Housel is known for his bestseller The Psychology of Money, which dissects how people’s previous beliefs, behaviors, and emotions impact finances. Now, he’s unveiling the psychology behind spending in his new book, The Art of Spending Money.
Housel’s “purpose” for example, was gaining respect through becoming a dad and an admirable husband. When those factors became his compass for success, the desire for that amazing fleet of cars diminished.
“My aspiration for material stuff is the inverse of what else I have to offer the world,” he added.
Housel says spending is not about getting things down to a science; rather, it’s an art that shouldn’t have a “one size fits all” approach. How you’re spending it also makes all the difference: if a majority of your expenditures are material items, you haven’t yet learned the most important life lessons.
Guo isn’t the only billionaire to choose a frugal life. Others, like Warren Buffett, try to lead very normal lives, despite their huge net worths.
