The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
by Morgan Housel
View on GoodreadsMorgan Housel's case is that doing well with money depends more on how you behave than on what you know. Your personal history, ego, incentives and emotions drive your financial decisions more than any spreadsheet does, and he makes it through 19 short stories, a summary chapter, and a chapter on his own financial choices.
Core ideas
- Rich isn't wealthy: The book separates being rich from being wealthy, and weighs savings rates, compounding and market volatility.
- Luck and risk: The role of luck and risk in financial outcomes gets its own attention, through real-world scenarios that expose common misconceptions.
- Control over time: Using money to gain control over your time is a theme, and a postscript looks at postwar American attitudes to debt and consumption.
Published2020
Pages242
ISBN9780857197689
ReadAug 2023
