훈은 실제로 제 인생에 아주 최근에 적용되었습니다.
제 동거인인 쉰은 이전 동영상에서 기억하실지 모르겠지만
두바이로 이사했습니다.
저도 두바이로 이사하면 어떨까 하는 생각이 강하게 들었어요.
회계사와 이야기를 나눴는데 회계사가 두바이의
낮은 세율과 그런 것들에 대해 이야기하고 있었어요.
그래서 영국에 있는 회사를 정리하고
영국에서 회사를 정리하고 두바이로 이주해 3년 동안 영국에 살지 않고
3년 동안 영국에 살지 않고 두바이로 이주해서
두바이에 거주자가 되어 법인세나 부가가치세, 혹은
법인세, 부가가치세, 소득세 등 모든 세금을 내지 않죠.
그러면 돈을 두 배로 벌게 되죠.
세금을 절반만 내면 되니까요.
이런저런 생각이 머릿속을 가득 채웠죠.
그 무렵 저는 돈의 심리를 읽고
돈의 심리학을 읽고 제 가치관이 무엇인지 알아내기 시작했어요
알아내기 시작했어요.
그리고 그것이 어리석은 생각이라는 것을 깨달았습니다.
저는 여분의 돈이 필요하지 않았어요.
저는 영국에 있는 것이 아주 좋아요.
제 친구와 가족이 여기 있다는 사실이 좋아요.
그리고 저는 영국에서 안정된 삶을 살기 위해
조금 더 많은 돈을 벌기 위해 영국에 온다면
두바이로 조세 회피를 하려면 영국에서의 안정성을 희생해야 했죠.
그래서 결국 저는 반대하기로 결정했습니다.
모건, 그 부분에 대한 테이프 감사합니다.
2부, 돈 버는 법에 대한 교훈
좋아요, 이건 분명히 비디오가 아닙니다.
비디오는 아닙니다.
자세한 내용은 9가지 소극적 소득 아이디어에 대한 제 동영상에서 확인하실 수 있습니다.
에서 더 자세한 정보를 확인하실 수 있습니다.
하지만 모건은 우리가 실제로 어떻게 부자가 되는지에 대한
매우 탄탄한 챕터가 있습니다.
네 번째 레슨은 복리의 마법을 이해하는 것입니다.
예를 들어 S&P 500 지수 펀드에 1,000달러를 넣었는데
연간 약 10%의 괜찮은 수익을 얻었다고 가정해 보겠습니다.
2년차가 시작될 때 1,100달러가 있다고 가정해봅시다,
1,100달러에 10%의 수익이 발생한다는 뜻이죠,
그래서 3년차가 시작될 때
1,210달러가 됩니다.
그리고 이것이 시간이 지남에 따라 복합적으로
기본적으로 이자나 이익을 얻게 됩니다.
이자 또는 이익을 얻게 됩니다.
그리고 여기서 큰 숫자를 가지고 놀기 시작하면,
결과는 완전히 미쳤습니다.
모건이 이 책에서 사용한 예는
워렌 버핏은 매우 부자로 유명합니다.
그리고 이 책이 쓰여질 당시,
워렌 버핏의 순자산은 약 845억 달러였습니다.
하지만 그 845억 달러에서
그 중 842억 달러는 실제로 그의 50번째 생일 이후에 생겼습니다.
그리고 그 금액 중 810억 달러는
810억 달러가 60세 생일 이후에 생겼습니다.
워런 버핏이 그토록 많은 부를 얻을 수 있었던 이유 중 하나는
워렌 버핏이 그렇게 많은 부를 얻을 수 있었던 이유 중 하나는
그가 젊어서 시작했고 계속했기 때문입니다.
10살에 투자를 시작해서 30살이 되었을 때
서른 살이 되었을 때
백만 달러를 투자했습니다.
그리고 그는 계속해서
지금은 90세 정도 되신 것 같아요.
책에 좋은 수학 수치가 있는데
워런 버핏 재산의 99.9%가
복리의 결과라고 합니다.
왜냐하면 그는 일찍 시작해서
절대적으로 오랜 기간 동안요.
그리고 이 책에는 워렌 버핏의 복리 투자를 설명하는
워런 버핏의 성공을 잘 설명하는 인용문이 있습니다.
모건은 2000년에 출간된 어떤 책도
버핏의 성공을 분석하는 2000권의 책 제목은
이 사람은 3/4 세기 동안 일관되게 투자해 왔습니다.
일관되게 투자해왔습니다.
하지만 우리는 그것이 그의 성공의
핵심이라는 것을 알고 있습니다.
그 수학을 이해하기가 어려울 뿐이지요.
직관적이지 않기 때문입니다.
다섯 번째 교훈은 가능한 한 많이 저축하는 것입니다.
저축해야 할 특별한 이유가 없더라도 최대한 저축해야 한다는 것입니다.
Morgan은 부를 쌓는 것은 소득이나 투자 수익률과는 거의
소득이나 투자 수익률과는
저축률과 큰 관련이 있다고 말합니다.
따라서 우리는 자연스럽게 저축을
기본적으로 소득에서 지출을 뺀 금액입니다.
하지만 모건은 다른 방식으로 생각해보면
저축은 소득에서 자아를 뺀 것과 같다고 말합니다.
이것은 매우 흥미롭습니다.
저는 이것이 우리의 지출을
흥미로운 방법이라고 생각합니다.
예를 들어 제 지출을 보면
그 지출 중 얼마나 많은 부분이 실제로 필요한 지출이고
그리고 얼마나 많은 지출이 자존심에 기반한 것일까요?
글쎄요, 여러분이 결정할 수 있을 것 같아요.
그리고 그는 또한 이 방정식의 유일한 변수는
이 방정식에서 우리가 실제로 통제할 수 있는
우리가 통제할 수 있는 유일한 변수라고도 하죠.
내가 얼마나 많은 돈을 버는지 실제로 통제 할 수없는 것처럼.
어느 정도는 가능하지만 실제로는 불가능합니다.
주식 시장의 수익률이나 비트코인의 수익률도
비트코인 수익률도
부동산 시장의 수익률도 통제할 수 없습니다.
하지만 제가 얼마나 많은 돈을 벌고 있는지는 절대적으로 통제할 수 있습니다,
수입의 몇 퍼센트를 스스로 저축하는지는 완전히 통제할 수 있습니다.
그리고 이와 관련된 한 가지 요점이 있습니다.
인터뷰에 응한 생물학자가
최근에 팀 페리스의 팟캐스트에서요,
그는 저축률이 매우 높고
개인 지출을 매우 낮게 유지할 수 있다면,
생존과 번영을 위해 돈이 거의 필요하지 않은 것처럼 말이죠,
삶이 훨씬 더 자유로워진다고 하더군요.
왜냐하면 많은 사람들이
자신이 좋아하지 않는 직업에 얽매이지 않고
왜냐하면 그들은 이제 높은 수입을 필요로하는
높은 수입을 필요로 하는
고소득을 필요로 하는 라이프스타일을 가지고 있기 때문입니다.
그리고 요점은 뭐냐 하면
인생의 8만 시간 동안 직장에서 비참하게 지내야 하나요?
살아 있는 대부분의 시간 동안 말이죠.
그 안에서 비참해지면 무슨 소용이 있을까요?
멋진 집과 멋진 차를 갖기 위해
멋진 차를 타기 위해
그만한 가치가 없을 겁니다.
개인 지출 비율을 낮추고
개인 저축률을 높일 수 있다면
어떤 방식으로든
더 불안정하지 않고, 더 자유롭고,
우리가 실제로 원하는 일을 더 많이 할 수있는 더 많은 자율성을 제공합니다.
더 많은 일을 할 수 있습니다.
이 책의 여섯 번째 교훈은 큰 수익을 내는 것보다
망치지 않는 것에 집중하라는 것입니다.
수와 짐이라는 두 명의 투자자가 있다고 가정해 봅시다.
수는 매달 주식 시장에 1달러를 투자합니다,
무슨 일이 있어도요.
반면 짐이 하는 일은 주식 시장이 상승할 때
주식 시장에 돈을 투자하고
하락할 때 주식을 팔고
그는 그런 의미에서 시장을 이용하려고 합니다.
이것이 시간이 지남에 따라 Sue의 포트폴리오의 모습입니다.
그리고 안타깝게도 이것이 짐의 포트폴리오입니다.
시간이 지남에 따라 보입니다.
수 씨가 짐보다 더 나은 결과를 얻은 이유는
큰 수익을 냈기 때문이 아닙니다,
그녀가 지속적으로 주식을 팔아 망치지 않았기 때문입니다.
주식을 팔아서 망치지 않았기 때문입니다.
그리고 여기서 또 다른 흥미로운 점은
우리가 돈을 어떻게 쓰고 있는지 생각하고
돈을 투자할 때
잘못하는 것이 제대로 하는 것보다
훨씬 더 나쁘다는 것입니다.
왜냐하면 돈을 잃으면
더 이상 게임을 계속할 수 없고
실제로 인생에 영향을 미치기 때문입니다.
반면에 돈을 두 배로 벌거나
그 두 배, 그 두 배, 그 두 배를 벌면
수익률이 크게 감소하는 것처럼
우리가 얻는 여분의 돈의 가치에 대한 수익이 크게 감소합니다.
그래서 모건의 요점은 기본적으로
장기적인 관점에서 생각하고
돈을 잃지 않도록 노력하라는 것입니다,
이런 생각보다는요
다음 폰지 사기를 쫓아야 해, 다음 폰지 사기를 쫓아야 해,
아, 도지코인이 달에 간다고 하니까
그래서 거기에 물건을 넣을 거야.
그냥 망치지 않고 돈을 잃지 않는 것에 집중하는 것이 훨씬 더 중요합니다.
그리고 돈을 잃지 않고 시간이 지남에 따라 지속적으로 그렇게 하는 것이
복리의 혜택을 실제로 누릴 수 있습니다.
자, 이제 3부로 넘어가겠습니다,
돈을 쓰는 것에 대한 교훈입니다.
그리고 7번 레슨은 자유를 사기 위해 돈을 사용하세요.
그리고 돈의 진정한 가치는 유연성과 선택권에 있다고
돈의 진정한 가치는 우리에게 주는 유연성과 선택권에 있다고 말합니다.
멋진 집이나 멋진 차를 사는 데 도움이 되기보다는
유연성과 선택권에 있다고 말합니다.
그는 돈의 가장 큰 내재적 가치는,
아무리 강조해도 지나치지 않습니다,
바로 시간을 통제할 수 있는 능력입니다.
돈으로 시간과 옵션을 사는 것은
라이프스타일의 이점이 있습니다.
어떤 명품도 따라올 수 없는 라이프스타일의 혜택을 누릴 수 있습니다.
그 이유는 하루가 끝나면,
우리 모두는 행복하고 의미 있는 삶을 살고 싶어하기 때문입니다.
행복하고 의미 있는 삶을 살기를 원하기 때문입니다.
그리고 수많은 연구에 따르면
소득이 개인 삶의 만족도에
개인 삶의 만족도나
삶의 만족도를 크게 떨어뜨리는 것으로 나타났습니다.
그리고 누구에게 물어보느냐에 따라 다르지만,
미국에서는 약 75,000달러 정도입니다.
특정 지점을 넘어가면 더 많은 돈을 벌어도
행복은 더 이상 증가하지 않습니다.
따라서 궁극적으로 그 시간을 고려할 때
재생할 수 없는 가장 귀중한 자원이라는 점을 감안하면
우리는 언제나 더 많은 돈을 벌 수 있지만
하지만 시간을 더 벌 수는 없습니다.
우리 자신의 돈으로 자유를 살 수 있는 시간을 사는 것은
무의미한 사치에 돈을 쓰는 것보다
무의미한 사치품에 돈을 쓰는 것보다
무의미한 사치품에 쓰는 것보다 훨씬 좋은 방법입니다.
여덟 번째 교훈은 부자가 되는 것과
부자가 되는 것과 부유함을 유지하는 것은 매우 다르다는 것입니다.
모건은 다음과 같이 말합니다.
돈을 벌려면 위험을 감수해야 합니다,
낙관적이고 자신을 밖으로 내보내야 하지만
하지만 돈을 유지하려면 위험을 감수하는 것과는 정반대의 태도가 필요하다고 말합니다.
겸손과 두려움이 필요합니다.
겸손과 두려움이 필요합니다.
겸손과 두려움이 필요합니다.
그래서 저는 이런 생각을 했어요
요즘 이런 생각을 하고 있었어요,
내 투자 포트폴리오에서
부동산 주식에서 얼마를 빼고
암호화폐에 투자할지 고민하고 있었습니다.
암호화폐는 분명히 변동성이 크고
크게 오를 수 있습니다.
저는 그렇게 될 것이라는 확신이 꽤 높습니다,
하지만 저는 여전히 주식과 펀드에 투자한
주식과 주식, 부동산에 투자하고 있습니다.
그리고 지금 제 스스로에게 상기시키는 것은
제 목표는 계속해서 더 많은 돈을 버는 것이 아닙니다.
제 목표는 사실 지금 가지고 있는 돈을 유지하면서
천천히 늘리는 것입니다.
즉, 다양한 자산군에 걸쳐서
다양한 자산군에 분산 투자하고 싶다는 뜻입니다.
그래서 저는 포트폴리오의 상당 부분을 주식에 투자하고 있습니다,
30~40%에 30% 정도, 아마도 30%는 암호화폐에 투자하고 있습니다,
향후 비디오에서 더 자세히 설명하겠습니다,
하지만 주식 시장 수익금 전부와
그리고 모든 종류의 부동산 투자금도
암호화폐에 투자하지 않을 것입니다.
그것은 나쁜 결정이 될 것입니다.
그리고 그것이 올라갈 수도 있지만, 만약 내려가면
제 인생에 큰 악영향을 미칠 거예요
10배로 오르거나 달에 가는 것보다 훨씬 더 큰 영향을 미칩니다.
훨씬 더 큰 악영향을 미치게 되죠.
이 책의 9번째 교훈은
허세 부리지 말라는 것입니다.
그래서 모건은 아들에게 편지를 씁니다,
비싼 차나
멋진 시계와 큰 집을 원할지 모르지만
하지만 그렇지 않아요.
여러분이 원하는 것은 다른 사람들로부터 존경과 찬사를 받는 것입니다.
그리고 여러분은 값비싼 물건이 그것을 가져다줄 것이라고 생각합니다.
특히 당신이 실제로 존경하고 인정하고 싶은 사람들로부터
특히 여러분을 존중하고 존경하는 사람들에게서요.
여기에는 두 가지 주요 이유가 있습니다.
첫 번째는 자동차를 탄 남자의 역설입니다.
사람들이 멋진 자동차와 저택 등을 사는 이유는
다른 사람들로부터 존경과 찬사를 받을 수 있다고 생각하기 때문입니다.
다른 사람들로부터 존경과 찬사를 받을 수 있다고 생각하기 때문입니다.
예를 들어 제가 뉴스용 테슬라를 몰고 다니면,
사람들은 내가 멋지고 부자라고 생각할 것이고
그런 식으로 말이죠.
하지만 사람들이 깨닫지 못하는 것은 사람들이 실제로는
멋진 차나 집을 가진 사람을 동경하지 않는다는 사실입니다.
그 대신 멋진 차나 집 자체를 동경하고
테슬라를 타거나
또는 저택을 가지고 있다고 상상합니다.
따라서 사람들로부터 존경을 받기 위해 비싼 물건을 사는 것은
존경과 동경은 돈으로 살 수 없기 때문에
살 수 없기 때문입니다.
그리고 두 번째 요점은
진정한 부는 사실 돈으로 살 수 있는 것이 아니기 때문에
왜냐하면 진정한 부는 실제로는
지출하지 않은 돈이기 때문입니다.
그리고 4부로 넘어가서
4부로 넘어가서 돈을 보호하는 방법을 알아보겠습니다.
금액이 얼마든, 어떤 금액이든,
어느 정도의 보호가 필요합니다.
따라서 10번째 교훈은 오류의 여지를 남겨두는 것입니다.
이 아이디어에는 크게 두 가지가 있습니다.
두 가지가 있습니다.
첫 번째 부분은
미래의 수익률이 그다지 좋지 않더라도
기술적으로 생존할 수 있는지 확인하는 것입니다.
예를 들어, 제가 돈이 좀 있는데
7% 상승할 것으로 예상한다면 계획을 세워야 합니다.
7%가 오르지 않더라도, 4%가 오르더라도,
3%, 2%, 심지어 마이너스가 되더라도요,
그 가능성에서도 살아남을 수 있어야 합니다.
하지만 두 번째 요점은 그것이 단지
육체적 생존에 관한 것뿐만 아니라
정서적 생존에 관한 것이고 우리가
그런 종류의 라이프스타일을 살고 싶습니까?
예를 들어, 직장에서 일하면서
2년치 생활비를 모아서
직장을 그만두고 전업 유튜버가 되기 위해
가 되기 위해 2년치 비용을 모았다고 가정해 봅시다.
이론적으로, 여러분은 스스로에게
2년 동안의 여유가 있다고
그래서 웨스트게이트 시나리오처럼 유튜버로 성공하지 못하면
2년 뒤에는 저축한 돈이 바닥나고
다른 직업을 구할 수 있습니다.
하지만 여기서 고려하지 않는 것은
시간이 지남에 따라 저축액이 줄어드는 것을 지켜보는
감정적인 고통입니다.
그리고 저축액의 50%가 소진되면
저축액의 50%가 소진되면
감정적, 심리적 상처를 느끼기 시작하고
그냥 직장을 그만두고 일상으로 돌아갈 수도 있습니다.
저축의 50%를 잃었다는 사실을
저축액의 50%를 잃고
아직 유튜브에서 성공하지 못했다는 사실을 감당할 수 없기 때문입니다.
그래서 모건이 이 책에서 강조하는 것은
이런 종류의 감정적인 결정을 내릴 수 있도록
감정적인 결정을 내려야 한다는 것입니다.
그리고 돈과 관련하여 우리가 인간으로서 행동하는 방식,
돈의 심리학이라고 불리는 이유입니다,
우리가 반드시 완전히 이성적으로 행동하는 것은 아닙니다,
경제적이고 논리적으로 행동하는 것이 아니라
우리의 감정을 고려해야 한다는 것입니다.
11번 교훈은 미래의 자신을 위해 극단적인 재정적
극단적인 재정적 약속을 피하는 것입니다.
그리고 이것은 다음과 같은 종류의 사람에게 말하는 것입니다,
난 절대 집을 사지 않을 거야,
따라서 젊을 때 돈을 뿌릴 여유가 있습니다.
또는 이렇게 말하는 사람도 있습니다,
난 절대 아이를 갖지 않을 거니까
그래서 지출이 엄청나게 많을 수 있습니다.
왜냐하면 저는 아이들의 대학 학자금이나 기타 비용을
기금이나 뭐 그런 거요.
자, 이것은 일종의 나쁜 일입니다.
그렇게 살고 싶다고 확신하더라도,
당신이 옳지 않을 가능성이 있고 실제로는
언젠가는 마음이 바뀔 수 있기 때문입니다.
심리학자들은 이를 역사의 종말 착각이라고 부릅니다.
사람들에게 지난 10년 동안 자신이 얼마나 변했는지 물어보면
지난 10년 동안 얼마나 변했는지 물어보면, 우리는
우리가 어떻게 변했는지 꽤 잘 설명합니다.
하지만 사람들에게 앞으로 10년 동안 얼마나 변할지 예측해 보라고 하면
얼마나 변할지 예측하라고 한다면
우리는 그런 예측에 정말 서툴습니다.
그리고 저희는 대체로 지금의 저희는
10년 후의 우리와 거의 같다고 생각합니다.
10년 후의 우리와 거의 같다고 생각합니다.
그래서 우리는 예측에 정말 서툴기 때문에
우리 자신의 목표와 가치관, 욕구가 시간이 지남에 따라
시간이 지남에 따라 어떻게 변할지 예측하는 데 정말 서툴다는 점을 감안하면, 저희는 암호화폐가
암호화폐가 정말 달에 가거나
법정화폐가 완전히 사라지지 않는 한
10년 후에도 우리는 의사결정을 내리기 위해 돈이 필요할 겁니다.
10년 후에도 여전히 돈이 필요하다는 점을 염두에 두어야 합니다.
지금 당장 극단적인 재정적 약속을 해서는 안 됩니다.
극단적인 재정적 약속을 해서는 안 됩니다.
이걸 위해 모든 돈을 날려버려서는 안 됩니다,
빨리 살다가 일찍 죽는다고요.
왜냐하면 젊어서 죽는다는 것에 가까워질 때쯤이면
깨닫게 될지도 모르니까요,
40년은 더 살고 싶은데
그런데 지금은 돈도 없고 좀 힘들죠.
그리고 12번 교훈은 이성적이기보다는 합리적이 되라는 것입니다.
합리적이어야 합니다.
모건이 여기서 말하는 요점은
때때로 좋은 결정이 항상 합리적이지 않다는 것입니다.
합리적이지는 않지만 합리적이라는 것입니다.
그리고 우리는 궁극적으로 감정적 욕구를 가진 감정적 인 생물이라는 것을 기억해야합니다.
감정적 욕구를 가진 감정적 존재라는 것을
이성적인 경제 기계처럼
절대적으로 완벽하게 논리적인 결정을 내리는 이성적인 경제 기계가 아닙니다.
이 교훈이 가장 마음에 와 닿았던 것 같아요,
책을 읽기 전에는
왜 누군가가 자신의 집에 대한 모기지를 갚는 데 신경을 쓰는지
상상할 수 없었기 때문입니다.
그냥 멍청한 일처럼 보였죠.
왜 그런 짓을 할까?
모기지를 통해 비교적 저렴하게 돈을 빌릴 수 있습니다.
그 돈을 주식이나 펀드에 투자하면
모기지의 이자율보다 더 빨리 성장할 것입니다.
시간이 지남에 따라 인플레이션이 발생하면 모기지의 가치는
하락합니다.
이 모든 것이 합리적인 경제적 이유처럼
주택 담보 대출을 갚지 않는 이유입니다.
하지만 저는 이 사실을 완전히 무시했습니다.
감정적으로 좋은 점이 많다는 사실을
감정적으로 좋은 점이 많다는 사실을 완전히 무시했습니다.
이제 모기지를 갚지 않고도
살 수 있는 집을 갖게 되었다고 느끼죠.
안정감을 느낍니다.
밤에 더 잘 수 있습니다.
그래서 만약 당신이 할 수 있고 그 특권적인 위치에 있고
집 보증금을 갚기 위해 현금으로 지불하고 싶다면
집 보증금을 갚기 위해 현금으로 지불하고 싶다면, 네, 엄밀히 말하면
비합리적입니다.
경제적으로 가장 경제적이지도 않고
수익을 극대화하기 위한 합법적인 결정은 아닙니다.
하지만 밤에 잠을 잘 수 있다면,
그것이 중요한 것입니다.
왜냐하면 궁극적으로 우리가 이 게임을 하는 것은
돈을 확보하고 보호하고 벌어서
그리고 돈을 잃지 않고 계속 유지하려면
이 모든 것을 위해 최적화해야 합니다.
그리고 밤에 잠을 잘 수 있는 결정을 내려야 합니다.
그래서 제 암호화폐 동영상을 보셨거나
또는 크립토 브로 친구가 "오 마이 갓,
암호화폐에 100% 투자해야 한다고 말하는 친구가 있을 수도 있습니다.
하지만 그렇게 해서 밤에 잠을 더 잘 수 없다면 그렇게 하지 마세요.
개인적으로 편한 만큼의 돈을 암호화폐에
암호화폐에 투자하세요.
완전히 합리적이지 않더라도 그 정도는 합리적일 것입니다.
지금까지 돈의 심리에 관한 12가지 교훈을 알려드렸습니다.
사실 몇 가지가 더 있습니다.
세 가지가 더 있습니다.
하지만 이 영상이 너무 길어지고 있습니다.
그래서 그 교훈은 이 동영상의 확장 버전에 포함될 것입니다.
이 비디오의 확장 버전에서 확인할 수 있습니다.
아직 들어보지 못하신 분들을 위해 설명하자면, 네뷸라는 저와 제가 만든 독립적인 스트리밍
독립 스트리밍 플랫폼입니다.
친구들이 만든 독립적인 스트리밍 플랫폼입니다.
그리고 네뷸라에서는 이런 책에 대한 아주 아주 긴
이런 책에 대한 동영상을
걱정할 필요 없이
걱정할 필요가 없습니다.
또한 제가 독점 콘텐츠를 공개하는 곳이기도 합니다,
독점 콘텐츠를 공개하는 곳이기도 합니다,
멋진 사람들이나 전 세계의 인생 조언과 같은 독점 콘텐츠를 공개하는 곳이기도 합니다.
또한 워크플로 시리즈에서는
Notion이나 Rome과 같은 앱을 어떻게 사용하는지
제가 평소에는 유튜브 동영상에서 하지 않는
이 YouTube 동영상에서 할 수 있습니다.
이제 네뷸라에 액세스하고 싶으시다면,
여러분이 할 수 있는 최선의 방법은
합리적이고 이성적으로 돈을 쓰는 방법입니다,
이 비디오를 매우 친절하게 후원하고 있는
이 비디오를 후원하고 있습니다.
CuriosityStream은 세계 최고의 다큐멘터리 스트리밍
구독 플랫폼입니다.
그리고 CuriosityStream에는 수백, 수천 개의
수백, 수천 개의 고품질 다큐멘터리를
과학과 기술부터 역사, 지리, 사회까지 모든 분야에 대한
과학, 기술, 역사, 지리, 사회 등 다양한 주제의 다큐멘터리를 제공합니다.
그리고 CuriosityStream은 독립 크리에이터를 사랑하기 때문에,
그들과 파트너십 계약을 맺었습니다,
큐리오시티스트림의 1년 구독권을 구매하면
1년 내내 $15 미만입니다,
네뷸라를 번들로 무료로 이용할 수 있습니다.
따라서 연간 15달러 미만으로 다음과 같은 혜택을 누릴 수 있습니다.
CuriosityStream의 환상적인 라이브러리를 모두 이용할 수 있습니다.
콘텐츠 라이브러리를 모두 이용할 수 있습니다.
모든 독점 콘텐츠를 이용할 수 있습니다.
관심이 있으시다면 curiositystream.com으로 방문하세요.
앞으로 슬래시 알리.
그리고 결제 시 쿠폰 코드 Ali를 사용하면
할인을 받을 수 있습니다.
그러면 네뷸라 로그인 정보가 이메일로 전송됩니다.
자, 이 동영상을 재미있게 보셨고 이제
돈의 심리에 대해 알고
그리고 돈을 버는 방법을 배우고 싶으시다면,
여기에서 이 동영상을 확인해보세요,
9가지 소극적 소득 아이디어와 강연입니다.
당시 제가 어떻게 주당 27,000 달러를 벌고 있었는지
어떻게 주당 27,000달러를 벌었는지에 대해 설명합니다.
이를 통해 혼자서도 돈을 벌 수 있는 방법에 대한
혼자서 돈을 벌 수 있습니다.
어쨌든 시청해 주셔서 감사합니다.
원하신다면 구독 버튼을 눌러주세요.
그리고 다음 영상에서 또 뵙겠습니다.
안녕히 가세요.

 

SMALL

[ English Summary ]

I'm going to talk about 12 lessons about money that I learned from a great book called The Psychology of Money by Morgan Haussel.

I'm going to cover three lessons about our attitudes toward money.

- The first lesson is that different people have different attitudes about money, so before we judge others for how they use their money, we need to understand how their attitudes affect their earnings and spending.

- The second lesson is that we shouldn't underestimate the importance of luck when it comes to making money. The book What Did Bill Gates Do to Make Money explains that people get lucky at different times, and emphasizes the importance of looking for patterns in this regard.

- Finally, there are lessons we should take to protect our money. These lessons are about attitudes toward money, earning money, spending money, and protecting money. This third lesson is that we need to be able to say "enough is enough." We often set new goals when we achieve them and continue to pursue them. However, this often leads us to compare ourselves to those above us on an unconscious ladder. This lesson reminds us to recognize enough and stop chasing growth alone. The book also gives examples of rich people doing negative things in their pursuit of money. The lesson is simple: think about when enough is enough, and don't take unnecessary risks. 

Understand compounding. For example, if you invest $1,000 in an S&P 500 index fund and earn a 10% annualized return, you'll have $1,100 after two years. That's 10% on $1,100, and after three years, you'll have $1,210. That's compounding - earning interest or profit over time. Warren Buffett started investing as a child and built an incredible fortune. 99.9% of Buffett's wealth is due to compounding.

There's one more thing: save as much money as you can, even if you don't have a specific reason to do so. Regardless of your income or investment returns, your savings rate affects your wealth. Saving your ego is more important than saving your spending. Lowering your personal spending and increasing your savings rate will give you more freedom. There are many people who need to maintain a high income even if they don't like their job, but if you can live on less, you'll have more freedom in your life.

[ English Full Text ]

Hey, friends.
Welcome back to the channel.
Today, we're talking about 12 lessons
about money that I learned from this fantastic book
by Morgan Housel called The Psychology of Money.
And that's what we're talking about in this episode of Book
Club, the ongoing series where we distill and discuss
highlights from some of my favorite books.
And we're going to do this in four parts.
We're going to talk about lessons
about our attitudes towards money,
lessons about getting money, lessons about spending money,
and then lessons about protecting our money
once we've gotten it.
Part one, three lessons about our attitudes towards money.
So the first lesson I got from the book
was that everyone has different attitudes towards money.
And because the way that those attitudes affect the way
that they earn and spend their money,
we shouldn't be too quick to judge people
based on what they do with their own money.
So let's think about people's behavior
when it comes to investing in stocks, for example.
If you were born in the 1970s, the S&P 500,
which is the index fund that tracks the top 500
biggest companies in the US, that increased by 10 times
its starting amount between age 13 and age 30 for you.
But if you were born just 20 years earlier,
the market basically went nowhere.
So these two groups of people are going to go through life
with radically different ideas of how the stock market works.
And obviously these views are going to affect how they behave.
Like people born in the 1970s are much more likely
to invest in stocks than people born in the 1950s,
for whom they think the stock market doesn't really
do anything.
And so for example, for someone like me,
it can seem a bit weird.
Like why don't more people just invest in the S&P 500?
It just keeps on going up.
Why don't more people invest in crypto?
But what I realized after reading the book is that,
to be honest, I need to not be a dick about it
because people have different attitudes to money
depending on their own circumstances.
Lesson number two is don't underestimate the importance
of luck when it comes to making money.
Because basically any outcome that we're going for,
whether it's making money or anything else in life,
is some combination of luck and skill
and unfair advantages.
If we take Bill Gates, for example,
now he's obviously super talented,
but he was also pretty lucky to get
to go to one of the very few high schools in the US
that actually owned a computer.
And that's what helped him start messing around with coding
and start working on the company that ultimately became
Microsoft.
And so Morgan's point in the book
is that we shouldn't focus too much on the individuals.
We shouldn't look too closely at what did Elon Musk do
to get rich?
What did Bill Gates do to get rich?
We should instead look at the broader patterns
that try and account for this fact
that different people got lucky at different times.
Lesson number three from the book
is that we should learn to say this is enough.
Now, it's natural for us humans to keep on moving our goal posts.
Once we achieve our goals, whether it's financial goals
or career goals or hot bot goals or pre-goal goals,
we always look forward to the next goal.
And generally, the cycle doesn't end
because we keep on comparing ourselves
to the people who are above us in this invisible ladder.
Now, this lesson really resonated with me
because I've been chasing this entrepreneurship thing
since like the age of 13, trying to make money on the internet
and started off making basically zero money.
And then slowly, slowly, slowly over time,
my income has basically compounded to the point
where I am way beyond the point that any reasonable person would
say that this is enough.
But what I've been finding is that the comparator group
keeps on changing.
It's like when my YouTube channel was just starting out
and it was making a small amount of money here and there,
it was like, oh, that's cool.
You know, it'd be cool to make maybe 100 pounds here and there.
Then it started making 100 pounds here and there.
I was like, oh, that's cool.
But look at those channels that maybe have millions
of subscribers.
Like, I don't know how much money they're making.
And what I like that Morgan reminds us of
is that we actually do need to recognize when enough is enough
and not be continuously trying to pursue growth just
for its own sake.
And in the book, he gives a bunch of examples
of really rich people doing very dodgy and shady things
to chase even more money.
Like Bernie Madoff, for example, who was already ridiculously
rich but then built this pyramid scheme
to try and become even more ridiculously rich
and ended up in prison as a result of it.
And what Morgan says is that it's really about asking
the question of when is enough enough?
Do we really need this extra thing?
And there's a nice quote where he says,
there is no reason to risk what you have and need
for what you don't have and don't need.
And this lesson actually applied in my life fairly recently.
So my housemate, Sheen, if you might remember from previous
videos, moved to Dubai.
And I was strongly thinking, why don't I move to Dubai?
And I spoke to my accountant and he was talking about
the low tax rates and all that kind of stuff.
And I was thinking, ooh, I could wind down the company
in the UK, move to Dubai, like not live in the UK
for three years to become tax resident outside of the UK,
become tax resident in Dubai, where I don't pay
any corporation tax or VAT or income tax and all this stuff.
And then I'd be making twice as much money
because I have to pay half as much tax.
And I had all these thoughts going in my head.
And it was around that time that I read the psychology
of money and started figuring out what are my values
in life and stuff.
And I realized that that is just like stupid thinking.
I did not need that extra money.
I quite like being in the UK.
I like the fact that my friends and family are here.
And I'd be sacrificing a large amount of stability
here in the UK for the sake of just chasing a little bit
more money, but effectively tax avoidance into Dubai.
And so ultimately I decided against it.
Thank you, Morgan, for the tape on that front.
Part two, lessons about getting money.
All right, so this is obviously not a video
on how to make money from scratch.
You can check out my video on nine passive income ideas
if you want more information about that.
But Morgan does have some very solid chapters
about how we actually get rich.
So lesson four is to appreciate the magic of compounding.
So let's say I put $1,000 into the S&P 500 index fund
and I get a decent return of about 10% per year.
Well, give me $1,100 by the start of year two,
which means I'm then earning 10% on the 1,100,
so that at the start of year three,
I'll have $1,210.
And as this compounds over time,
you're basically earning interest or gains
on your interest or gains.
And when you start playing with the big numbers here,
the results are absolutely insane.
Now, the example that Morgan uses in the book
is Warren Buffett, who is famously very rich.
And at the time that the book was written,
Warren Buffett's net worth was around $84.5 billion.
But off that $84.5 billion,
$84.2 billion of it actually came after his 50th birthday.
And off that amount, 81 billion of it
came after his 60th birthday.
And one of the reasons that Warren Buffett
was able to get so much wealth
is that he started young and he kept going.
Like he started investing at the age of 10,
such that by the age of 30,
he had a million dollars in investments.
And then he just absolutely kept on going
well into his, I think he's like 90 something now.
And there's some good maths in the book
that shows that 99.9% of Warren Buffett's wealth
came as a result of compounding
because he started early and he just did it
for absolutely ages.
And there's a really nice quote from the book
that describes Warren Buffett's success with this.
Morgan writes that none of the 2000 books
picking apart Buffett's success are titled,
this guy has been investing consistently
for three quarters of a century.
But we know that that's the key
to the majority of his success.
It's just hard to wrap your head around that maths
because it's not intuitive.
Lesson number five is to try and save as much as you can
even when you don't have a specific reason to save.
Morgan writes that building wealth has little to do
with your income or investment returns
and lots to do with your savings rate.
So we naturally think that saving
is basically income minus expenses.
But Morgan says that the other way of thinking about it
is that savings equals income minus ego.
Now this is quite interesting.
I think it's an interesting way
of looking at our expenses.
Like if I look at my own spending,
how much of that spending is actually necessary
and how much of it is based on ego?
I don't know, maybe you can decide.
And he also talks about how really our savings rate
is the only variable in this equation
that we can really control.
Like I can't really control how much money I'm making.
I can't to extent, but not really.
I can't at all control the returns of the stock market
or the returns of Bitcoin
or the returns of the real estate market.
But I can absolutely control how much money,
what percentage of my income I'm saving myself.
And there's a related point that I came across
from a biology who was interviewed
in Tim Ferriss's podcast recently,
where he says that if you can have a very high savings rate
and you can keep your own personal expenses very low,
like you need little money to survive and thrive,
then it actually gives you a lot more freedom in life
because there are a lot of people
that are tied to jobs that they don't necessarily enjoy
because they now have lifestyles
that require them to have that high income
from the job that they don't necessarily enjoy.
And kind of the point is what's the point
of being miserable in your job for 80,000 hours of your life?
Kind of for most of the time that you spend alive.
What's the point of being miserable in that?
For the sake of having a fancy house
and having a fancy car,
it's probably not worth the trade-off.
And so really if we can just lower our personal expense rate,
increase our personal savings rate
in whatever fashion we can,
that gives us more anti-fragility, more freedom,
more autonomy to kind of do more of the things
that we actually want.
Lesson number six in the book is to focus on not screwing up
rather than on making big gains.
So let's imagine two investors, Sue and Jim.
Sue invests $1 into the stock market every single month,
no matter what.
Whereas what Jim does is that he invests money
into the stock market as it's going up
and then he sells his stocks as it's going down
and he's trying to play the market in that sense.
This is what Sue's portfolio looks like over time
and unfortunately this is what Jim's portfolio
looks like over time.
And the reason why Sue ends up better off than Jim
is not because she made big gains,
it's because she consistently did not screw up
by selling her stocks in like a downturn.
And the other interesting point here is that
when it comes to thinking about how we're spending
and investing our money,
getting it wrong is a lot worse for us
than getting it right.
Because if we lose money,
we can then no longer go back into the game
and we actually have consequences on our life.
Whereas if we make twice as much money
or twice as much as that, twice as much as that,
like there are significant diminishing returns
to the value of extra money that we get.
And so Morgan's point basically is,
you know, to like think about the long term
and try not to lose money,
rather than thinking, oh my God,
I need to chase that next Ponzi scheme or that next,
oh, you know, Dogecoin is going to the moon,
therefore I'm gonna put stuff in there.
It's far more important to just focus on not screwing up
and not losing money and doing that consistently over time
so that you can actually benefit from compounding.
All right, let's turn to part three,
which is lessons about spending money.
And then lesson number seven is use money to buy freedom.
And he talks about how really the true value of money
is in the flexibility and the optionality that it gives us
rather than the fact that it helps us buy a fancy house
or a fancy car.
He writes that money's greatest intrinsic value,
and this cannot be overstated,
is its ability to give you control over your time.
Using your money to buy time and options
has a lifestyle benefit
that few luxury goods can compete with.
And the reason for this is that at the end of the day,
we all just wanna be happy and live a happy
and meaningful life.
And tons of studies have shown
that your income has significant diminishing returns
on your personal life satisfaction
or happiness from life.
And that beyond a point, depending on who you ask,
it's around about $75,000 in the US.
Beyond a certain point, more money stops buying you
further increases in happiness.
And so ultimately, given that time
is our most valuable non-renewable resource,
we can always make more money,
but we can never make more time.
Using our own money to buy extra time to buy our freedom
is a very good use of that money
rather than spending it on pointless luxury crap
that we don't actually need.
Lesson number eight is that getting wealthy
is very different to staying wealthy.
Now here, Morgan writes that
getting money requires taking risks,
being optimistic and putting yourself out there,
but keeping money requires the opposite of taking risks.
It requires humility and fear
that what you've made can be taken away from you
just as fast.
And I was kind of thinking about this
as I was thinking about like, basically these days,
how much of my investment portfolio
to take out of stocks in real estate
and just put into crypto.
So crypto is obviously highly volatile
and could go up significantly.
I have reasonably high conviction that it will,
but I still have a decent chunk of savings
in investments in stocks and shares and in real estate.
And reminding myself that right now,
my aim is not to continue to make more money.
My aim is actually to keep the money that I have
and grow it slowly.
That means I want to be nicely diversified
across these different asset classes.
And so I do have a fairly significant chunk of my portfolio,
I think like 30 or 40 plus 30%, probably 30% in crypto,
more on that in a future video coming,
but I am not withdrawing all of my stock market returns
and all of my kind of real estate investments
to put money into crypto.
That would be a bad decision.
And even though it might go up, it's like, if it goes down,
then that will significantly negatively affect my life
in a far greater way than if it just goes up 10x
or goes to the moon, for example.
Lesson number nine from the book
is don't be a flashy twat.
So Morgan writes to his son,
you might think you want an expensive car
or a fancy watch and a huge house,
but I'm telling you, you don't.
What you want is respect and admiration from other people.
And you think that having expensive stuff will bring it.
It almost never does, especially from the people
that you actually want to respect and admire you.
Now, there's two main reasons for this.
And the first one is the man in the car paradox.
The idea is that people buy fancy cars and mansions and stuff
because they think that this will get them respect
and admiration from other people at the end of the day.
Like if I'm driving the news Tesla around,
people will think that I'm cool and rich
and that kind of stuff.
But what people don't realize is that people don't actually
admire the person with the fancy car or house.
Instead, they're just admiring the fancy car or house itself
and imagining themselves having that Tesla
or having that mansion.
So buying expensive things to gain respect from people
never actually works because respect and admiration
can't be bought.
And the second point he makes about this
is that there's no point being flashy about the money
you're spending because true wealth is actually
the money that you have not spent.
And then we turn to part four, which
is how to protect your money once you've got it.
Any amount of money, any amount of money at all,
needs some level of protection.
And so lesson 10 here is to leave room for error.
Now, broadly, there are two bits to this idea
of making room for error.
And the first part is making sure
that you can technically survive if your future returns are
not very good.
So let's say I've got some money and I'm
banking on it going up by 7%, I really should have a plan.
Like if it does not go up by 7%, if it goes up by 4%,
or 3%, or 2%, or even if it goes negative,
I should be able to survive that likelihood.
But the second point is that it's not just
about the physical survival, it's also
about the emotional survival and would we
want to live that kind of lifestyle.
So for example, let's say you work your job
and you save up two years worth of expenses
so you can quit your job and become a full-time YouTuber
for two years and give that a go.
In theory, you're telling yourself
that you have two years worth of runway
so that if Westgate Scenario, you don't succeed as a YouTuber,
then two years down the line, your savings will run out
and you can just get another job.
But what you're not taking into account there
is the emotional pain of seeing your savings whittle down
over time.
And it might just be that as you burn through 50%
of your savings, at that point, you
start to feel emotionally, psychologically scarred,
and you just quit and go back to your day job.
Because you couldn't handle the fact
that you lost 50% of your savings
and you're not succeeding on YouTube just yet.
So the point that Morgan is making in the book
is that we need to make room for these kind
of emotional decisions.
And the way that we behave as humans when it comes to money,
which is why it's called the psychology of money,
is that we act not necessarily in fully rational,
economic, logical terms, but we also
have to take our emotions into account.
Lesson number 11 is to try and avoid extreme financial
commitments for your future self.
And this is speaking to the kind of person that says,
you know what, I know that I'm never going to buy a house,
therefore, I can afford to splash money when I'm young.
Or someone who says, you know what,
I know I'm never going to have kids,
and therefore, my expenses can be super high
because I know I don't have to save for the kids' college
fund or whatever.
Now, this is kind of a bad thing because even if you
are very sure that that's how you want to live your life,
chances are you are not correct and that you actually
will change your mind at some point further down the line.
Psychologists call this the end of history illusion.
It's the idea that when you ask people how much they've
changed in the last 10 years, we're
pretty good at describing how we've changed.
But if you ask people to predict how much they're
going to change in the next 10 years,
then we are really bad at doing that.
And we think that we are, broadly, the people we are now
are roughly the same as the people that we're
going to be 10 years from now.
And so given that we are really bad at predicting
how our own goals and values and desires are going
to change over time, and given that, we're kind of hoping
that unless the crypto thing really goes to the moon
and fiat currency completely dies,
we're still going to need money to make decisions 10 years
from now, we should keep that in mind.
We shouldn't make extreme financial commitments
to ourselves right now.
We shouldn't blow all our money for this,
you know, live fast, die young.
Because by the time you're approaching the whole die young
thing, you might realize, actually,
I kind of want to live for another 40 years,
and now you have no money, and it's kind of a bit of a struggle.
And then lesson number 12 is to be reasonable rather
than rational.
And the point that Morgan's making here
is that sometimes good decisions are not always
rational, but they are reasonable.
And that we have to remember that we're ultimately
emotional creatures with emotional needs,
not just like rational economic machines
making the absolute perfectly logical decision.
I think this lesson is what I really took home because,
before reading the book, I could not
imagine why anyone would bother paying off the mortgage
on their house.
It just seemed like a dumb thing to do.
Like, why would you do that?
You can borrow money from a mortgage relatively cheaply.
If you stick that money in stocks and shares,
it will grow faster than the rate of the thing of the mortgage.
If inflation happens over time, the value of the mortgage
goes down.
All of these like rational economic reasons
for not paying off the mortgage on your house.
But I completely discounted the fact
that there is a lot of emotional niceness
to having paid the mortgage on your house.
You feel like you have this house that you can now
live in without paying a mortgage.
You feel a sense of security.
It helps you sleep better at night.
And so if you can and you're in that privileged position
and you want to put it down a cash payment to pay off
the deposit on a house, yes, technically,
it's kind of irrational.
It's not the most economically financially
like legit decision to maximize your returns.
But if it's the thing that helps you sleep at night,
that is the thing that matters.
Because ultimately, if we're playing this game of,
you know, getting and protecting and earning
and continuing to retain our money rather than losing
all of it, we have to also optimize for the things
and the decisions that will help us sleep at night.
And so maybe you might watch one of my crypto videos
or you've got a crypto bro friend who says, oh my god,
you should be putting 100% of your money into crypto.
But if that helps you sleep worse at night, don't do it.
Put however much of your money into crypto
as you are personally comfortable with.
And that will be reasonable even if it's not fully rational.
So those are 12 lessons about the psychology of money.
There are actually a few more, I think three more
that I've got in my script.
But this video is getting very long.
And so those lessons are going to be in the extended version
of this video, which is available over at Nebula.
Now, if you haven't heard, Nebula is an independent streaming
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It's also the place where I release exclusive content,
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Now, if you enjoyed this video and you now
know about the psychology of money
and you want to learn how to make money,
then check out this video over here,
which is nine passive income ideas and talks
about how at the time I was making $27,000 per week
from these different sources of passive income.
And hopefully that will give you some ideas for how
you can make money by yourself.
Anyway, thank you so much for watching.
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And I'll see you hopefully in the next video.
Bye.