There's a good book on this called Psychology of Money. I also recommend Money for Couples to see in real time this psychological effect of money, especially with changes since childhood and how that affects people into adulthood.

This.

It's easy to make a good call, but it's really hard to stick with it.

The main financial advice I'm giving to all relatives is to write down their decisions before buying anything. Or, if you're looking for a long term investment - asking someone close to change the password on your account without letting you know.

The major problem with investing is that most people will commit to 2-5y strategy, and panic on the first dip.

If you did your due diligence and you believe that this particular asset will grow within 5 years - when it starts dipping after few months, and nothing major has changed in your predictions - you should buy more instead of selling.

The way people think and talk about money is also heavily dependent on class and culture. It’s very difficult to change. It’s not at all about typing it numbers on a calculator.

Yeah, 95% of the job is just telling people not to sell in the dips and buy at the peaks.

> Usually discussions about money are never actually about money, but rather safety, fear, etc.

What keeps me from retiring early and not socking away more money is the fear that medical insurance will refuse to pay for something major.

The U.S. sucks when it comes to healthcare. I don't know why we do this to ourselves ( Well, I actually _do_ know why and it's fucking retarded... ).