Morgan Housel

And she grew up very, very poor.

And now she's extremely successful.

And she calls it post-traumatic broke syndrome.

Even though she has a lot of money right now,

She I don't want to put words in her mouth.

My understanding is like she's she's afraid to spend it because she's the feeling in her head is I will never go back to that.

I can't ever go back to that poor person post-traumatic broke.

And so it can manifest in very different, sometimes opposite ways.

And so the point is not like if you grew up poor, you're going to want to display it.

But the point is that it's a psychological itch.

It's not just I want the nice car because nice cars are better.

There's a social signaling.

You're signaling to others.

You're signaling to yourself.

It's a trophy for yourself of what you've overcome.

The more I dug into it, the more it was so clear of like spending is not just on material stuff.

It's not just I want to buy this car or this house or these clothes or these jewelry because it's nice.

It's I'm trying to send a signal to others or to myself of what I've overcome.

One of the ways I thought about this in my own life was if I was on a deserted island with maybe just me and my family, nobody could see how we were living.

Nobody can see your house.