The Psychology of Money: Timeless lessons on wealth, greed, and happiness
**OVER 5 MILLION COPIES SOLD AROUND THE WORLD... The Psychology of Money is the original bestselling classic from the author of the new book, Same as Ever.**
Doing well with money isn't necessarily about what you know. It's about how you behave. And behavior is hard to teach, even to really smart people. Money--investing, personal finance, and business decisions--is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don't make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the different ways people think about money and teaches you how to make better sense of one of life's most important topics.BUY THE BOOK
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Community Reviews
This is my first time reading a book on finance. I have nothing else to compare with, but I knew I enjoyed it, so I decided to give this 5 stars. Every chapter, the authors writes and elaborates about a particular point that he's making. There are very relevant examples at every point. Each chapter is short and straightforward, made easy to understand. It urges me to try reading other finance books, and I'll be making sure of that.
Recently, I reached a point in life where I am concerned about the state of my finances. I've always been a saver, but the people (who are not family) around me kept telling me to let go a little bit more, to enjoy life. Sometimes I wondered to myself: is there something wrong with me or the way my parents had taught me about money? The answer is no. Well, according to Morgan Housel, no one is crazy, and I highly agree with that. That first chapter really spoke to me so much. Must there be a reason to save? No. Saving for rainy days is better than not trying to save more then realising that there isn't enough to cover that catastrophic situation, whatever it may be.
And so I continued on.
Then there is this quote about investing, something that I only recently learnt about:
For the first time ever, I actually came to understand what caused the 2008 financial crisis. It's really interesting how everything slowly built up to that certain point. I've also never read about a country's particular financial story before, so learning about America's was eye-opening. I definitely learnt a lot from reading this book!
Recently, I reached a point in life where I am concerned about the state of my finances. I've always been a saver, but the people (who are not family) around me kept telling me to let go a little bit more, to enjoy life. Sometimes I wondered to myself: is there something wrong with me or the way my parents had taught me about money? The answer is no. Well, according to Morgan Housel, no one is crazy, and I highly agree with that. That first chapter really spoke to me so much. Must there be a reason to save? No. Saving for rainy days is better than not trying to save more then realising that there isn't enough to cover that catastrophic situation, whatever it may be.
We all do crazy stuff with money, because we're all relatively new to this game and what looks crazy to you might make sense to me. But no one is crazyâwe all make decisions based on our own unique experiences that seem to make sense to us in a given moment.
And so I continued on.
A barbelled personalityâoptimistic about the future, but paranoid about what will prevent you from getting to the futureâis vital.
Then there is this quote about investing, something that I only recently learnt about:
It sounds trivial, but thinking of market volatility as a fee rather than a fine is an important part of developing the kind of mindset that lets you stick around long enough for investing gains to work in your favour.
Real optimists don't believe that everything will be great. That's complacency. Optimism is a belief that the odds of a good outcome are in your favor over time, even when there will be setbacks along the way.
For the first time ever, I actually came to understand what caused the 2008 financial crisis. It's really interesting how everything slowly built up to that certain point. I've also never read about a country's particular financial story before, so learning about America's was eye-opening. I definitely learnt a lot from reading this book!
This is quite tricky at first I thought I would get extra information about how to make money but unfortunately I live in a third world country which most of the examples can not be applied even all of them
Also another point is that it inly talks about America and what happened financially there. So most of the knowledge shared in this book will be more useful to people who lives or want to know about American history .
Simple read for anyone interested in investing and how money impacts our society. The author uses story telling to explain why we should save and invest. Money is not about money but is a mirror for our egos.
After the first 2O short chapters he does a great job of correlating world war 2 and how it impacted our finances and way of thinking about credit cards and investing in 2020.
I am never comfortable enough talking about money in the way some people are not comfortable talking about their weight. But this book helps start the conversation within myself.
After the first 2O short chapters he does a great job of correlating world war 2 and how it impacted our finances and way of thinking about credit cards and investing in 2020.
I am never comfortable enough talking about money in the way some people are not comfortable talking about their weight. But this book helps start the conversation within myself.
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