
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
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Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.
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 Length5 hours and 48 minutes
- Audible release date8 September 2020
- LanguageEnglish
- ASINB08D9VV926
- VersionUnabridged
- Program TypeAudiobook
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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 | #2 in Audible Books & Originals (See Top 100 in Audible Books & Originals) #1 in Money Management #1 in Investing & Trading #4 in Analysis & Strategy |
Customer reviews

Reviewed in India on 29 September 2020
Top reviews from India
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First level of investor is the one who knows money can be made in the mkt, but doesn't know how and starts to trade without any knowledge.
Second level investor have made profit or loss on his capital and starts to find out where did he has gone wrong and starts learning about some basic concepts such as PE ratio.
Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.
Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short span of months. Again goes back to drawing board and finds what went wrong.
Then come the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.
But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for very long time such as 70-80 years which very few do it. That's when actually psychology matters and thats what Morgan tries to tell us in this book that more that analysis of the scrip, conviction that you calculated and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all a great humility and convinces us to be humble and show gratitude to others.

Reviewed in India on 29 September 2020
First level of investor is the one who knows money can be made in the mkt, but doesn't know how and starts to trade without any knowledge.
Second level investor have made profit or loss on his capital and starts to find out where did he has gone wrong and starts learning about some basic concepts such as PE ratio.
Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.
Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short span of months. Again goes back to drawing board and finds what went wrong.
Then come the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.
But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for very long time such as 70-80 years which very few do it. That's when actually psychology matters and thats what Morgan tries to tell us in this book that more that analysis of the scrip, conviction that you calculated and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all a great humility and convinces us to be humble and show gratitude to others.

1. Expectations change even slower than reality. Everyone sees the world they have seen it before.
2. Everyone plays the game of investment differently. You need to define your game.
This is a fantastic book. It's not a book about investments. It is a book about your mind, and mine and how it thinks about money, savings, expenditure and investments. And, it is brilliant. Pick it up now.
Let me come to some of the most amazing insights that the book provides. The book talks about difference between getting wealthy and staying wealthy. The author says that many people acquire wealth but fail to preserve wealth and hence it is important to learn how to preserve wealth. As per Housel,” Preserving wealth requires humility, and the fear that what you have made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you have made is attributable to luck, so past success cannot be relied upon to repeat indefinitely.” The author talks in detail about role of luck in investing at many places in the book. He quotes his conversation with Robert Schiller, winner of Nobel Prize in Economics, to whom he once asked, “What do you want to know about investing that we can’t know?”. In response to this question Schiller said, “The exact role of luck in successful investing”.
The author keeps on surprising with his wonderful understanding of money in different chapters of the book. But the exclusive chapter on saving, which is chapter 10, has many interesting aspects about savings. Emphasizing significance of savings, the author says “The first idea- simple, but easy to overlook-is that building wealth has little to do with your income or investment returns, and lots to do with your savings rate.” He adds that you don’t need a specific reason to save. He has also mentioned something which is an eye opener. Past a certain level of income, what you need is just what sits below your ego. The author also highlights the need for knowing what is enough, when it comes to money.
In brief, you must read this book irrespective of how much you understand about money. There is something for everybody in this book.

Reviewed in India on 2 October 2020







Top reviews from other countries


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.”

I've rated the book 4* and not 5* because I found a lot of the examples to be US/American focused. The world has changed. Morgan has not written with a global audience in mind or even a global perspective. This is not necessarily a bad thing if that's the intended audience, however I am not American and have only visited the country once, so I found that examples or cases from other countries might have helped a bit. Either way, a great read written in straight forward language.

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.



Reviewed in the United Kingdom on 28 December 2020
