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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel provides the advice we all need if we seek freedom and independence that wealth can bring. The secrets are to be a frugal saver and an investor that just lets his income compound. You can do this too if you follow his advice.

Introduction: The Greatest Show on Earth

• Unlike physics that is guided by laws, finance is guided by peoples’ behaviors. It is best understood, therefore, through the lenses of psychology and history, not finance. Ordinary people can be wealthy if they have a handful of behavioral skills that have nothing to do with the formal measures of intelligence. This book will help you understand what they are.

1. No One’s Crazy

• We all have our own unique experience with how the world works and that is a big influence on how we deal with money. In theory, people should make investment decisions based on their goals and the characteristics of the investment options available. Unfortunately, that is not what most people do. Willingness to take on risk depends on your personal history and mostly on the conditions when you were born and growing up. Finance is a topic that is more influenced by emotions than facts, which helps explain why we don’t always do what’s best when it comes to money.

2. Luck & Risk

• Luck and risk both happen because 100% of your actions will never determine 100% of your outcomes. The world is too complex. We tend to associate bad outcomes with bad luck as opposed to bad decisions. It’s very hard to identify luck, risk, and skill. Not all success is due to hard work. Avoid trying to copy extreme examples. Look instead for broad patterns that occur often. Luck isn’t something that you can emulate.

3. Never Enough

• Why would a very wealthy man like Bernie Madoff risk everything by starting a Ponzi scheme? The idea here is that he failed to realize that he had enough. At some point as you pile up money it’s time to realize that you have enough and to stop thinking about how you can take risks to increase your wealth further. (Doug: I have enough.)

4. Confounding Compounding

• $81.5 billion of Warren Buffet’s $84.5 net worth came after his 65th birthday. This demonstrates the power of compounding. When something compounds, a little growth serves as the fuel for future growth. The secret is time. To grow your wealth you only need pretty good returns that you can stick with. (Doug: This has worked for me and you can do it too.

5. Getting Wealthy vs. Staying Wealthy

• Getting money and keeping money are two different skills. It starts with a frugal lifestyle, which involves spending less than you make. Keeping money requires the opposite of taking risks. Compounding only works if you can give your assets years and years to grow, kind of like an oak tree. Don’t be in a hurry or you are likely to take too many risks.
• Warren Buffet has lived through 14 recessions and he never panicked and sold during any of them. You need a financial plan, but few plans survive their first encounter with the real world. Your plan needs room for error or a margin of safety.

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When you’ve got school drop-offs, piano lessons, math tutoring, soccer practice, and dinner
all crammed into a single day, something’s got to give. For a lot of families, that “something”
tends to be free time—the kind that lets kids lie on their backs and daydream at the ceiling.
But as much as productivity matters, downtime isn’t just nice; it’s necessary. Balancing
both isn’t about perfect scheduling—it’s about knowing when to lean in and when to ease
off the gas.

Understand the Difference Between Busy and Productive

Being busy isn’t always the same as being productive. You know this from your own
life—running from meeting to meeting doesn’t mean you’ve actually accomplished
anything worthwhile. Kids are the same. Just because they’re booked solid doesn’t mean
they’re growing in ways that matter. Take time to look at what each activity is really
offering: is it a skill, a social outlet, a joy-bringer—or just calendar filler? If it’s the latter,
you’ve got your first clue that something can go.

Let Them Get Bored—On Purpose

Boredom gets a bad rap, but it’s actually one of the best developmental tools out there.
When you step back and let a child have unstructured time, you’re giving their mind room
to wander, wonder, and figure things out on their own. That’s when creativity starts to
bloom—right in the empty spaces. It’s tempting to fill every silence with something
“enriching,” but there’s real value in letting the enrichment come from within.

Make Digital Schedules

Creating digital schedules for your kids can make daily routines feel less chaotic and more
collaborative. Using color-coded calendars or simple spreadsheet templates, you can map
out everything from homework blocks to downtime in a way that’s easy for everyone to
follow. Saving these schedules as PDFs adds an extra layer of accessibility—they’re easy to
pull up on any device, and they won’t shift formatting like editable files often do. If you’re
interested in finding out how to make a PDF, an online PDF creator can help you convert
and share schedules from a variety of file formats with just a few clicks.

Create a Weekly “White Space” Zone

You probably schedule meetings or errands—but do you ever schedule nothing? White
space is the unscheduled time that belongs to nobody but the child. This could be a Sunday
afternoon, a weekday evening, or even just an hour on a Friday. The trick is not to treat it as
back-up time for missed chores or homework. Protect it like you would any other
commitment. It’s a sacred reset point that reminds everyone what breathing room feels
like.

Reevaluate Activities with Your Kid’s Voice in the Room

It’s easy to assume kids love all the things you sign them up for, but their actual opinion
might surprise you. Sit down and ask what they actually enjoy and what they’re just
tolerating. Sometimes a child is sticking with a sport or club just because they think they’re
supposed to. You’ll get a clearer picture of what’s working when their voice is part of the
planning. You might even find that what they really want is just more time to build Legos or
ride bikes around the block.

Establish Transition Time Between Activities

What happens between the stuff on the schedule matters just as much as the events
themselves. Racing from school to violin practice without time to decompress turns every
day into a marathon. Build in small buffers—ten minutes in the car to snack and stare out
the window, or a quiet walk instead of a rushed drive. These soft landings keep nervous
systems from going into constant overdrive. And they make the next thing feel less like a
chore.

Say No Without the Guilt Trip

You will be asked to do more—more playdates, more weekend tournaments, more
enrichment. Sometimes, the best thing you can do is say no, full stop. The hard part is
ignoring the guilt that tries to convince you you’re holding your child back. But you’re not.
You’re making room for something else: peace, presence, and maybe even a night of
spontaneous laughs and pancakes for dinner.

Lead by Example—Model Balance in Your Own Life

Kids are watching more than you think. If you’re always glued to your phone, rushing from
one task to the next, and never taking a breath, they’re internalizing that as normal. Show
them how you unplug. Let them see you reading on the porch, taking walks without a
destination, or turning down an invitation because you just need space. It’ll help them learn
that life isn’t just about doing, but also about being.

You don’t have to choose between burnout and boredom. There is a sweet spot in the
middle, where your child can stretch their talents and still come home to a space that feels
calm and unscheduled. Striking that balance isn’t always neat, and it won’t look the same
every week. But that’s okay. The point isn’t to master a perfect routine—it’s to create a life
that has enough room for both movement and rest. When you do that, you’re not just
managing time—you’re teaching your child how to live with rhythm, intention, and ease.

Emily Graham
Emily is the creator of MightyMoms.net. She believes being a mom is one of the hardest jobs around and wanted to create a support system for moms from all walks of life. On her site, she offers a wide range of info tailored for busy moms — from how to reduce stress to creative ways to spend time together as a family. You can email her at emilygraham@mightymoms.net. She lives in Arizona.

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