The psychology of money Quotes

“The cheque (or check in US) arose about 300 years ago directly out of the use of exchanged receipts or promissory notes and was illegal to being with and certainly regarded as highly immoral.”

“It examines how possessions and wealth affect self-image and esteem, why some people become misers and others gamblers, spendthrifts and tycoons, and why some people gain more pleasure from giving away money than from retaining it.”

“One of the most neglected topics in the whole discipline of psychology, which prides itself in the definition of the science of human behaviour, is the psychology of money.”

“The functions of money are well known. Money is a medium of exchange: white paper and plastic money is intrinsically worthless, they are guarantees of value that can be used in exchange for foods and services.”

“It examines such diverse and compelling subjects as: money and power, gender differences, morality and tax, the very rich, the poor, lottery and pools winners.”

“Bartering, which still goes on today for those who have no cash or wish to avoid taxation, has obvious drawbacks. These include” the necessity of the double coincidence of wants - both parties in the exchange must want exactly what the other has.”

“Lindgreen (1991) has pointed out that psychologists have not studied money-related behaviors as such because they assume that anything involving money lies within the domain of economics.”

“All have dreamed of a new life with more money. Having no roots or families, people were brought together by money making. Networking and famous connections were often ultimately business based.”

“Goldsmiths were the first bankers. They soon learnt to become fractional reserve banks in that they kept only a proportion of the gold deposits with them and invested the rest.”

“The cash ratios, or the amount of actual cash, kept by banks is about 6-10 per cent of all the money deposited with them. Another 20-5 per cent of deposits are kept as ‘near money’, which are investments that can be turned back into cash almost immediately.”