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.

Listening Length

5 hours and 48 minutes
Author

Morgan Housel
Narrator

Chris Hill
Audible release date

8 September 2020
Language

English
Publisher

Harriman House
ASIN

B08D9VV926
Version

Unabridged
Program Type

Audiobook
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Product details

Listening Length	5 hours and 48 minutes
Author	Morgan Housel
Narrator	Chris Hill
Audible.in Release Date	08 September 2020
Publisher	Harriman House
Program Type	Audiobook
Version	Unabridged
Language	English
ASIN	B08D9VV926
Best Sellers Rank	#4 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #1 in Money Management #1 in Investing & Trading #5 in Analysis & Strategy

Customer reviews

4.6 out of 5

45,272 global ratings

5 star		70%
4 star		21%
3 star		5%
2 star		1%
1 star		2%

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Raghu

Amazing book full of great and novel explanations about money, finances, economy, investing etc.

Reviewed in India 🇮🇳 on 28 January 2023

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Awesome book! Rarely do I give 5 star for a book, this book deserves it even more. The Author opens your mind to new ideas, concepts and gives a fresh perspective about Money, Economy, Finances, Investments, Savings etc. Must read for anyone from teens to seniors. I wish I had this kind of book in my youth. Would have helped a lot in shaping my financial life.

One person found this helpful

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Amazon Customer

wealth VS rich VS poor, insight in compounding, the importance of staying in the game.

Reviewed in India 🇮🇳 on 28 January 2023

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This is a good read for everyone. Shows the importance of savings and investment. Points out how money influences the emotions and impatience. I like the illusion of portraying the outlook, wealth VS rich VS poor. Overall good read providing insight in compounding, the importance of staying in the game and the savings. There are few views that one may differ. But, overall good read.

One person found this helpful

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sajith

plan your financial independence

Reviewed in India 🇮🇳 on 2 February 2023

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This is the beat book on financial management I have ever seen.if your planning your journey of financial independence then its a must read book for 2023.

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Suman

Ok ok ok

Reviewed in India 🇮🇳 on 1 February 2023

Verified Purchase

Ok ok ok ok ok

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Kaiwalya Patil

Must read for everyone.

Reviewed in India 🇮🇳 on 2 February 2023

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This book mentions the reasons behind the things we do knowingly and unknowingly. Highly recommended read for all the age groups.

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Mohd saqib

Don't buy the paperback version of this book.

Reviewed in India 🇮🇳 on 21 January 2023

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The cover of the book is good. The page quality is decent, but printing is cheap.

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Ashish

Back to basics. Save even if you don't need to.

Reviewed in India 🇮🇳 on 24 January 2023

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Stick to index funds. Well explained the basics of how investing should work. Remove all noise and stick to basic 60:40 formula.

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Navi

Good book

Reviewed in India 🇮🇳 on 25 January 2023

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Good book but corner was folded Maybe in shioment other was good

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Ayachi

I wish if I have read this book 20 years ago!!

Reviewed in the United Kingdom 🇬🇧 on 11 December 2020

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In less than 200 pages Morgan Housel succeeded through several short stories about money and business management to provide learned lessons.
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.”

108 people found this helpful

Amazon Customer

Short and sweet

Reviewed in the United Kingdom 🇬🇧 on 5 July 2021

Verified Purchase

Short and sweet and to the point.

Some points I would argue with, such as the medical and pharma model being great. Simply I would say, not a single disease has ever been cured ever and cancer rates have gone from 1 in 4 to 1 in 2.

The book is ironically quite pertinent to the Covid plandemic and Housel highlights how the world is often run by a few psychotic individuals such as Hitler. Today we have Gates and co.

Chapters are short and concise which stops you losing interest.

23 people found this helpful

Delta D.

Trivial - an abuse of the word "psychology", an overload of platitudes and excessive self-reference

Reviewed in the United States 🇺🇸 on 17 September 2020

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Contained within are some useful tips and insights for those who are naive about finance. However, these could (and should) have been condensed into a newpaper or magazine article. It's hard to imagine anyone who needs such elementary guidance being allured by a book with "psychology" in its title.

In any event, the title is an abuse of the word. The descriptions of occasionally observed behaviours are no more "psychology" than the Mungo Jerry line of "Life's for living - yeah! - that's our philosophy" is philosophy.

These useful tips and insights are padded out to book length with platitudes and excessive self-reference from the author.

I'm tempted towards 1*, but there is at least some value in the tips and insights given.

518 people found this helpful

cesar carneiro penna

Um livro sobre a psicologia do dinheiro, campo novo e incrível que vem redefinindo conceitos

Reviewed in Brazil 🇧🇷 on 11 December 2020

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Este é um livro sobre como você se relaciona com o dinheiro. Não apenas sobre como você investe, mas sobre o que te faz gastar e o que te faz querer mais. Sobre quando gasta, o que espera sentir e como você pode se planejar para o futuro. A abordagem não é calculista, muito pelo contrário, ela é humana.

Vemos diariamente pessoas nos dizendo como ficar milionários fazendo investimentos. Morgan Housel dá uma dica muito importante: descubra qual jogo cada um está jogando e tente identificar se o jogo da pessoa que está te dando conselhos é diferente do seu.

Você vive fazendo o jogo de surfar no "momento" dos investimentos que hoje estão em alta e fazer uma "grana rápida" ? Você investe pensando em qual horizonte de tempo: meses, anos, década, ou no dia de hoje?

Como você lida com riscos?

As ações são voláteis, você é do tipo que tenta driblar esta volatilidade, comprar na alta e vender na baixa? Você tem dificuldade em lidar com as perdas, e assim que seu portfólio sofre uma queda, começa a tomar medidas emergenciais? Você investe de maneira que se tudo der errado acabou, ou vai ainda ter um plano e conseguir seguir em frente?

Talvez este livro seja para você. Housel prega uma mudança completa de mentalidade. O que ele busca trazer é uma forma de te dar autonomia, controle sobre o que fazer, quando fazer, como fazer, mantendo uma segurança apesar da inerente volatilidade dos investimentos.

Seguem duas outras lições que, num primeiro momento, foram mais marcantes para mim:

Riqueza vs. ser rico (rich people vs. wealthy people)

Você precisa aprender o que é o suficiente para você e a restringir seus gastos a partir deste ponto. Os estudos mostram, que quando atinge certo padrão de vida, gastar mais dinheiro te traz muito pouca felicidade a mais. É um mindset, mas é exatamente o oposto do que todo o marketing que somos bombardeados o tempo todo diz para a gente. É o oposto do que o Instagram fica tentando esfregar na nossa cara ao estimular constantes comparações. Para salvar um percentual significativo da sua renda com consistência e guardar ao longo dos anos e décadas, é essencial que você pare de aumentar seus gastos simplesmente porque aumentou sua renda e "pode" gastar mais.

Você possui seus vícios e manias, não é um robô que consegue disciplinadamente executar tudo que é bom para você sem qualquer falha ou recaída. Por isso, Housel fala sobre deixar espaço para coçar as coceiras. Assim como um nutricionista precisa incorporar um respiro em suas dietas (aquele domingo ou viagem quando você pode comer à vontade), você precisa entender aquela mania sua. É trocar de carro mais do que deveria? Trocar a mobília da casa? Trocar o celular todo ano? Tenha um espaço para isso e mantenha a mentalidade do "suficiente" para todo o resto.

Não faça a besteira de ler alguns reviews e achar que entendeu o que este livro ensina. Para mim o Housel está no mesmo nível dos ganhadores do Nobel D. Kahneman e R. Thaler. A diferença sendo que ao invés de realizar experimentos para ampliar o conhecimento, Housel é especialista em investigar o conhecimento disponível, juntar os pontos e tornar a informação acessível e acionável. O livro é carinho (chegamos a 70 reais em um ebook!), mas o investimento se paga muitas vezes. Caso queira algo gratuito você pode também ler o blog do Housel (o blog chama collaborativefund, procure no Google, porque a Amaozn não permite links aqui). Eu sou um grande fã e este é, sem dúvida, seu melhor trabalho até hoje. Uma verdadeira obra de arte.

32 people found this helpful

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Carol

Not that much psychology

Reviewed in the United Kingdom 🇬🇧 on 16 February 2022

Verified Purchase

I had been to an excellent short workshop on our attitudes to money and how the way we think about money affects our behaviour around it. The title of this book led me to believe I was going to be able to explore this in more depth, but I was to be disappointed. It was more of an introduction to investing in stocks (although there were no explanations of technical terms).

There was a little bit of psychology, and some interesting anecdotes, and it was quite a good book, but not what I was expecting or looking for.

5 people found this helpful

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