Page 208 - Morgan Housel - The Psychology of Money_ Timeless Lessons on Wealth, Greed, and Happiness-Harriman House Limited (2020)
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To understand the psychology of the modern consumer and to grasp where
they might be heading next, you have to know how they got here.
How we all got here.
If you fell asleep in 1945 and woke up in 2020 you would not recognize the
world around you.
The amount of economic growth that took place during that period is
virtually unprecedented. If you saw the level of wealth in New York and San
Francisco, you’d be shocked. If you compared it to the poverty of Detroit,
you’d be shocked. If you saw the price of homes, college tuition, and health
care, you’d be shocked. If you saw how average Americans think about
savings and spending in general, you’d be shocked. And if you tried to think
