16 quotes about money, each paired with a short, unhedged take. Part of The Psychology of Financial Success.
“Wealth consists not in having great possessions, but in having few wants.”
Enough / lifestyle creep
This is for the minimalists. This kept me broke and rewrote my wants. Not good. You have natural desires, I'm sure. Nice cars, trips, dinners with people. DO NOT forego these. DO NOT deny yourself what you want. Or you will soon resent your life on top of not being able to define your desires. Own what you want, acknowledge the costs, and make the money to get it.
“Empty pockets never held anyone back. Only empty heads and empty hearts can.”
Money scripts
Great mindset if you have no money, but at a certain point, empty pockets can absolutely slow progress and cut off options. Use grit to get the cash, but don't stay broke because money is useless. Far from it.
“Prosperity is a way of living and thinking, not just money.”
Money scripts
True. A relationship to money is dependent on your perspective on abundance, opportunity, and what it means to be rich. If you don't get those right, the number in your bank account with do all sorts of things you don't understand.
“Money, like emotions, is something you must control.”
Shame + avoidance
This one feels off the mark. Controlling emotions can easily become clamping your emotions, never feeling anything and going numb. And if you get that feeling around money, like you need to stiffen up, you'll probably have problems of never asking for it or spending most of it when you get it.
“A wise person should have money in their head, but not in their heart.”
Money scripts
Fine in theory, but if your heart is not in it, making money will be so much more difficult. You can out think your heart to an extent but I think that's the stuff that makes for heart attacks. Do yourself a favor and give your heart as much attention as your head or align your heart, your head, and how you make money.
“Money is a terrible master but an excellent servant.”
Money scripts
Might take just one big month or it could take millions. But I think every person aiming at money will have the moment they realise that their panic or constant nagging dissatisfaction over how much they have is terrible fuel to make more money.
“He is poor not who has little, but who craves more.”
Enough / lifestyle creep
But what if you want a 10 bedroom home or a gold plated watch? Nothing wrong with wants. Being grateful for what you have is valuable, but you can want things and be a good person. Stop falling for this low wants = low pain bullshit. You probably don't want a hospital visit, but if it happens can you pay it?
“Money often costs too much.”
Enough / lifestyle creep
Money can make a person do crazy things. If those are immoral, as they often are, then money can be attributed to negative costs. Careful to not blanketly make this connection, but rather use it as reminder that some things are more valuable than that next dollar, especially as you make more. (see: diminishing marginal utility)
“The lack of money is the root of all evil.”
Money scripts
I like how this subverts the classic money is evil idea. Poverty, for those who don't know, leads to bad decisions. And many of those bad decisions include robbing, stealing, lying, and plenty other criminal or otherwise bad ideas. Being broke tempts one to take very unhelpful shortcuts.
“Money is only a tool. It will take you wherever you wish.”
Money scripts
A very clear headed line by the rationalit herself. Once you grasp this, you'll see all the other costumes you put on money: a judge, a punisher, a thing to please. But, in reality, it's a resource. Try calling money "capital" for a week and see how it feels. When you can live with an emotional distance to money, you can use it better.
“Riches come not from abundance of goods, but from a contented mind.”
Enough / lifestyle creep
Another form of "matter doesn't really matter if you're miserable" quotes. And again, I think it's fine if it reminds you to value your values, but it's absolute shit if it gets your to drop your desires. Never forget what you want and trick yourself that a wonderbread sandwhich is a five star meal. Be thankful for what things are, but don't denounce high level things before you get them.
“Being rich is having money; being wealthy is having time.”
Enough / lifestyle creep
Too flimsy. I can be either broke or rich and have nothing but time to fuck around. Being busy is a separate thing. You can absolutely be busy when you're broke or rich. I see this as more of an issue with priorities and dealing with the frustrations or feelings you're running from as a busy bee.
“Wealth is the slave of a wise man, the master of a fool.”
Money scripts
Keep your money distant from your self worth or self image. You as a money maker can be an identity, but never as having the money that you have right now. Would you identifiy with a specific hammer or just the ability to hammer things down as needed? You can use many things to hammer if you maintain the right perspective. "I'm nothing without my hammer" is such a silly thought, so don't apply that to money. You are the money maker not the money.
“Formal education will make you a living; self-education will make you a fortune.”
Money scripts
Just plain good. Jim gets it.
“There are people who have money and people who are rich.”
Comparison + status
She could have meant this like Felix Dennis, describing how $10M is almost rich, $100M, is approaching wealth, etc. or she could have been saying that other things matter more than money. If it's the first, it's just a sign of her level and how much a person can actually earn. If it's the second, then good for her becuase a luxury designer who can still hold family or other values in high regard is indeed very rich.
“Wealth is the ability to fully experience life.”
Enough / lifestyle creep
I think one leads to another, in both directions. Wealth allows you to go places, gift people, build stuff. And being able to cherish the smaller moments in life allows you to be grateful enough to appreciate and build wealth even from small beginnings.
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