Mastering the Moneyed Mind, Volume III

CHAPTER 1

Money Problems—The Effects on the Mind

There is nothing better and quicker than a huge economic crisis to sober up Wall Street, as well as the rest of us trying to survive and prosper on Main Street. An economic crisis precipitated by much bad, even evil, behavior within the financial industry itself—where people fall easily into a culture of arrogance, betrayal, entitlement, deception; in short, corruption—is especially sobering. An economic downturn forces one to adopt new money-management strategies both personally and professionally, to become more practical and sensible.

Virtually everyone’s sense of valuation changes: very few people brag about expensive hotel rooms or Ferraris anymore—even if they can afford them—and for some ...