Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
I just wanted to share a book that I read recently called The Psychology of Money. One quote that really stood out for me was that money’s intrinsic value is it’s ability to give you control over your time. Most people say that happiness is achieved once you can attain control over your time and spend it as you see fit. The autonomy of controlling your time is so powerful. That's why so many of us want to achieve financial freedom, and real estate is one of the best vehicles.
The book has also helped me understand my relationship with money, and how to enjoy it more, and to view it as a tool. We often focus on where to invest our money, cash on cash, IRR, etc. But do we ask ourselves why are we investing, does it align with our goals, is it values based decision making. Once we become clear on our metrics, the answers will become easier.
I would like to know if any of you have read the book, and what your biggest takeaways were.
Wholesaler · usa · Member since 2021 · 221 posts · 67 votes
3y
@Gino Barbaro I recently read The Psychology of Money as well. It gave me a different perspective on how I view money and helped me better understand my relationship with money. The chapter on Reasonable > Rational stood out to me the most, specifically home bias, ignoring the other 95% of the planet and having a broader view of money and opportunities outside of what is familiar or expected. I loved your book on creative cash. The first house I bought was through an MLO, a great tool I feel is highly underutilized.
Wholesaler · usa · Member since 2021 · 221 posts · 67 votes
3y
@Gino Barbaro I recently read The Psychology of Money as well. It gave me a different perspective on how I view money and helped me better understand my relationship with money. The chapter on Reasonable > Rational stood out to me the most, specifically home bias, ignoring the other 95% of the planet and having a broader view of money and opportunities outside of what is familiar or expected. I loved your book on creative cash. The first house I bought was through an MLO, a great tool I feel is highly underutilized.
I realized that I employed a scarcity mindset at times, especially when I was putting offers, trying to lowball or get the best deal in a market that was on an upswing. It gave me more clarity on our business model that if we are holding long term and it's a great asset, dont' always just focus on price, but look at the value
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
3y
I have five kids (and I know you have a big family); so, it's easy to find the goal for money...our burn rate is crazy high, particularly when you get into college, cars, and, frankly, looser spending than I prefer. And you and Jake have achieved the next goal level...of financial independence (which is the much bigger step). I have a project in process that may take my family there...time will tell.
I used see myself always chasing money, until I figured out to chase opportunity, and the money would follow. We all forget that money is a result, a result of being very good at a particular skill. It may be raising money, closing deals, running a business. My mindset was to open a business to provide for my family. Once I understood to open a business to provide for the customer, everything changed. It did take a while but it changed.
I was obsessed with trying to provide value, and the more value you provide, the more money you make.
We are two lucky dudes to have a lot of kids. Money has allowed us to provide for them
I used see myself always chasing money, until I figured out to chase opportunity, and the money would follow. We all forget that money is a result, a result of being very good at a particular skill. It may be raising money, closing deals, running a business. My mindset was to open a business to provide for my family. Once I understood to open a business to provide for the customer, everything changed. It did take a while but it changed.
I was obsessed with trying to provide value, and the more value you provide, the more money you make.
We are two lucky dudes to have a lot of kids. Money has allowed us to provide for them
Gino
Well said. I tie my identity to learning/skill acquisition.
You may like the Impact Theory podcast with Tom Bilyeu.