Money, psychology and us

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for ten years. –Warren Buffett

Tougher than earning money, is to make it last and grow for our future. The caveman mentality that still persists within us makes it difficult to understand the abstract nature of money. This leads us to commit mistakes that are indeed costly.

This long read (45min) takes us through 20 such mistakes that can happen due to our behavior with money. The usefulness of this article increases exponentially with decreasing age (with a lower limit of probably 20 years).

Couple the read with this wonderful podcast by Freakonomics Radio.