
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
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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 strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.
- Listening Length5 hours and 48 minutes
- Audible release dateSept. 8 2020
- LanguageEnglish
- ASINB08D9Y1SX1
- VersionUnabridged
- Program TypeAudiobook
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Product details
Listening Length | 5 hours and 48 minutes |
---|---|
Author | Morgan Housel |
Narrator | Chris Hill |
Audible.ca Release Date | September 08 2020 |
Publisher | Harriman House |
Program Type | Audiobook |
Version | Unabridged |
Language | English |
ASIN | B08D9Y1SX1 |
Best Sellers Rank | #18 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #1 in Finance in Accounting #1 in Personal Finance (Audible Books & Originals) #1 in Investing & Trading |
Customer reviews

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Top reviews
Top reviews from Canada
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What stood out most to me was the engaging writing style, which made complex concepts easy to understand. Housel uses real-world examples to illustrate his points, making the book relatable and relevant. Additionally, the author's focus on the behavioral aspect of personal finance, rather than just the technical aspect, is insightful and refreshing.
However, if you are like me you may have expected some sort of actionable advice on managing money, this was not the case. While it provides a valuable understanding of the psychology behind money, it does not offer specific tips or strategies for managing one's finances.
I read this book on the Amazon Kindle Paperwhite, and it was a very enjoyable and seamless read on the device, showing that it was well adapted to the e-reader.
Overall, "The Psychology of Money" would be best suited for readers who are interested in understanding the intersection between money and psychology. It would be particularly useful for those who may struggle with managing their finances or those who are seeking a new perspective on personal finance. The book is a great read for those who want to gain a deeper understanding of the emotional and psychological drivers behind our financial decisions. This is a staple in a collection for building a better financial mindset.
I feel confident I could read this again and again and still take key elements away from it.
Top reviews from other countries

First level of investor is the one who knows money can be made in the mkt, but doesn't know how and starts to trade without any knowledge.
Second level investor have made profit or loss on his capital and starts to find out where did he has gone wrong and starts learning about some basic concepts such as PE ratio.
Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.
Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short span of months. Again goes back to drawing board and finds what went wrong.
Then come the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.
But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for very long time such as 70-80 years which very few do it. That's when actually psychology matters and thats what Morgan tries to tell us in this book that more that analysis of the scrip, conviction that you calculated and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all a great humility and convinces us to be humble and show gratitude to others.


Reviewed in India 🇮🇳 on September 29, 2020
First level of investor is the one who knows money can be made in the mkt, but doesn't know how and starts to trade without any knowledge.
Second level investor have made profit or loss on his capital and starts to find out where did he has gone wrong and starts learning about some basic concepts such as PE ratio.
Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.
Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short span of months. Again goes back to drawing board and finds what went wrong.
Then come the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.
But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for very long time such as 70-80 years which very few do it. That's when actually psychology matters and thats what Morgan tries to tell us in this book that more that analysis of the scrip, conviction that you calculated and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all a great humility and convinces us to be humble and show gratitude to others.


1. Expectations change even slower than reality. Everyone sees the world they have seen it before.
2. Everyone plays the game of investment differently. You need to define your game.
This is a fantastic book. It's not a book about investments. It is a book about your mind, and mine and how it thinks about money, savings, expenditure and investments. And, it is brilliant. Pick it up now.



The book uses plain English, easy to read and to understand.
He exposed many myths and fake assumptions in the business world, especially the dilemma of luck vs. talent.
It is fascinating to know for example that Bill Gates studied in the only high-school in the US that by luck had a computer in 1968, one in a million chance.
The chapter 19 is like a summary of major ideas but there are some interesting ideas to think about and we may agree or disagree with it:
1. "You are one person in a game with 7 billion other people and infinite moving part", so we underestimate significantly the role of luck and world complexity.
2. "Saving is income minus ego" so be careful with your ego spending!
3 "Happiness is results minus expectations", so be careful with your expectations!
3. "Individual wealth is what you don't see, hidden" so big house, fancy car or Instagram photos are spends or debts of Individual, the visible part you see, not their wealth.
4. "Customer is always right" and "customers don't know what they want", both accepted business wisdom.
5. Napoleon’s definition of a military genius was, “The man who can do the average thing when all those around him are going crazy.”