Today, we're talking about 12 lessons about money that I learned from this fantastic book by Morgan Housel called The Psychology of Money.

今天，我們來談談我從摩根-豪塞爾（Morgan Housel）的這本名為《金錢心理學》（The Psychology of Money）的奇妙書籍中學到的關於金錢的 12 條經驗。

And that's what we're talking about in this episode of Book Club, the ongoing series where we distill and discuss highlights from some of my favourite books.

這就是我們這一集 "讀書俱樂部 "要討論的話題。"讀書俱樂部 "是一個持續性的系列節目，我們將從我最喜歡的幾本書中提煉並討論精彩片段。

And we're gonna do this in four parts.

我們要分四個部分來做。

We're gonna talk about lessons about our attitudes towards money, lessons about getting money, lessons about spending money, and then lessons about protecting our money once we've gotten it.

我們要講的課程包括對待金錢的態度、獲得金錢的方法、花錢的方法，以及獲得金錢後如何保護自己的金錢。

Part one, three lessons about our attitudes towards money.

第一部分，關於我們對金錢的態度的三節課。

So the first lesson I got from the book was that everyone has different attitudes towards money.

是以，我從這本書中得到的第一個啟示是，每個人對待金錢的態度都不盡相同。

And because the way that those attitudes affect the way that they earn and spend their money, we shouldn't be too quick to judge people based on what they do with their own money.

因為這些態度會影響他們賺錢和花錢的方式，所以我們不應該過早地根據他們如何使用自己的錢來評判他們。

So let's think about people's behaviour when it comes to investing in stocks, for example.

舉例來說，讓我們想想人們在投資股票時的行為。

If you were born in the 1970s, the S&P 500, which is the index fund that tracks the top 500 biggest companies in the US, that increased by 10 times its starting amount between age 13 and age 30 for you.

如果你出生於 20 世紀 70 年代，那麼標準普爾 500 指數（跟蹤美國最大的 500 家公司的指數基金）在你 13 歲到 30 歲之間的增長幅度是起始金額的 10 倍。

But if you were born just 20 years earlier, the market basically went nowhere.

但是，如果你出生在 20 年前，市場基本上沒有什麼起色。

So these two groups of people are gonna go through life with radically different ideas of how the stock market works.

是以，這兩類人將帶著完全不同的股市運作理念度過一生。

And obviously these views are gonna affect how they behave.

顯然，這些觀點會影響他們的行為方式。

Like people born in the 1970s are much more likely to invest in stocks than people born in the 1950s for whom they think the stock market doesn't really do anything.

就像 20 世紀 70 年代出生的人比 50 年代出生的人更有可能投資股票，因為他們認為股市其實沒什麼用。

And so for example, for someone like me, it can seem a bit weird.

是以，舉例來說，對我這樣的人來說，可能會覺得有點奇怪。

Like why don't more people just invest in the S&P 500?

比如，為什麼沒有更多的人投資標準普爾 500 指數？

It just keeps on going up.

它一直在上漲。

Why don't more people invest in crypto?

為什麼沒有更多人投資加密貨幣？

But what I realised after reading the book is that to be honest, I need to not be a dick about it because people have different attitudes to money depending on their own circumstances.

但讀完這本書後，我意識到，老實說，我不需要在這件事上斤斤計較，因為人們對金錢的態度因人而異。

Lesson number two is don't underestimate the importance of luck when it comes to making money.

第二課，不要低估賺錢時運氣的重要性。

Because basically any outcome that we're going for, whether it's making money or anything else in life is some combination of luck and skill and unfair advantages.

因為基本上我們所追求的任何結果，無論是賺錢還是生活中的其他事情，都是運氣、技巧和不公平優勢的結合。

If we take Bill Gates, for example, now he's obviously super talented, but he was also pretty lucky to get to go to one of the very few high schools in the US that actually owned a computer.

以比爾-蓋茨為例，他顯然才華橫溢，但他也非常幸運，進入了美國為數不多的真正擁有電腦的高中。

And that's what helped him start messing around with coding and start working on the company that ultimately became Microsoft.

這幫助他開始接觸編碼，並開始為最終成為微軟的公司工作。

And so Morgan's point in the book is that we shouldn't focus too much on the individuals.

是以，摩根在書中的觀點是，我們不應該過於關注個人。

We shouldn't look too closely at what did Elon Musk do to get rich?

我們不應該過分關注埃隆-馬斯克靠什麼致富？

What did Bill Gates do to get rich?

比爾-蓋茨靠什麼致富？

We should instead look at the broader patterns that try and account for this fact that different people got lucky at different times.

相反，我們應該研究更廣泛的模式，試圖解釋不同的人在不同的時間走運這一事實。

Lesson number three from the book is that we should learn to say this is enough.

書中的第三課是，我們應該學會說 "夠了"。

Now it's natural for us as humans to keep on moving our goalposts.

現在，我們人類自然會不斷移動我們的目標。

Once we achieve our goals, whether it's financial goals or career goals or hot board goals or pretty girl goals, we always look forward to the next goal.

一旦我們實現了自己的目標，無論是財務目標、職業目標，還是熱板目標或美女目標，我們總是期待著下一個目標。

And generally the cycle doesn't end because we keep on comparing ourselves to the people who are above us in this invisible ladder.

一般來說，這種循環不會結束，因為我們一直在把自己與這個無形階梯上比我們高的人進行比較。

Now this lesson really resonated with me because I've been chasing this entrepreneurship thing since like the age of 13, trying to make money on the internet and started off making basically zero money.

這堂課真的讓我產生了共鳴，因為我從 13 歲開始就一直在追逐創業這件事，試圖在互聯網上賺錢，但一開始賺的錢基本上為零。

And then slowly, slowly, slowly over time, my income has basically compounded to the point where I am way beyond the point that any reasonable person would say that this is enough.

然後慢慢地，慢慢地，慢慢地，隨著時間的推移，我的收入基本上是複合型的，以至於我已經遠遠超出了任何一個有理智的人都會說這就夠了的地步。

But what I've been finding is that the comparator group keeps on changing.

但我發現，參照組一直在變化。

It's like when my YouTube channel was just starting out and it was making a small amount of money here and there, it was like, oh, that's cool.

就像我的 YouTube 頻道剛起步的時候，時不時能賺點小錢，我就覺得，哦，這很酷。

You know, it'd be cool to make maybe a hundred pounds here and there.

你知道，如果能在這裡或那裡賺到一百英鎊，那就太酷了。

Then it started making a hundred pounds here and there.

然後，它開始在這裡和那裡賺取 100 磅。

I was like, oh, that's cool.

我當時想，哦，這很酷。

But look at those channels that maybe have millions of subscribers.

但看看那些可能擁有數百萬訂閱者的頻道。

Like I wonder how much money they're making.

就像我想知道他們賺了多少錢一樣。

And what I like that Morgan reminds us of is that we actually do need to recognise when enough is enough and not be continuously trying to pursue growth just for its own sake.

我喜歡摩根提醒我們的一點是，我們確實需要認識到什麼時候才是 "夠了"，而不是為了追求增長而不斷努力。

And in the book, he gives a bunch of examples of really rich people doing very dodgy and shady things to chase even more money.

在書中，他舉了很多例子，說明真正的有錢人為了追逐更多的錢財，做了很多不光彩的事情。

Like Bernie Madoff, for example, who was already ridiculously rich, but then built this pyramid scheme to try and become even more ridiculously rich and ended up in prison as a result of it.

比如伯尼-麥道夫（Bernie Madoff），他本已富可敵國，卻又建立了金字塔式的騙局，試圖變得更加富可敵國，結果鋃鐺入獄。

And what Morgan says is that it's really about asking the question of when is enough enough?

摩根說，這實際上是在問一個問題：什麼時候才算夠？

Do I really need this extra thing?

我真的需要這個額外的東西嗎？

And there's a nice quote where he says, there is no reason to risk what you have and need for what you don't have and don't need.

他有一句話說得很好，"沒有理由為了你沒有和不需要的東西而拿你擁有和需要的東西去冒險"。

And this lesson actually applied in my life fairly recently.

而這一課實際上最近就應用到了我的生活中。

So my housemate, Sheen, if you might remember from previous videos, moved to Dubai.

我的室友希恩（Sheen）搬到了迪拜。

And I was strongly thinking, why don't I move to Dubai?

我強烈地想，為什麼我不搬到迪拜去呢？

And I spoke to my accountant and he was talking about the low tax rates and all that kind of stuff.

我和我的會計師談過，他談到了低稅率之類的東西。

And I was thinking, ooh, I could wind down the company in the UK, move to Dubai, like not live in the UK for three years to become tax resident outside of the UK, become tax resident in Dubai where I don't pay any corporation tax or VAT or income tax and all this stuff.

我在想，哦，我可以把英國的公司清算掉，搬到迪拜去，比如不在英國住上三年，成為英國以外的稅務居民，成為迪拜的稅務居民，在那裡我不用繳納任何公司稅、增值稅或所得稅等等。

And then I'd be making twice as much money because I have to pay half as much tax.

這樣我就能賺兩倍的錢，因為我必須繳納一半的稅。

And I had all these thoughts going in my head.

我腦子裡想了很多。

And it was around that time that I read the psychology of money and started figuring out what are my values in life and stuff.

就在那時，我讀了一本《金錢心理學》，並開始思考我的人生價值和其他東西。

And I realised that that is just like stupid thinking.

我意識到，這簡直就是愚蠢的想法。

I did not need that extra money.

我不需要那些額外的錢。

I quite like being in the UK.

我很喜歡英國。

I like the fact that my friends and family are here.

我喜歡我的朋友和家人都在這裡。

And I'd be sacrificing a large amount of stability here in the UK for the sake of just chasing a little bit more money, but effectively tax avoidance in Dubai.

在迪拜，為了多賺一點錢，但實際上是為了避稅，我在英國犧牲了大量的穩定。

And so ultimately I decided against it.

是以，我最終決定不這麼做。

Thank you, Morgan, for the tip on that front.

摩根，謝謝你在這方面的提示。

Part two, lessons about getting money.

第二部分，關於獲取資金的課程。

All right, so this is obviously not a video on how to make money from scratch.

好吧，這顯然不是一個關於如何白手起家賺錢的視頻。

You can check out my video on nine passive income ideas if you want more information about that.

如果你想了解更多相關資訊，可以查看我關於九個被動收入點子的視頻。

But Morgan does have some very solid chapters about how we actually get rich.

但摩根確實有一些非常可靠的章節講述了我們如何真正致富。

So lesson four is to appreciate the magic of compounding.

是以，第四課就是要領會複利的魔力。

So let's say I put $1,000 into the S&P 500 index fund and I get a decent return of about 10% per year.

比方說，我把 1,000 美元投入標準普爾 500 指數基金，每年能獲得 10% 左右的不錯回報。

That'll give me $1,100 by the start of year two, which means I'm then earning 10% on the 1100 so that at the start of year three, I'll have $1,210.

這樣，到第二年開始時，我就有了 1100 美元，這意味著我可以從 1100 美元中賺取 10%，這樣到第三年開始時，我就有了 1210 美元。

And as this compounds over time, you're basically earning interest or gains on your interest or gains.

隨著時間的推移，你基本上可以從利息或收益中賺取利息或收益。

And when you start playing with the big numbers here, the results are absolutely insane.

而當你開始在這裡玩大數字遊戲時，結果絕對會讓你大吃一驚。

Now, the example that Morgan uses in the book is Warren Buffett, who is famously very rich.

摩根在書中舉的例子是沃倫-巴菲特，他是著名的富豪。

And at the time that the book was written, Warren Buffett's net worth was around $84.5 billion.

而在寫這本書時，巴菲特的淨資產約為 845 億美元。

But of that $84.5 billion, 84.2 billion of it actually came after his 50th birthday.

但在這 845 億美元中，有 842 億美元實際上是在他 50 歲生日之後獲得的。

And of that amount, 81 billion of it came after his 60th birthday.

其中，有 810 億是在他 60 歲生日之後獲得的。

And one of the reasons that Warren Buffett was able to get so much wealth is that he started young and he kept going.

沃倫-巴菲特之所以能夠獲得如此多的財富，其中一個原因就是他年輕時就開始創業，並且一直在堅持。

Like he started investing at the age of 10, such that by the age of 30, he had a million dollars in investments.

比如他從 10 歲開始投資，到 30 歲時已經擁有了一百萬美元的投資。

And then he just absolutely kept on going well into his, I think he's like 90 something now.

然後他就一直堅持到了90多歲。

And there's some good maths in the book that shows that 99.9% of Warren Buffett's wealth came as a result of compounding because he started early and he just did it for absolutely ages.

書中有一些很好的數學計算表明，沃倫-巴菲特 99.9% 的財富都是複利的結果，因為他很早就開始了複利，而且一做就是很長時間。

And there's a really nice quote from the book that describes Warren Buffett's success with this.

書中有一段非常精彩的話，描述了沃倫-巴菲特在這方面的成功經驗。

Morgan writes that, none of the 2,000 books picking apart Buffett's success are titled, this guy has been investing consistently for three quarters of a century.

摩根寫道："2000 本挑剔巴菲特成功之道的書沒有一本有標題，這傢伙已經持續投資了四分之三個世紀。

But we know that that's the key to the majority of his success.

但我們知道，這是他取得大部分成功的關鍵。

It's just hard to wrap your head around that maths because it's not intuitive.

你很難理解這種數學計算，因為它並不直觀。

Lesson number five is to try and save as much as you can, even when you don't have a specific reason to save.

第五課是即使沒有具體的儲蓄理由，也要儘量多儲蓄。

Morgan writes that building wealth has little to do with your income or investment returns and lots to do with your savings rate.

摩根寫道，積累財富與你的收入或投資回報關係不大，而與你的儲蓄率有很大關係。

So we naturally think that saving is basically income minus expenses.

是以，我們很自然地認為，儲蓄基本上就是收入減去支出。

But Morgan says that the other way of thinking about it is that savings equals income minus ego.

但摩根說，另一種思路是，儲蓄等於收入減去自我。

And this is quite interesting.

這一點非常有趣。

I think it's an interesting way of looking at our expenses.

我認為這是一種看待我們開支的有趣方式。

Like if I look at my own spending, how much of that spending is actually necessary and how much of it is based on ego?

比如，如果我看看自己的支出，有多少是真正必要的，有多少是基於自我？

I don't know, maybe you can decide.

我不知道，也許你能決定。

And he also talks about how really our savings rate is the only variable in this equation that we can really control.

他還談到，在這個等式中，我們的儲蓄率是我們唯一可以真正控制的變量。

Like I can't really control how much money I'm making.

就像我無法控制自己能賺多少錢一樣。

I can to an extent, but not really.

我在某種程度上可以，但並不是真的可以。

I can't at all control the returns of the stock market or the returns of Bitcoin or the returns of the real estate market, but I can absolutely control how much money, what percentage of my income I'm saving myself.

我根本無法控制股市的收益、比特幣的收益或房地產市場的收益，但我絕對可以控制我為自己存了多少錢，佔我收入的多大比例。

And there's a related point that I came across from Balaji who was interviewed in Tim Ferriss' podcast recently, where he says that if you can have a very high savings rate and you can keep your own personal expenses very low, like you need little money to survive and thrive, then it actually gives you a lot more freedom in life because there are a lot of people that are tied to jobs that they don't necessarily enjoy because they now have lifestyles that require them to have that high income from the job that they don't necessarily enjoy.

最近，我在蒂姆-費里斯的播客中採訪了巴拉吉，他說，如果你能有很高的儲蓄率，你能把自己的個人支出控制在很低的水準，比如你只需要很少的錢就能生存和發展，那麼這實際上會給你的生活帶來更多的自由，因為有很多人被綁在他們並不一定喜歡的工作上，因為他們現在的生活方式要求他們從他們並不一定喜歡的工作中獲得高收入。

And kind of the point is, what's the point of being miserable in your job for 80,000 hours of your life, kind of for most of the time that you spend alive?

問題的關鍵在於，在你一生中的 8 萬個小時裡，也就是在你活著的大部分時間裡，在你的工作崗位上苦苦掙扎又有什麼意義呢？

What's the point of being miserable in that for the sake of having a fancy house and having a fancy car?

為了擁有一棟豪華的房子和一輛豪華的汽車而在其中痛苦，這又有什麼意義呢？

It's probably not worth the trade-off.

這樣做可能得不償失。

And so really, if we can just lower our personal expense rate, increase our personal savings rate in whatever fashion we can, that gives us more anti-fragility, more freedom, more autonomy to kind of do more of the things that we actually want.

是以，如果我們能降低個人開支率，以任何方式提高個人儲蓄率，我們就能獲得更多的反脆弱性、更多的自由和更多的自主權，去做更多我們真正想做的事情。

Lesson number six from the book is to focus on not screwing up rather than on making big gains.

書中的第六課是：專注於不搞砸，而不是賺大錢。

So let's imagine two investors, Sue and Jim.

讓我們想象一下兩位投資者，蘇和吉姆。

Sue invests $1 into the stock market every single month, no matter what.

無論如何，蘇每個月都會向股票市場投資 1 美元。

Whereas what Jim does is that he invests money into the stock market as it's going up, and then he sells his stocks as it's going down, and he's trying to play the market in that sense.

而吉姆的做法是，當股市上漲時，他將資金投入股市，當股市下跌時，他將股票賣出，從這個意義上說，他試圖玩轉市場。

This is what Sue's portfolio looks like over time.

這就是蘇的投資組合隨著時間推移的變化情況。

And unfortunately, this is what Jim's portfolio looks like over time.

不幸的是，隨著時間的推移，吉姆的投資組合就是這個樣子。

And the reason why Sue ends up better off than Jim is not because she made big gains, it's because she consistently did not screw up by selling her stocks in like a downturn.

而蘇之所以最終比吉姆過得更好，並不是因為她賺了大錢，而是因為她始終沒有在經濟低迷時拋售股票。

And the other interesting point here is that when it comes to thinking about how we're spending and investing our money, getting it wrong is a lot worse for us than getting it right because if we lose money, we can then no longer go back into the game and we actually have consequences on our life.

另一個有趣的問題是，在考慮如何花錢和投資時，對我們來說，錯誤的做法比正確的做法更糟糕，因為如果我們虧了錢，我們就不能再回到遊戲中，我們的生活就會受到影響。

Whereas if we make twice as much money or twice as much as that, twice as much as that, like there are significant diminishing returns to the value of extra money that we get.

而如果我們賺的錢比這多一倍，或者比這多兩倍，就像我們得到的額外金錢的價值有明顯的遞減回報一樣。

And so Morgan's point basically is, you know, like think about the longterm and try not to lose money rather than thinking, oh my God, I need to chase that next Ponzi scheme or that next, oh, you know, Dogecoin is going to the moon, therefore I'm gonna put stuff in there.

是以，摩根的觀點基本上就是，你知道，要考慮長遠，儘量不要虧錢，而不是想著，哦，我的上帝，我需要追逐下一個龐氏騙局，或者下一個，哦，你知道，Dogecoin正在走向月球，是以我要把東西放在那裡。

It's far more important to just focus on not screwing up and not losing money and doing that consistently over time so that you can actually benefit from compounding.

更重要的是，要專注於不搞砸、不賠錢，並長期堅持，這樣才能真正從複利中獲益。

All right, let's turn to part three, which is lessons about spending money.

好了，讓我們進入第三部分，關於花錢的課程。

And then lesson number seven is use money to buy freedom.

第七課是用金錢購買自由。

And he talks about how really the true value of money is in the flexibility and the optionality that it gives us rather than the fact that it helps us buy a fancy house or a fancy car.

他談到，金錢的真正價值在於它給我們帶來的靈活性和可選擇性，而不是幫助我們買到豪華的房子或汽車。

He writes that money's greatest intrinsic value, and this cannot be overstated, is its ability to give you control over your time.

他寫道，金錢最大的內在價值--這一點怎麼強調都不為過--就是它能讓你控制自己的時間。

Using your money to buy time and options has a lifestyle benefit that few luxury goods can compete with.

用錢來購買時間和選擇，這種生活方式的好處是很少有奢侈品能與之相比的。

And the reason for this is that at the end of the day, we all just wanna be happy and live a happy and meaningful life.

究其原因，歸根結底，我們都只想獲得快樂，過上幸福而有意義的生活。

And tons of studies have shown that your income has significant diminishing returns on your personal life satisfaction or happiness from life.

大量研究表明，收入對個人生活滿意度或生活幸福感的影響是遞減的。

And that beyond a point, depending on who you ask, it's around about $75,000 in the US.

超過一定程度後，取決於你問誰，在美國大約是 75,000 美元。

Beyond a certain point, more money stops buying you further increases in happiness.

超過一定程度，更多的錢就不再能買到更多的幸福。

And so ultimately, given that time is our most valuable non-renewable resource, we can always make more money, but we can never make more time.

是以，歸根結底，鑑於時間是我們最寶貴的不可再生資源，我們總能賺到更多的錢，但卻永遠賺不到更多的時間。

Using our own money to buy extra time, to buy our freedom is a very good use of that money rather than spending it on pointless luxury crap that we don't actually need.

用我們自己的錢去購買額外的時間，去購買我們的自由，而不是把錢花在我們實際上並不需要的毫無意義的奢侈垃圾上，這是對錢的很好利用。

Lesson number eight is that getting wealthy is very different to staying wealthy.

第八堂課是，致富與守富截然不同。

Now here, Morgan writes that getting money requires taking risks, being optimistic and putting yourself out there, but keeping money requires the opposite of taking risks.

在這裡，摩根寫道，獲得金錢需要冒險、樂觀並把自己擺在那裡，但留住金錢卻與冒險相反。

It requires humility and fear that what you've made can be taken away from you just as fast.

這需要謙遜，也需要擔心你所創造的東西會被人以同樣快的速度奪走。

And I was kind of thinking about this as I was thinking about like, basically these days, how much of my investment portfolio to take out of stocks and real estate and just put into crypto.

我一直在思考這個問題，因為我在想，基本上這些天來，我的投資組合中有多少應該從股票和房地產中撤出，轉而投入加密貨幣。

So crypto is obviously highly volatile and could go up significantly.

是以，加密貨幣顯然極不穩定，可能會大幅上漲。

I have reasonably high conviction that it will, but I still have a decent chunk of savings in investments in stocks and shares and in real estate.

我有相當大的信心會這樣，但我仍有一大筆積蓄投資於股票和房地產。

And reminding myself that right now, my aim is not to continue to make more money.

並提醒自己，現在我的目標不是繼續賺更多的錢。

My aim is actually to keep the money that I have and grow it slowly.

實際上，我的目標是保住現有的錢，並慢慢增加。

That means I wanna be nicely diversified across these different asset classes.

這意味著，我希望能很好地分散這些不同的資產類別。

And so I do have a fairly significant chunk of my portfolio, I think like 30 or 40, 30%, probably 30% in crypto, more on that in a future video coming, but I am not withdrawing all my stock market returns and all of my kind of real estate investments to put money into crypto.

是以，我的投資組合中確實有相當大的一部分，我想大概有 30% 或 40%，30%，可能 30% 在加密貨幣中，未來的視頻中會有更多關於這方面的內容，但我不會把我所有的股市收益和所有的房地產投資都撤出來，把錢投入到加密貨幣中。

That would be a bad decision.

這將是一個錯誤的決定。

And even though it might go up, it's like, if it goes down, then that will significantly negatively affect my life in a far greater way than if it just goes up 10X or goes to the moon, for example.

儘管它可能會上漲，但就好像，如果它下跌了，那麼對我生活的負面影響將遠遠大於它只是上漲 10 倍或登上月球。

Lesson number nine from the book is don't be a flashy twat.

這本書的第九堂課就是不要做一個華而不實的娘們。

So Morgan writes to his son, you might think you want an expensive car or a fancy watch and a huge house, but I'm telling you, you don't.

摩根寫信給他的兒子說："你可能認為自己想要一輛名車、一塊名錶和一棟大房子，但我告訴你，你不需要。

What you want is respect and admiration from other people.