Theo Burchell’s Reviews > The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness > Status Update
Theo Burchell
is on page 154 of 242
Chapter 14:
This was about decision and how our opinions and thoughts change over time, obviously right? How a child’s dream of becoming a tractor driver is unrealistic and how someone 18 can make a decision you stick with till you’re 80. It was saying that decisions change and we should plan for those decisions to change.
— 8 hours, 9 min ago
This was about decision and how our opinions and thoughts change over time, obviously right? How a child’s dream of becoming a tractor driver is unrealistic and how someone 18 can make a decision you stick with till you’re 80. It was saying that decisions change and we should plan for those decisions to change.
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Theo’s Previous Updates
Theo Burchell
is on page 146 of 242
Chapter 13:
plan for your plan to not go to plan. We can always plan for the main stuff but the random stuff can creep up on us, which is why having a buffer and safety net is essential when planning. (Like the mice in ww2 stalingrad). Basically we can never be certain therefore plan for things to go wrong and you will be safer than those who don’t.
— 17 hours, 42 min ago
plan for your plan to not go to plan. We can always plan for the main stuff but the random stuff can creep up on us, which is why having a buffer and safety net is essential when planning. (Like the mice in ww2 stalingrad). Basically we can never be certain therefore plan for things to go wrong and you will be safer than those who don’t.
Theo Burchell
is on page 133 of 242
Chapter 12:
This was about surprises, and how they cause the greatest shifts in the economy and everyday life. Therefore w shouldn’t look to the past for current specific advice and rather use the past to form general opinions on money and trends, like how people behave under stress. History also doesn’t have context, we have changed a lot as a world since ‘x’ yet people think it will happen again.
— Aug 11, 2026 02:00AM
This was about surprises, and how they cause the greatest shifts in the economy and everyday life. Therefore w shouldn’t look to the past for current specific advice and rather use the past to form general opinions on money and trends, like how people behave under stress. History also doesn’t have context, we have changed a lot as a world since ‘x’ yet people think it will happen again.
Theo Burchell
is on page 119 of 242
Chapter 11:
Being reasonable is better than. Being rational bc being reasonable you can explain and justify allowing you to believe in it whereas being rational can cause you to leave to early (in stocks that is). It is also very easy to think behaviour rationally however thinking reasonable is the greatest way to predict that behaviour and succeed.
— Aug 10, 2026 03:47PM
Being reasonable is better than. Being rational bc being reasonable you can explain and justify allowing you to believe in it whereas being rational can cause you to leave to early (in stocks that is). It is also very easy to think behaviour rationally however thinking reasonable is the greatest way to predict that behaviour and succeed.
Theo Burchell
is on page 109 of 242
Chapter 10:
This chapter was about saving and why you should do it. It says that saving is the gap between what you absolutely need to spend and what you do spend. It says that spending gives you freedom to choose and gives you a cushion for life’s uncertainties. Basically - save so you can have the freedom of wealth and choice in the future and this is done by setting your ego aside and doing it.
— Aug 09, 2026 01:31AM
This chapter was about saving and why you should do it. It says that saving is the gap between what you absolutely need to spend and what you do spend. It says that spending gives you freedom to choose and gives you a cushion for life’s uncertainties. Basically - save so you can have the freedom of wealth and choice in the future and this is done by setting your ego aside and doing it.
Theo Burchell
is on page 100 of 242
Chapter 9:
This chapter was about wealth over being rich. Rich being spending money and showing that you have the money through cars or houses whereas wealth is the ability to choose and have options because of money. It is more financially freeing to be wealthy but a lot harder because there are few role models of wealthy people but a lot of rich people because being wealthy means saving and choosing.
— Aug 09, 2026 01:19AM
This chapter was about wealth over being rich. Rich being spending money and showing that you have the money through cars or houses whereas wealth is the ability to choose and have options because of money. It is more financially freeing to be wealthy but a lot harder because there are few role models of wealthy people but a lot of rich people because being wealthy means saving and choosing.
Theo Burchell
is on page 94 of 242
Chapter 8:
This was short, it was about the idea of buying expensive things to impress others. It said that rarely do we admire the people in the cars or houses but rather admire the admiration they may get for having them and think of ourselves getting that respect and admiration. Therefore the expensive things don’t bring respect so we should learn to get it ourselves and not rely on money for it.
— Aug 08, 2026 02:55PM
This was short, it was about the idea of buying expensive things to impress others. It said that rarely do we admire the people in the cars or houses but rather admire the admiration they may get for having them and think of ourselves getting that respect and admiration. Therefore the expensive things don’t bring respect so we should learn to get it ourselves and not rely on money for it.
Theo Burchell
is on page 89 of 242
Chapter 7:
This was about using money as a tool for freedom rather than money dictating what you do day to day. For example an investment banker (idealised job) has little time for himself or little freedom to do what he wants, whereas a musician gets to choose who, when, where, and why they do what they do rather than money dictating it. So, use money as a tool to dictate your own life and use it to be free.
— Aug 08, 2026 02:51PM
This was about using money as a tool for freedom rather than money dictating what you do day to day. For example an investment banker (idealised job) has little time for himself or little freedom to do what he wants, whereas a musician gets to choose who, when, where, and why they do what they do rather than money dictating it. So, use money as a tool to dictate your own life and use it to be free.
Theo Burchell
is on page 80 of 242
Chapter 6:
This chapter was about tail events / wins. Which are 1 in a million events that cause the success. Much like investing 90% of the time you loose money, but 1% causes that 50x of your investment making you a lot of money. So the main idea is to know that 90% of the time it will fail but 5% might make you a lot.
— Aug 08, 2026 01:18AM
This chapter was about tail events / wins. Which are 1 in a million events that cause the success. Much like investing 90% of the time you loose money, but 1% causes that 50x of your investment making you a lot of money. So the main idea is to know that 90% of the time it will fail but 5% might make you a lot.
Theo Burchell
is on page 67 of 242
Chapter 5:
This chapter was about learning to stay rich instead of get rich. A lot of people e.g Rick guerin who lost it all in the stock market alongside warren buffet who stood strong. It is about staying financially stable and survival as well as planning less than you think bc there will always be a curveball. And lastly, to be optimistic ab the future but paranoid. (And don’t have a swelled head!!!)
— Aug 07, 2026 02:58PM
This chapter was about learning to stay rich instead of get rich. A lot of people e.g Rick guerin who lost it all in the stock market alongside warren buffet who stood strong. It is about staying financially stable and survival as well as planning less than you think bc there will always be a curveball. And lastly, to be optimistic ab the future but paranoid. (And don’t have a swelled head!!!)
Theo Burchell
is on page 57 of 242
Chapter 4:
This was about compounding interest and he put it in the terms of the ice age. How the ice would not drastically appear but would build up from colder summers until eventually it caused a whole ice age. He then applied it to warren Buffet who started investing at age 10 and made his fortune by sticking with it rather than being clever or making big decisions.
— Aug 07, 2026 01:12AM
This was about compounding interest and he put it in the terms of the ice age. How the ice would not drastically appear but would build up from colder summers until eventually it caused a whole ice age. He then applied it to warren Buffet who started investing at age 10 and made his fortune by sticking with it rather than being clever or making big decisions.