The #1 thing most people get wrong about money
Transcript:
Morgan Housel: if you are always chasing, particularly for the attention of strangers who are not even paying attention to you, that can be a big trap that’s hard to get off of.
There are really two ways to use money. One is as a tool to live a better life. The other is as a yardstick of status to measure yourself against others by to insert yourself in the social hierarchy. And what a lot of people actually want is not a big house or nice clothes. They want a bigger house than their neighbor and nicer clothes than their friends. And realizing that at some level can be OK and is unavoidable. if you are always chasing, particularly for the attention of strangers who are not even paying attention to you, that can be a big trap that’s hard to get off of.
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