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The Psychology of Money in 20 minutes

Escaping Ordinary (B.C Marx)

3.4M Views . 2023-09-13

This video was inspired by Morgan Housel’s amazing book “The Psychology of Money” I hope this short video inspires you to put down your phone (and social media) for a few hours and go out and grab a copy of this book for yourself. Check out Morgan Housel’s book here 📕The Psychology of Money https://amzn.to/3ZdJQq1 If you are more into Audiobooks, here is a link to that. You can get two of these books for free if you sign up for a free Audible trial with the link below. 🎧Grab The Psychology of Money audiobook here on an Audible trial with 2 free books https://amzn.to/3A5r32l What is The Psychology of Money about? You may think of money as just numbers, spreadsheets, math or an equation that needs to be solved, but the real financial decisions are made away far from calculators, around dinner tables - with ego, pride, fear and personal history. The true nature of money is the dance between the cold arithmetic of a spreadsheet and human nature. When it comes to money we are complicated creatures and financial success is not so much about how much you know but how you behave. ★★★ Would you like to Support us? ★★★ Get products designed with love here 🙂 https://shop.escapingordinary.net/collections/all Mind Trap decks https://shop.escapingordinary.net/products/54-cognitive-bias-flashcards-1 (TIMESTAMPS) (00:00) Financial DNA (You aren’t Crazy) (02:51) Compound Kings (Buffett’s dirty little secret) (05:56) Pessimism & Money (07:40) Two Forgotten Elements (A story) (10:18) The Key to Happiness (11:21) Tail Events (15:02) Beyond Bling (True Wealth VS Being Rich) (16:30) The Real Price (19:13) Hedonic Treadmills (enough?) 🍿Here are some other videos from the channel you may be interested in watching… 📽️21 Mind Traps - Master your most common thinking errors - https://youtu.be/nYYkRaU0xh8 📽️Atomic Habits (Detailed Summary) https://youtu.be/PZ7lDrwYdZc 📽️Rich Dad Poor Dad | (Detailed Summary) https://youtu.be/eDa1U9qJKxo 📽️The Laws of Human Nature (Detailed Summary) https://youtu.be/uhWzVdGmX2w 📽️The Four Agreements (Detailed Summary) https://youtu.be/gpwuq5wOvwI 📽️Limitless by Jim Kwik (Detailed Summary) https://youtu.be/naEkf_As9kU Thankyou for watching. Please Subscribe, it helps a lot! :)

The first three minutes of the video discuss the human side of money, emphasizing that financial decisions are influenced by personal experiences, upbringing, and worldview. It highlights the concept of “financial DNA” and how different generations have varying perspectives on topics like the stock market and inflation based on their formative years.

Financial DNA
Psychology of Money
Generational Differences

  • Financial decisions are not just about numbers but also influenced by human emotions like ego, pride, fear, and personal history.
  • Our financial DNA, shaped by our experiences and family's values, influences our financial decisions and attitudes.

Insights from the YouTube Video Script:

1. Money is More Than Numbers: The Human Element

This video starts by challenging the common perception of money as merely a mathematical concept. It emphasizes the powerful role human psychology plays in financial decisions. Ego, pride, fear, and personal history all influence our choices, highlighting the complexity of managing money effectively.

2. Financial DNA: Shaped by Life Experiences

The script explores the impact of our early life experiences on our financial views. Generations growing up with different economic realities, inflation rates, and stock market trends develop unique perspectives on money and risk. These formative experiences shape our "financial DNA" and influence how we approach investing and financial decision-making throughout our lives

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