The Psychology of Wealth
Understand Your Relationship with Money and Achieve Prosperity
Number of pages: 256
Publisher: McGraw-Hill
BBB Library: Economics and Investment, Psychology and Strengths
ISBN: 9780071789295
Editorial Review
Today we live in a trying economic environment. Every day, popular financial advisors exhaust us to hunker down, play it safe, and protect ourselves from an uncertain future. To the voices who promote fear and doubt, understanding the psychology of wealth will provide you with balance, wisdom, and optimism.
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Wisdom to Share
Having a wealth psychology means that we feel grateful for what we have and acknowledge what we have accomplished.
Repaying a loan in a timely fashion fosters the self esteem that comes from meeting a challenge responsibility.
Interest rates on credit cards can be relatively low, but the disadvantage of this form of revolving credit is that the interest can compound almost indefinitely, and the inducement of minimum payments encourages the perpetuation of debt.
Relying on credit cards can lull us into a false sense of prosperity that permits unconscious overspending through impulse buying.
Relying on credit cards can lull us into a false sense of prosperity that permits unconscious overspending through impulse buying.
A sense that our options are limited, or that someone else has decided what’s best for us, undermines our self-esteem—and with it, our ability to achieve meaningful prosperity.
Knowing that we can choose a solution that suits our priorities, needs, and values is not only financially advantageous, but also psychologically empowering.
One of the most important factors in creating a psychology of wealth is the knowledge that one has options.
The value of money itself doesn’t lie in the amount we have; it lies in what we do with it to bring pleasure, meaning, and significance to our lives.
The wealth that is experienced by living a life of quality, joy, service, and fulfillment: this is the true wealth that we all ultimately seek to achieve. Anything less leaves us hungry for more.
Instantaneous credit encourages unconscious spending. And it challenges our budgetary discipline sorely.
The big mess came from a lot of individual decisions that accumulated to create it. Paradoxically, that’s the good news—because if we can make a mess, that means we can unmake it.
Just as each life is the sum of both the minute and the major choices that a person makes every day, our collective lives are the product of countless individual contributions.
Just as each life is the sum of both the minute and the major choices that a person makes every day, our collective lives are the product of countless individual contributions.
The psychology of wealth is a delicate weave of social and family yardsticks and our own sense of what “worth” and prosperity mean. Bringing all these threads to consciousness is the first step in achieving our vision of a prosperous life.
And we must understand how our expectations and our self-image prepare us for success or for something less. Doing so requires us to look at our culture, our personal past, and the future we envision for ourselves.
To create a life that is rich in what matters to us (whether or not that includes an abundance of money), we must, in fact, understand what we want.
To achieve a prosperous life requires a clear understanding of our own values, and keeping our vision of that life clearly in front of us.
The financial balance sheet is our society’s most easily recognized measure of success and failure, and wealth seems intrinsically connected to the accumulation of assets.
By examining and identifying your concepts of success, career, work, and achievement, you can begin to break limiting patterns and unlock your own potential to achieve true prosperity.
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