Why a high income doesn't guarantee financial freedom: The Psychology of Money #1

About this episode

Do you think a high income guarantees financial freedom? The fact is, what really sets people apart has never been their salary, but how they see money and life.

This episode starts from The Psychology of Money and contrasts two extreme stories: a gas-station mechanic and janitor who, with modest desires and long-term investing, left US$8 million; and a Harvard MBA and Wall Street executive who went bankrupt from heavy leverage and heavy spending.

You'll hear: • Why a high income can actually make you more fragile, and doesn't guarantee financial freedom • What really limits your freedom isn't what you lack, but what you have to keep maintaining • Using "begin with the end in mind" to redesign your life and money choices

If you're investing, or thinking about financial freedom, this episode will save you a lot of detours.

Who is this episode for? • People just starting to invest who want the right mindset about money and investing first • People whose income isn't high and who feel money never stays • Anyone thinking about what kind of life they really want to live

The episode is in Mandarin Chinese. These notes are translated from my original show notes.