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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness (2020)

by Morgan Housel

Other authors: See the other authors section.

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1,1422717,647 (4.21)1
Business. Finance. Nonfiction. HTML: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. Moneyâ??investing, personal finance, and business decisionsâ??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 strange ways people think about money and teaches you how to make better sense of one of life's most important t… (more)
  1. 00
    Your Money or Your Life by Joe Dominguez (infjsarah)
    infjsarah: Both books are about the mental attitudes needed rather than the how to do it practicalities
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Showing 1-5 of 26 (next | show all)
I didn’t have the best financial education growing up, but this book was a fantastic read!

My aim is to improve, and this book is helping me do just that.

It's straightforward and easy to understand, prompting me to grab my journal and jot down some of the insights for further reflection.

I'll definitely need to revisit it for a reread. ( )
  selsha | Apr 16, 2024 |
Interesting stories and good advice. We are all human and not always rational this covers a lot of our problems and issues with money. ( )
  Neale | Mar 29, 2024 |
What a revelation. Mr. Morgan Housel has written a book, The Psychology of Money: Timeless lessons on wealth, greed, and happiness, that has almost done the impossible. Mr. Housel seems to me that he has written a title on a complicated subject and produced something that just about any adult can read, understand, and take away something from it.

I am not a business-minded, financial-savvy type of person, I saw this book, picked it up and immediately knew that this was different. This is not a traditional "how-to" or a book that explains the history of investing or the markets. Morgan breaks down personal finance, investing, and your possible business decisions not on the basis of spreadsheets and equations, but of each persons unique history, their family conversations and by the way most people tend to think. There is some history, there are some technical topics and terms, but it is all for perspective purposes. Mr. Housel explains things in such a manner that someone without much knowledge can grasp and understand what he is talking about.

If you are someone beginning to start using your money to start making money, or have been investing and working to improve on your personal finances or have in interest in that field and want to taking in a new perspective, I could not recommend this book enough! Great book! ( )
  Schneider | Mar 28, 2024 |
Very lucid and reasonable, but not very surprising -- but I've read a lot of books about personal finance and investing so YMMV. I liked Housel's essay about the problem with comparing everything to the past, as this is something I do a lot to make sense of the world. I also appreciated the last "bonus" chapter in which he describes the changing attitude towards money in the US between 1930 and 2020. This reminded me of the book [b:Gouden jaren|23204369|Gouden jaren|Annegreet van Bergen|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1414768736l/23204369._SY75_.jpg|42748313]. ( )
  jd7h | Feb 18, 2024 |
The book does what it claims to do. It lays out systematic ways to look at money and avoid certain biases. It is a good starting read for anyone stepping into adulthood. As expected, books of these kind culminate into recommending index investing and conservative portfolio, which is of course the best advice for the majority of the people. Though I reckon those people don't need this advice, and those do, won't take from this book. For a book on finance, this is glaringly devoid of any data and charts (sans handful), and is largely full of anecdotes.

Authors lay out very bold (and correct in my view, similar to Nassim Taleb's Randomness at Wall Street book) that luck plays biggest role in successes and failures. However, he immediately forgets that assertion in the rest of book, and starts making inferences on individual instances of successes and failures and draw lessons. If you forgive this flaw, and suppress the inevitable feeling which comes when reading such books is that perhaps examples are being cherry picked, then you will come out some thought provoking ideas. For existing passive investor like me, this was primarily confirmation of what I was already doing. ( )
  ashishg | Feb 3, 2024 |
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Author nameRoleType of authorWork?Status
Housel, Morganprimary authorall editionsconfirmed
Hill, ChrisNarratorsecondary authorsome editionsconfirmed
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Business. Finance. Nonfiction. HTML: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. Moneyâ??investing, personal finance, and business decisionsâ??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 strange ways people think about money and teaches you how to make better sense of one of life's most important t

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