We met after a long time with a larger group. The book choice this time was The psychology of Money by Morgan Housel. The good part was that the pdf of the book was circulated by Naveen and many of us had read the book earlier or had started reading. The easy read had several lessons for all of us - some of about money and some about the psychology of life.
Some of the key notes that were discussed and debated
- It is about the feeling of having enough
- Context and mindset matters because each one is having his or her own journey. This is amplified by the thought and chapter on reasonable and rationale when mental thoughts and excel sheets collide.
- Is leaving wealth or spending wealth in the present a good thing. At what stage should wealth be given
- Models like 15 x 15 X15 and 1/3rds for building wealth
- There is enough for everyone's need , but not enough for one man's greed
- How do we distinguish between luxury and affluence
- What does money get us - time to do what we want with who we want for how long we want and when we want.
- Making money the means and ends
- Consistency and allowing money to compounding
- Not to moan on losses, but to work on the large wins
Then the models went to nature, belief and how the ancient societies particularly in India, but also in most countries believed in wealth as a benefit of nature.
- Luck and its importance
- The meaning of prayer - if it is a manifestation or surrender
- The ancient Indian scriptures and what can we learn from it - Vedas to Upanishads and the context which was codified from oral traditions to a structured whole by Veda Vyasa. The how and why being covered by Brahmana and Samhita and the context and the fable part - more of the why being covered by Upanishads was deeply and beautifully explained by Naveen. One recommendation was the youtube channel on Vedanta by Neema Majumdar
Useful links for Psychology of Money
Next session date and time - To be determined
Book for the next session
Useful links for Biology of Belief
https://www.youtube.com/watch?v=eSP4JxgAOTk
https://www.youtube.com/watch?v=SZhNwqP2Plg
https://www.sfsu.edu/~holistic/documents/biology(2)-1.pdf
Just a small edit needed, I guess: The difference between "Wealth" and "affluence". Affluence and luxury mean the same thing. The point taken from the book was "Wealth is that we normally do not see". Wealthy people normally do not show off their wealth.
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