Summary of 5 thoughts from the book The Art of Spending Money 🕊️💸

Hello to all of Lemon 8, I have been away from posting for a long time. So there's an interesting book to suggest reading Morgan Housen that was recently translated by The Money Coach, and I immediately pressed a pre-order for both the book and the keynote of the young coach that summarized the internal content, which I think is more fun to read than the first book, The Psycology of Money (but the first one is equally fun), which I think is better because the content of the book is crazy to us, which talks about boasting things that we don't like at all to people we don't like. This is just part of the content, so I'm going to summarize five ideas from the book The Art of Spending Money.

1. Every behavior is always rational if there is enough information.

Morgan Housen will say that spending money is a very individual matter. You can't judge anyone: "Why does this person spend money like this, he won't save, he won't invest?" There is no right in this regard. Because people who were born until they had money may be spending money aggressively to heal their psychological wounds in the past. Instead, people who were very rich may spend money sparsely to not return to that bad situation. Because each of us has gone through a different lifestyle, do not try to judge other people's lives in their own form of money.

2. The most valuable financial asset is not to try to impress others.

Probably often for Thai people, and including me, who often buy something that we don't like it, but others say that it is good, such as having a house, having a car, having a car, having a good age. This age should be there (often found missing this word), which is not really measured by our inner success (such as what we really want, our inner peace of mind), it is measured by external success (such as cars, houses, superfluous things). Morgan Housen says that whenever you no longer have to "prove" success in front of strangers, spending your money. It decreases immediately, and satisfaction with what is in front of it increases.

3. Utility vs. Status

Morgan Housen compares the Toyota Hi-End with better utility than the initial BMW. While Toyota is probably better for real use, people tend to choose a BMW that can show social status to others. I am rich, have a class, use expensive things, not bad status, it's good for social purposes, but people tend to put these two things together, making us often spend more than money to benefit from it. Utility often gives you lasting happiness, but status gives you temporary happiness.

4. Look at them.

Whenever you don't appreciate yourself, you look at other people with jealousy and want to have a way to measure your own worth. When they have a car, a house, they want to have some like them. But deep down, they really have to measure their worth without even knowing themselves if it's what we really want. But let's have it first, and assume that there is, I'm happier. But no, it's not from what you really want to have, and you have to carry the financial burden you owe.

5. Social debt

The latent cost every time you spend money comes with expectations from other people. Always maintain a good-looking image and fear of being lowered in importance. As before, a house of about 2 million baht is ok to some extent. But when you change a new society surrounded by richer people, you have to change your home from 2 million to 10 million baht. From other people's expectations, you have to keep your image at the same level. And you have to spend according to a group of people you know so that you don't get down in importance. The best thing from the Almanack of Naval Ravikant. Ms. Well, must try reading.) Rich, but no one knows. Is the best.

It's over with five ideas from this book, many of which I want to present because it's really crazy to me, but I reserve five highlighting so that the lemon8 readers can latch a little heart saying, "Use money as a means to make you happy. Don't use money to make us slaves to money." How are you? Comment here. 💰💵

📍 MP coordinates: https://s.shopee.co.th/2LUQACnRcI

# Financial book review # theartofspendingmoney # Finance # Investment # Trending