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The Psychology of Money
Book

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel
Harriman House, 2020

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Editorial Rating

7

Qualities

  • Eye Opening
  • Concrete Examples
  • Engaging

Recommendation

The more knowledge you have, the richer you’ll get, right? Perhaps. Financial know-how is actually less of a hard science than you might think. Unlike in other fields, in finance an unknown gas station attendant with a high school education might make millions, while a celebrated, Harvard-educated finance executive goes bankrupt. It all boils down to behavior. Former financial journalist Morgan Housel explores why psychology has more to do with positive financial outcomes than your math skills. Find out how your relationship with money affects every aspect of your finances.

Take-Aways

  • Financial knowledge doesn’t guarantee sustained wealth.
  • How luck and risk play a part in your life and financial success.
  • Your life experiences form your view of the world and money.

About the Author

Former financial reporter Morgan Housel wrote for The Motley Fool and The Wall Street Journal. He is currently a partner at Collaborative Fund.

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    V. B. 2 years ago
    Good tips. But how to avoid greed must be covered in more details. How to set upper limit for one's requirments of money to lead a desired life style, be also covered through guide lines, though its very subjective but it is this aspect where most people are confused , ignorant or ignore it, and hence lead a miserable life. Money should be a good servant and not the master, be taught to people through great examples. Other good books on money, like "7 rules of money for life", etc be also cross referred for more enlightenment.