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The Psychology of Money: Timeless lessons on wealth, greed, and happiness Paperback – Sept. 8 2020
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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.
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From the Publisher
"It’s one of the best and most original finance books in years." -- Jason Zweig, The Wall Street Journal
"The Psychology of Money is bursting with interesting ideas and practical takeaways. Quite simply, it is essential reading for anyone interested in being better with money. Everyone should own a copy." -- James Clear, Author, million-copy bestseller, Atomic Habits
"Morgan Housel is that rare writer who can translate complex concepts into gripping, easy-to-digest narrative. The Psychology of Money is a fast-paced, engaging read that will leave you with both the knowledge to understand why we make bad financial decisions and the tools to make better ones." -- Annie Duke, Author, Thinking in Bets
"Housel's observations often hit the daily double: they say things that haven't been said before, and they make sense." -- Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle
"Morgan Housel is one of the brightest new lights among financial writers. He is accessible to everyone wanting to learn more about the psychology of money. I highly recommend this book." -- James P. O’Shaughnessy, Author, What Works on Wall Street
"Few people write about finance with the graceful clarity of Morgan Housel. The Psychology of Money is an essential read for anyone who wants to make wiser decisions or live a richer life." -- Daniel H. Pink, #1 New York Times Bestselling Author of When, To Sell Is Human, and Drive
About the Author
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 two-time 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 two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.
- Publisher : Harriman House (Sept. 8 2020)
- Language : English
- Paperback : 256 pages
- ISBN-10 : 0857197681
- ISBN-13 : 978-0857197689
- Item weight : 254 g
- Dimensions : 13.97 x 1.78 x 21.46 cm
- Best Sellers Rank: #11 in Books (See Top 100 in Books)
- #1 in Management (Books)
- #1 in Wealth Management
- #1 in Budgeting & Money Management (Books)
- Customer Reviews:
About the author
Reviewed in Canada on March 29, 2023
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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
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.”
I've rated the book 4* and not 5* because I found a lot of the examples to be US/American focused. The world has changed. Morgan has not written with a global audience in mind or even a global perspective. This is not necessarily a bad thing if that's the intended audience, however I am not American and have only visited the country once, so I found that examples or cases from other countries might have helped a bit. Either way, a great read written in straight forward language.