The Psychology of Money

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TIMELESS LESSONS ON WEALTH, GREED, AND HAPPINESS

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.

How to manage money, invest it, and make business decisions are typically considered to involve a lot of mathematical calculations, where data and formulae 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 unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.

In The Psychology of Money, the author shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important matters.

MORGAN HOUSEL is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He is a twotime winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a twotime finalist for the Gerald Loeb Award for distinguished Business and Financial Journalism.

“Everyone should own a copy.”
—JAMES CLEAR
New York Times Bestselling Author of Atomic Habits

“Few people write about finance with the graceful clarity of Morgan Housel.”
—DANIEL H. PINK
#1 New York Times Bestselling Author of When, To Sell is Human, and Drive

“Housel’s observations often hit the daily double: they say things that haven’t been said before, and they make sense.”
—HOWARD MARKS
Cofounder and Cochairman, Oaktree Capital Management

“That rare writer who can translate complex concepts into gripping, easytodigest narrative.”
—ANNIE DUKE
Author, Thinking in Bets

Reviewer: Placeholder
Rating: 5.0 out of 5 stars
Title: The Psychology of Money: A Paradigm Shift in Financial Literacy
Review: In a world brimming with financial advice, Morgan Housel’s “The Psychology of Money” stands out as a beacon of clarity and wisdom. It’s not a book about investment strategies or complex financial models; it’s a profound exploration of the human mind and its intricate relationship with money.Housel masterfully weaves together captivating anecdotes, historical insights, and psychological principles to paint a vivid picture of how our emotions, biases, and experiences shape our financial decisions. He debunks common myths and misconceptions, revealing the counterintuitive forces that often drive our financial behavior.The book’s brilliance lies in its ability to transform complex financial concepts into relatable narratives that resonate with readers of all backgrounds. Housel’s writing is engaging, insightful, and devoid of jargon, making it a delightful read for anyone seeking to improve their financial understanding.”The Psychology of Money” is not a get-rich-quick scheme or a collection of investment tips. Instead, it’s a journey of self-discovery, guiding readers to examine their own financial habits and make informed decisions based on a deeper understanding of their own psychology.Through Housel’s lens, we learn that financial success is not solely about numbers and formulas; it’s about understanding our own motivations, fears, and irrational tendencies. He emphasizes the importance of patience, discipline, and a long-term perspective in achieving financial well-being.The book is filled with thought-provoking quotes that capture the essence of Housel’s philosophy. For instance, he reminds us, “You don’t have to get wealthy to be wise about money.” This simple yet profound statement underscores the importance of financial literacy and sound decision-making, regardless of one’s financial status.In a world where financial anxiety and uncertainty are pervasive, “The Psychology of Money” offers a refreshing perspective, empowering readers to take control of their finances and make informed decisions that align with their values and goals. It’s a book that will stay with you long after you turn the last page, its insights subtly shaping your financial mindset and ultimately leading you towards a more fulfilling financial life.

Reviewer: Anonymous
Rating: 5.0 out of 5 stars
Title: Don’t delay the Read!
Review: I must admit, I came across this book a full four years later than I should have. Had I discovered it earlier, my entire perspective on spending, saving, and lifestyle choices would have undergone a change. Fortunately, this shift is now steering me in the right direction. The author’s approach to personal finance is truly remarkable. Words fail to capture the depth of wisdom conveyed in these pages; you must experience it. He masterfully deconstructs the pitfalls of debt, emphasizing the importance of saving for the sake of saving, rather than for any goal.While some may interpret the tone as cautious or even warning in each chapter, this is simply a reflection of life’s ever unexpected shocks.If you are between the ages of 13 and 20, this book is an essential read. It will help shape your financial decisions, guiding you toward a more secure future. Even if you choose to take a different path, the insights in this book will reveal where that road may lead. And for those who have made financial mistakes, it offers invaluable advice on how to do the course correct, even later in life. For readers in their 70s and beyond, it still holds great value—you can pass along its wisdom to your grandchildren, ensuring they start their financial journey on the right foot.In short, this is a life-changing book!

Reviewer: Vishnu Sharma
Rating: 4.0 out of 5 stars
Title: Much Hyped But Normal Business Book
Review: I ordered this book after Reading Think & Grow Rich and Rich Dad Poor Dad.I think this gives general an older type critism to the fantasies about business and greed in a simple manner.It is profound for New enterpreneurs .The Cover Quality was very good but page quality was a little yellowish .

Reviewer: Ishan Purkait
Rating: 5.0 out of 5 stars
Title: The One Book Can Changr Your Life🥰🥰🥰
Review: I orderd hardback is qulity is very good,It helps to understand about moneyand humanity, I suggest all the teen ager to buy this bookThis Book Is Value Of Money💲💲

Reviewer: Ashwani Bhan
Rating: 5.0 out of 5 stars
Title: Brilliantly Written
Review: Morgan Mousel is at his best in this Book & keeps you riveted and engrossed to the end. His painstaking research makes it as a Materpiece.

Reviewer: kiran
Rating: 5.0 out of 5 stars
Title: excellent read
Review: learnt alot about the psychology of human being.must read book for college going kidsreading at early age gives a good understanding

Reviewer: Ronit Kapoor
Rating: 4.0 out of 5 stars
Title: Nice book
Review: Nice book to have in collection.

Reviewer: Indranil Mukherjee
Rating: 5.0 out of 5 stars
Title: Read it once, you will see the value in your thinking
Review: Amazing book. Graceful writing to understand the different meaning of money, assets, wealth and ego. “No one crazy” – things work for people the way people want to work for them. Just loved reading it.

Reviewer: Citlalli Contreras
Rating: 5.0 out of 5 stars
Title:
Review: Ojo no es un libro como tal de como opera el cerebro con el dinero sino más bien ver otras perspectivas y afrontar como manejar mejor el dinero, finanzas personales y decisiones de vida.

Reviewer: O E J
Rating: 5.0 out of 5 stars
Title:
Review: The author was interviewed on Diary of a CEO and I found him so interesting that I bought this book the same day. Glad I did – it has endless revelations, mottos and words of wisdom.

Reviewer: cesar carneiro penna
Rating: 5.0 out of 5 stars
Title:
Review: Este é um livro sobre como você se relaciona com o dinheiro. Não apenas sobre como você investe, mas sobre o que te faz gastar e o que te faz querer mais. Sobre quando gasta, o que espera sentir e como você pode se planejar para o futuro. A abordagem não é calculista, muito pelo contrário, ela é humana.Vemos diariamente pessoas nos dizendo como ficar milionários fazendo investimentos. Morgan Housel dá uma dica muito importante: descubra qual jogo cada um está jogando e tente identificar se o jogo da pessoa que está te dando conselhos é diferente do seu.Você vive fazendo o jogo de surfar no “momento” dos investimentos que hoje estão em alta e fazer uma “grana rápida” ? Você investe pensando em qual horizonte de tempo: meses, anos, década, ou no dia de hoje?Como você lida com riscos?As ações são voláteis, você é do tipo que tenta driblar esta volatilidade, comprar na alta e vender na baixa? Você tem dificuldade em lidar com as perdas, e assim que seu portfólio sofre uma queda, começa a tomar medidas emergenciais? Você investe de maneira que se tudo der errado acabou, ou vai ainda ter um plano e conseguir seguir em frente?Talvez este livro seja para você. Housel prega uma mudança completa de mentalidade. O que ele busca trazer é uma forma de te dar autonomia, controle sobre o que fazer, quando fazer, como fazer, mantendo uma segurança apesar da inerente volatilidade dos investimentos.Seguem duas outras lições que, num primeiro momento, foram mais marcantes para mim:Riqueza vs. ser rico (rich people vs. wealthy people)Você precisa aprender o que é o suficiente para você e a restringir seus gastos a partir deste ponto. Os estudos mostram, que quando atinge certo padrão de vida, gastar mais dinheiro te traz muito pouca felicidade a mais. É um mindset, mas é exatamente o oposto do que todo o marketing que somos bombardeados o tempo todo diz para a gente. É o oposto do que o Instagram fica tentando esfregar na nossa cara ao estimular constantes comparações. Para salvar um percentual significativo da sua renda com consistência e guardar ao longo dos anos e décadas, é essencial que você pare de aumentar seus gastos simplesmente porque aumentou sua renda e “pode” gastar mais.Você possui seus vícios e manias, não é um robô que consegue disciplinadamente executar tudo que é bom para você sem qualquer falha ou recaída. Por isso, Housel fala sobre deixar espaço para coçar as coceiras. Assim como um nutricionista precisa incorporar um respiro em suas dietas (aquele domingo ou viagem quando você pode comer à vontade), você precisa entender aquela mania sua. É trocar de carro mais do que deveria? Trocar a mobília da casa? Trocar o celular todo ano? Tenha um espaço para isso e mantenha a mentalidade do “suficiente” para todo o resto.Não faça a besteira de ler alguns reviews e achar que entendeu o que este livro ensina. Para mim o Housel está no mesmo nível dos ganhadores do Nobel D. Kahneman e R. Thaler. A diferença sendo que ao invés de realizar experimentos para ampliar o conhecimento, Housel é especialista em investigar o conhecimento disponível, juntar os pontos e tornar a informação acessível e acionável. O livro é carinho (chegamos a 70 reais em um ebook!), mas o investimento se paga muitas vezes. Caso queira algo gratuito você pode também ler o blog do Housel (o blog chama collaborativefund, procure no Google, porque a Amaozn não permite links aqui). Eu sou um grande fã e este é, sem dúvida, seu melhor trabalho até hoje. Uma verdadeira obra de arte.

Reviewer: KTG
Rating: 5.0 out of 5 stars
Title:
Review: 一般的な語彙で簡潔に書かれているので、英検準一級程度の語彙力と読解力があれば英語で読める。英語学習にも適切な一冊。

Reviewer: diskxk
Rating: 5.0 out of 5 stars
Title:
Review: Today, I read Psychology of Money. There are lessons that I’ve learned in the book.- The media likes to promote pessimism rather than optimism since it attracts more attention. Examples include stock prices going down when in the long term it will continue to increase.- The economy will keep improving overtime, but there may be some temporary downfalls such as recession and inflation. The book discusses what happened post-WW2 and how lives have dramatically improved since then. Although the book does seem to implicitly suggest that the gap between the rich and poor is starting to increase.- “85% of active mutual funds underperformed their benchmark over the 10 years ending 2018.” The book suggest that investing in index fund is less risky than investing in mutual funds.- There have been stories where investors have committed suicide due to losing all their wealth. While investing, you should be prepared to factor in risk.- The most important factor in investing is timeThere are more lessons in the book but I decided to bullet-point the most useful lessons.More quotes from the book below:”Half of all U.S. mutual fund portfolio managers do not invest a cent of their own money in their funds, according to Morningstar. This might seem atrocious, and surely the statistic uncovers some hypocrisy.””Tell someone that everything will be great and they’re likely to either shrug you off or offer a skeptical eye. Tell someone they’re in danger and you have their undivided attention.”“Only 27% of college grads have a job related to their major, according to the Federal Reserve. Twenty-nine percent of stay-at-home parents have a college degree. Few likely regret their education, of course. But we should acknowledge that a new parent in their 30s may think about life goals in a way their 18-year-old self making career goals would never imagine.”

4.5

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