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Picture a committee in charge of making two investment decisions: $10 million to build a power plant and $20 for employee snacks. The decision to invest in the power plant comes quickly – none of the committee members can put such a large sum into context; they’re too intimidated to debate. Yet the $20 investment gets the bulk of the discussion, because everyone has an opinion about employee refreshments. According to former Wall Street Journal columnist Morgan Housel, many people behave the same way when making personal finance decisions, letting quirks of human psychology take the wheel.
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About the Author
Morgan Housel is a former columnist for The Wall Street Journal and The Motley Fool. He’s the author of The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness.
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