Morgan Housel: Saving Your Income

Meaning of Morgan Housel Money Quote: saying how much you save may be determined by the size of your ego more than your income. Morgan Housel said:

 

 

“Saving is the gap between your ego and your income” — Morgan Housel

Morgan Housel seems to be suggesting that saving money requires controlling one’s ego or sense of self-importance in relation to what one earns. His view appears to be that it can be easy for people to spend all of their income or more if their ego leads them to live beyond their means and financial capabilities.

However, creating a gap between one’s income and expenditures by saving a portion requires discipline and avoiding ego-driven spending impulses.

The quote conveys Housel’s message that developing prudent financial habits necessitates keeping one’s ego in check and not feeling entitled to spend every dollar earned immediately due to feelings of self-worth. Savings acts as a buffer between earnings and ego-driven consumption.

Karl Marx: Less Live, More Have

Meaning of Karl Marx Money Quote: saying The less you live, the more you’ll have – to be miserly is to be less human. Karl Marx said:
 

“The less you eat, drink, buy books, go to the theatre or to balls, or to the pub, and the less you think, love, theorize, sing, paint, fence, etc., the more you will be able to save and the greater will become your treasure which neither moth nor rust will corrupt—your capital. The less you are, the less you express your life, the more you have, the greater is your alienated life and the greater is the saving of your alienated being” — Karl Marx

In this quote, Karl Marx is criticizing the mentality of accumulating wealth and capital above all other aspects of life. He argues that by depriving oneself of experiences like eating, drinking, pursuing intellectual interests and hobbies, socializing, and creative/artistic expression, one can save more money and grow their “capital” or wealth.

However, Marx views this pursuit of maximizing savings and riches at the expense of a full life as leading to an “alienated” or unfulfilling existence where people define themselves primarily through their accumulated wealth rather than through rich life experiences.

The overall message is that prioritizing the accumulation of capital over fully living and expressing oneself results in an empty and inauthentic life according to Marx, where one’s sense of self becomes primarily tied up in and dominated by their monetary assets.

Birthday: May 5, 1818 – Death: March 14, 1883

T.T. Munger: Habit of Saving

Meaning of T.T. Munger Money Quote: saying making saving habit-forming teaches other life sustaining habits. T.T. Munger said:
 

 

“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind” — T.T. Munger

In this quote, T.T. Munger is highlighting the broader life benefits that can come from developing the habit of saving money on a regular basis. On the surface, Munger notes that saving cultivates positive character traits like self-discipline, prudence and planning ahead. More deeply, the quote suggests that living within one’s means and setting aside funds for the future provides unintended “educational” effects beyond financial security.

By instilling virtues of restraint, responsibility and orderliness, Munger believed the act of saving could help strengthen and develop the mind in holistic ways. The overall interpretation is that Munger saw budgeting and accumulating savings not just as a means to an end, but as a self-reinforcing practice that can positively shape one’s mindset and habits over the long term.

Bill Gates: Dollars Per Life

Meaning of Bill Gates Money Quote: saying aid money is a good investment when it saves sufficient number of lives. Bill Gates said:
 

“Well-spent aid money is saving lives for a few thousand dollars per life saved” — Bill Gates

This quote from Bill Gates refers to his view that money spent on international aid and health interventions can very effectively save human lives at a relatively low cost. By “well-spent aid money,” Gates seems to mean funding for programs and initiatives that directly improve people’s health, such as vaccines, disease treatment, and medical resources.

The quote suggests that when aid money is targeted toward life-saving health interventions, the cost per life saved is often only a few thousand dollars. So Gates appears to be arguing that international aid for health is a worthwhile investment that can have a high return in terms of human lives improved and extended.

Hugh MacLennan: Saving Owed

Hugh MacLennan Money Quote saying a farmer saves by owing it to a trustworthy person. Hugh MacLennan said:
 

 

“The farmer’s way of saving money: to be owed by someone he trusted” — Hugh MacLennan

In this quote, Hugh MacLennan is describing a traditional way that farmers saved money. Since farmers often lived with tight budgets, being owed money by someone they trusted was a form of savings for them. If a farmer sold goods or services to a neighbor on credit, they essentially had a loan to that person.

As long as the farmer had confidence they would eventually be paid back what they were owed, it acted as a kind of informal savings for them until they collected on the debt.

So MacLennan captures how rural farmers historically built financial security through relationships of mutual aid and credit within their communities, rather than traditional banking methods.

Birthday: March 20, 1907 – Death: November 9, 1990

Warren Buffett: Teaching Kids Value

Warren Buffett Money Quote saying kids should be taught the value of saving and meaning of needs versus wanting things. Warren Buffett said:
 

 

“It’s never too early. Whether it’s teaching kids the value of a dollar, the difference between needs and wants, or the value of saving. These are all concepts that kids encounter at a very early age, so best to help them to understand it” — Warren Buffett

Warren Buffett thinks it’s important to teach kids about needs vs wants at a young age because developing good financial habits early can benefit them for life. By distinguishing between things they need to survive versus things they simply want, kids start to understand the value and scarcity of money. This helps them avoid impulse spending and overspending.

It also encourages saving habits so kids learn that delaying gratification can help them afford bigger needs and wants later. Overall, learning this lesson young instills principles of financial responsibility that serve people well as they get older and gain more independence over their money.

Richie Norton: Retire Nest Egg

Richie Norton Money Quote saying there’s a difference between saving money and putting off dreamed of experiences. Richie Norton said:
 

 

“People confuse saving money with postponing dreams. Somehow, we’ve been lulled into thinking our dreams are kept safe inside our retirement nest egg and we must sit there on top to keep it warm” — Richie Norton

Yes, that quote is from Richie Norton. The quote suggests that some people focus too much on saving money for retirement and postponing their dreams until later in life. However, by waiting until retirement to pursue dreams, those dreams may never get realized if a person passes away or becomes unable to enjoy retirement.

The quote encourages people to pursue their dreams now rather than assuming they have plenty of time after retirement to enjoy what they’ve saved. An important message about making the most of the present and not delaying life dreams unnecessarily.

David Suzuki: Saving Money

David Suzuki Money Quote saying that doing what is right for the environment costs money, but saves the economy. David Suzuki said:
 

 

“Conserving energy and thus saving money, reducing consumption of unnecessary products and packaging and shifting to a clean-energy economy would likely hurt the bottom line of polluting industries, but would undoubtedly have positive effects for most of us” — David Suzuki

This quote from environmental scientist David Suzuki discusses some of the benefits of transitioning to a more sustainable economy and lifestyle. It suggests that while reducing energy usage, unnecessary consumption, and shifting away from polluting industries towards clean energy would hurt the profits of certain companies, these actions would likely have positive impacts on most individuals and society.

Specifically, conserving energy through more efficient practices and technologies can save money on utility bills. Buying fewer excess products and less wasteful packaging would also save costs over time. And transitioning as a whole to renewable, non-polluting energy sources would create a healthier environment and economy for the general public.

So while short-term corporate interests may be negatively affected, the quote argues that sustainability measures would “undoubtedly” provide long-term, widespread benefits from an environmental and economic standpoint.