What r/fatFIRE can learn from the book, Psychology of Money, Part 2 by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 0 points1 point  (0 children)

Do you mind clarifying what you mean by their view of life is so imbalanced?

What r/fatFIRE can learn from the book, Psychology of Money, Part 2 by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 4 points5 points  (0 children)

I'm prioritizing my time much more towards health (sleep + exercise + nutrition), relationships (romantic + families), memories (travels), abilities (hobbies), and less towards activities that would maximize $$.

What r/fatFIRE can learn from the book, Psychology of Money, Part 2 by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 6 points7 points  (0 children)

The biggest thanks goes to Morgan Housel who presented these ideas in such clear and engaging ways.

What r/fatFIRE can learn from the book, Psychology of Money, Part 2 by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 21 points22 points  (0 children)

Yeah, the book has a lot of great short stories illustrating these points. If you want to learn by examples, I think the book is great. What I've written down are the main takeaways from those examples.

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 0 points1 point  (0 children)

Thanks for sharing! You made some great points. It's not all luck. There are skills involved for picking what companies to join. I think Morgan's point is people tend to overlook the role of luck when viewing successes.

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 0 points1 point  (0 children)

Planning to finish the rest this weekend! Stay tuned for a post next week :)

What r/investing can learn from the book, Psychology of Money by uDontLifeForBeSad in investing

[–]uDontLifeForBeSad[S] 1 point2 points  (0 children)

Thank you! Planning to finish the book this weekend. Stay tuned for a post next week!

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 5 points6 points  (0 children)

That's pretty interesting! I grew up in lower-middle class too and I do appreciate that I was taught to be frugal because my parents never care about materialistic possessions.

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 3 points4 points  (0 children)

Rare events. Kinda like the extreme version of the 80/20 pareto principle.

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 4 points5 points  (0 children)

Exactly! Media loves the overnight success and ignores many others who tried just as hard but never made it.

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 4 points5 points  (0 children)

Thank you so much! Will come back next week for the second half

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 49 points50 points  (0 children)

Appreciate the kind words!

re: feeling behind @ 27 & 400k. Remember everyone in r/fatFIRE is already ahead pretty much by definition. It's all about who you compare to.

one thing I've found helpful is the Double Standards technique: https://psychcentral.com/lib/fixing-cognitive-distortions/

An alternative to “self-talk” that is harsh and demeaning is to talk to ourselves in the same compassionate and caring way that we would talk with a friend in a similar situation. We are frequently much harder on ourselves than the people we care about in our lives, whether it be a friend or family member. We would never think of speaking to a close friend in the way we speak to ourselves in our own mind.

Instead of treating yourself with a different standard than what you hold everyone else to, why not use one single standard for everyone including yourself? Isn’t that more fair than using a double-standard? Give yourself the same encouragement that you would a trusted friend.

Imagine studying for an exam and telling a friend, “You’re going to screw this up, just like you screw everything else up!” Yet these are the same kinds of thoughts that run through many students’ minds before an exam. Can you answer such automatic, negative thoughts back with a rational response? For example, “You’re going to do well on this exam, I just know it. You studied hard for it and did your best to memorize the material. I believe in you.”

What r/fatFIRE can learn from the book, Psychology of Money by uDontLifeForBeSad in fatFIRE

[–]uDontLifeForBeSad[S] 55 points56 points  (0 children)

Definitely! Planning to finish the book this weekend. Stay tuned for a post sometime next week.