Daily Human – Psychology of Money – 18/9/21

This is an incredible book. Even if you are the child of Bill Gates or Jeff Bezos, please read it. Coz your super successful dads also practise its principles.

Some of the things I really related to.

The way we get into a competition with friends and family over who’s the smartest investor. People boast about the 10X returns they got on a contrarian stock selection they did or the way they leveraged themselves to make a killing in real estate. We get caught up in that and abandon our investment strategies.

I have been there and suffered immensely. Luckily I have made peace with that.

The way we admire the big car but not the person who owns it. But we feel, that getting a big car will get us the admiration of our peers, friends and family.

Luckily, my only vices are shoes and books. Two experiences really helped. My first job with Onida. Travelling in a state transport bus to meet a dealer in Porbandar helped me get rid of all my pretensions and false notions. He didn’t care about my fancy education or what brands I was using.

CaratLane was the other one. The early days were incredibly tough. Without eating humble pie every day, you couldn’t survive.

The third one was about wealth. Wealth is the money people don’t see. Become wealthy not rich. Working on this one.

Finally and most importantly. Freedom comes from flexibility. Which in turn comes from having money in the bank. Which allows you to have choices. The ROI of having this choice is infinite.

Major food for thought. If you are the kind of person who thinks about the fundamental question of life, then this is something you will have to give some thought to.

Lots of other good stuff.