Mind Over Money Book Summary - Mind Over Money Book explained in key points
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Mind Over Money summary

Claudia Hammond

The Psychology of Money and How To Use It Better

4.2 (304 ratings)
27 mins

Brief summary

Mind Over Money by Claudia Hammond explores the link between our emotions and financial decisions. It sheds light on how to manage money by examining the psychological factors at play. A highly recommended read for anyone looking to understand their financial behavior.

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    Mind Over Money
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    Key idea 1 of 9

    Money evokes strong feelings in all of us.

    Imagine seeing a million dollars going up in flames in a bonfire, the enormous pile of crisp 50-dollar notes emitting belches of foul smoke as it burns away. How would you feel? Probably nothing short of unbridled horror and fury, right?

    Well, that’s precisely what British art duo the K Foundation did in 1994: they lit one million pounds on fire. The motivation behind their action? To perform a conceptual art piece.

    You’re probably asking why on earth two men would burn such a vast sum of money – money that could have been used to buy food for the hungry or houses for the homeless. How could they have been so selfish? 

    The key message here is: Money evokes strong feelings in all of us.

    According to one of the art duo’s members, Bill Drummond, they hadn’t actually destroyed anything real. They’d burned a big pile of paper rather than, say, apples and bread. 

    And therein lies the inherent contradiction of money. In a way, Drummond is right. Paper money in itself is valueless – or at least it would be if you lived on a desert island where there was nothing to buy. 

    But we don’t live on such an island. In reality, a million pounds can be exchanged for an enormous range of things. You could buy truckloads of apples or even create a huge apple orchard that could feed schoolchildren for generations to come. 

    If the K Foundation had destroyed a yacht, or a diamond ring valued at a million pounds, they may have received less of a backlash. But instead they destroyed something that was essentially a blank check for everybody’s dreams and aspirations. Understandably, this led to them facing a huge amount of controversy.

    The backlash the art duo received derives from a simple truth: we all imbue money with meaning. We imagine what we could do with it, or how it could make our lives easier, happier, and more powerful. We resent others who have more of it. And we mourn the times we’ve lost it. 

    Money affects our lives so much that many yearn to enter a currency-free utopia. Imagine a world where we would never have to worry about mortgages – or how to buy a loaf of bread! 

    But maybe money itself is not the problem. Instead, maybe it’s how we allow it to unconsciously affect our choices and psychological states. Over the next few blinks, we’ll examine our relationship to money and how it influences our life choices. 

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    What is Mind Over Money about?

    Mind Over Money (2016) reveals just how much our psychological baggage and irrational associations affect the decisions we make about money. From our nostalgic affinity for bank notes to how much we save to what we spend our money on, our behavior is influenced by years of “financial socialization” that we’re often completely unaware of. By acknowledging that this behavior is usually irrational, we can create strategies to help us rewire our brains and make money work for – rather than against – us.

    Mind Over Money Review

    Mind Over Money (2016) by Claudia Hammond is an insightful exploration of the complex relationship between our minds and our finances. Here's why this book is worth reading:

    • It provides a fascinating look at the psychology behind our financial decisions, helping readers understand why we often make irrational choices with money.
    • Through compelling case studies and real-life examples, the book offers practical strategies for improving our financial well-being and making better money-related decisions.
    • With its accessible and engaging writing style, Mind Over Money manages to make the topic of finance captivating and relatable, ensuring that it is definitely not a boring read.

    Who should read Mind Over Money?

    • Psychology buffs looking for insights into how our minds rule our wallets
    • Would-be savers who want to get a grip on irrational spending habits
    • Anyone who’s wondered if winning the lottery really would make them happy

    About the Author

    Claudia Hammond is an award-winning author, broadcaster, and psychology lecturer who presents the BBC Radio 4 Program All in the Mind. Her other books include Emotional Rollercoaster: A Journey Through the Science of Feelings and Time Warped: Unlocking the Mysteries of Time Perception. Currently, she is Visiting Professor of the Public Understanding of Psychology at the University of Sussex.

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    Mind Over Money FAQs 

    What is the main message of Mind Over Money?

    The main message of Mind Over Money is the influence of psychology in making financial decisions.

    How long does it take to read Mind Over Money?

    The reading time for Mind Over Money varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.

    Is Mind Over Money a good book? Is it worth reading?

    Mind Over Money is a valuable read for understanding the psychology behind financial decisions.

    Who is the author of Mind Over Money?

    The author of Mind Over Money is Claudia Hammond.

    What to read after Mind Over Money?

    If you're wondering what to read next after Mind Over Money, here are some recommendations we suggest:
    • Dollars and Sense by Dan Ariely and Jeff Kreisler
    • The Psychology of Money by Morgan Housel
    • From Here to Financial Happiness by Jonathan Clements
    • Money by Laura Whateley
    • The 5 AM Club by Robin Sharma
    • Million Dollar Habits by Brian Tracy
    • The Subtle Art of Not Giving a F*ck by Mark Manson
    • Real Life Money by Clare Seal
    • You Need a Budget by Jesse Mecham
    • I Will Teach You To Be Rich by Ramit Sethi