Scan barcode
A review by koberreads
The Psychology of Money by Morgan Housel
challenging
hopeful
informative
inspiring
lighthearted
reflective
medium-paced
5.0
One of the best finance books of all time. If not at least the most damn original and realisitc.
This guy doesnt say do this or invest this and then you will become a billionaire either overnight or over week or so. No bullshit advice here but authentic and emphatetic. This is my second read of this book and I plan to read the book next year. Or at least once a year because the financial wisdom and insights regarding our human nature especially those associated how we perceive and handle our own money and judge others financial habits and strategies is timeless, if not at least would still be relevant until the world change greatly, maybe if actual aliens do exist and invade our world or suddenly we all became buddhist monks and there is no need for capitalism or economy (I love buddhist monks by the way, they thought me how to meditate)
This guy doesnt say do this or invest this and then you will become a billionaire either overnight or over week or so. No bullshit advice here but authentic and emphatetic. This is my second read of this book and I plan to read the book next year. Or at least once a year because the financial wisdom and insights regarding our human nature especially those associated how we perceive and handle our own money and judge others financial habits and strategies is timeless, if not at least would still be relevant until the world change greatly, maybe if actual aliens do exist and invade our world or suddenly we all became buddhist monks and there is no need for capitalism or economy (I love buddhist monks by the way, they thought me how to meditate)
Quotes to note from the book:
Financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know. I call this soft skill the psychology of money.
The aim of this book is to use short stories to convince you that soft skills are more important than the technical side of money. I’ll do this in a way that will help everyone—from Read to Fuscone and everyone in between—make better financial decisions.
BEST DESCRIPTION ON THE REALITY OF INVESTING:
Pilots jobs are hours and hours of boredom punctuated by moments of sheer terror. It’s the same in investing
WHAT INVESTING REALLY IS:
Investing is not a hard science. It’s a massive group of people making imperfect decisions with limited information about things that will have a massive impact on their wellbeing, which can make even smart people nervous, greedy, and paranoid
HOW TO DO WELL WITH MONEY:
The premise of this book is that doing well with money has a little to do with how smart you are and a lot to do with how you behave. And behavior is hard to teach, even to really smart people.
Best one regarding acquiring the respect and admiration of others:
You might think you want an expensive car, a fancy watch, and a huge gourd. But I’m telling you, you don’t. What you want is respect and admiration for other people, and you think having expensive stuff will bring it. It almost never does - especially from the people you want to respect and admire you”
I’d respect and admiration is your goal, be careful how you seek it. Humility, kindness, and empathy will bring you more respect than horsepower ever will
ONE OF THE BEST ONES REGARDING CAREER:
Doing something you love on a schedule you can’t control can feel the same as doing something you hate