Grand Rounds: Don’t Psych Yourself Out Over Money
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with human behavior and how it intersects with finance.
Personal happiness/contentment is something that everyone does and should strive for.
But it is not about reaching a certain number or obtaining a certain item.
It really boils down to a whether or not you have a certain mindset which allows you to frame the world around you.
One of, if not the biggest, factor in terms of which path you follow in the happiness algorithm is how you view resources.
Semi-Retired MD addresses this in the post, “Do You Believe In An Abundance Or Scarcity Mindset.”
I had a first-hand experience contrasting both the scarcity and abundance mindsets in, of all places, an amusement park.
There is safety in numbers, right?
Schools of small fish often swim together and form a large ball that can deter some predators due to the sheer size of it.
But blindly trusting that you are in good hands just because everyone else is doing it can potentially lead you to a financial cliff that you may find yourself jumping off along with the rest of them.
The Physician Philosopher elucidates on this concept in, “Herding Isn’t Just For Lemmings.”
Speaking of a lemming, this creature is just one of the financial beasts I mention in a previous Harry Potter themed post I created, “Patronus Financialeviosa.”
Check it out to see which financial creature is your guide animal through your financial life.
Love what you do and you never have to work a day in your life.
Easier said than done.
But should you choose a specialty in medicine because of the influence of money?
Cory Fawcett of Prescription For Financial Success addresses this in his post, “Should We Follow Our Passion Or Do Something Practical?”
Take a good concept and take it to the extreme and it can turn bad quickly.
Saving and building wealth is a great concept and one that everyone should try to incorporate in their lives.
But after years of saving and building wealth it can often be tough to turn that part of your life off and actually spend it.
But spend it you must as this is what separates the miser from those who are truly rich (in money and in life happiness).
BeThree drives home this point in her article, “7 Ways To Make Sure You’re Spending Money Wisely.”
I feel like I am the poster boy for what happens when you marry wrong.
Physician On FIRE on the other hand, is incredibly fortunate when he married right.
When you and your spouse are on the same financial page you are already well on your path to a happy financial and wedded life.
Most individuals assume that it is the spouse of a physician that is the driving force of lifestyle inflation and keeping up with the Joneses.
Mrs. POF shows that it is not the size of your home but what is in it that will make you happy in her wonderfully articulated post, “Mrs. Physician On FIRE Speaks! A Guest Post By Request.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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