Everyone ’ s talking about it
By PAMELA HERNANDEZ , Esq . Ernst and Young LLP
Money , money , money , money ! It seems like everyone is talking about money – how to get it , save it , invest with it , spend it , and even the lack of it . During a paradoxical time when America is experiencing historical highs - gains generated from the current housing market boom are high , tech stock and crypto currency investment gains are high , consumer spending is high , the ever increasing national debt is high , and the unemployment rate is high - it is no wonder that the topic of money is at the forefront of the American mind . But how much thought and discussion is focused on understanding the psychology of money ? If money is socially , politically , and morally neutral , why does our attitude and behavior towards it matter ? More importantly , how does our attitude and behavior toward money affect our happiness , view of wealth , and our success ?
In his book , The Psychology of Money : Timeless Lessons on Wealth , Greed , and Happiness , Morgan Housel boldly and thoughtfully addresses this very topic from a psychological perspective . He discusses financial tycoons like John Rockefeller that we currently and historically praise for their financial and entrepreneurial prowess , while pointing out the hypocrisies and the luck factors that are willingly ignored in awe of the empire examined . He discusses the fortunes and lifestyles of common and lesser known individuals and the circumstances , beliefs , historical events , and upbringings that shaped their attitudes towards money and success .
Housel addresses the varying views and psychology of money from an American and Western perspective , and skillfully
BOOK REVIEW
Pamela Hernandez , Esq . Ernst and Young LLP
Book Review
The Psychology of Money : Timeless Lessons on Wealth , Greed , and Happiness
contrasts it with the viewpoints from those of third world countries . Paying attention to the historical , generational , and even socioeconomic factors that play a role in our financial decision making , Housel explores how many individuals can have two morally sound yet divergent views on a financial issue , yet both views are correct and true . Housel challenges his readers to humbly consider the thought patterns and circumstances of others in financial discussions - how status , circumstance , morality , history , and even outright greed plays a part in one ’ s financial story and outlook . We may not all agree on the best ways to handle finances but everyone has their own financial truth .
Housel addresses the timeless discussion of the human desire to accumulate wealth and satisfy wants and needs , while also exploring the psychology behind greed and contentment . He cautions “ the hardest financial skill is getting the goal post to stop moving but it is the most important .” Being a wealth manager and planner by profession , I have had the occasion to manage and plan the estates of many individuals from diverse races , backgrounds , socioeconomic statuses , educational levels , and levels of wealth . There are a few commonalities that are notable ; however , everyone has their own financial truth and views that shape their thinking whether it be generational factors or even political factors .
This book is eye-opening , thought provoking , and allows for social and self-reflection . Being both easy to read and of holistic importance , I rate this book a 4.5 out of 5 and highly recommend it for your summer reading list .
YLD
PARENTING
Continued from Page 7 as well .
Often when we think of wellness activities , we think of traditionally female things such as a spa day or yoga . But it is important to expand this concept to include activities that are inclusive and appeal to a broader audience . By doing so , the support network for fathers and men can be expanded to include healthy friendships and gatherings as an outlet for stress , as well as therapy as part of a healthy routine . Therapy is no longer reserved for crisis situations but is encouraged on a maintenance basis ( analogize this to visiting the doctor for checkups to maintain your health , instead waiting until after you develop a critical illness ). Encouraging the men and fathers in our lives to care for their own mental health helps the whole family at the end of the day . So , thank you , to all the fathers and men that dealt with various stressors over this past year — we appreciate you . Thank you to everyone for continuing to be a member and I hope to see you in person soon at our upcoming events !
Do yourself a favor and head over to Instagram to follow SCBA . YLD !
SCHOLARSHIP
Continued from Page 9 them , and sharing your view of our local community during our summer intern events , or as Florida law school alumni spreading the word to your alma mater .
For more information on how to get involved , please contact the SCBA office .
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