54 pages • 1 hour read
The Psychology of Money
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Book Brief
252
Book • Nonfiction
2020s
2020
Harriman House
Adult
18+ years
Super Short Summary
The Psychology of Money by Morgan Housel examines how people's financial decisions are influenced by their personal experiences, beliefs, and biases, using historical anecdotes to highlight the roles of ego, risk, patience, and effort in financial success. Housel emphasizes the importance of long-term investing, saving, and maintaining a margin of safety while cautioning against egotism and risky spending.
Informative
Contemplative
Inspirational
Reviews & Readership
271,524 ratings
Loved it
Mixed feelings
Not a fan
Review Roundup
The Psychology of Money by Morgan Housel is praised for its accessible writing and practical insights into financial behavior, combining psychological theory with real-life anecdotes. Critics note it is particularly helpful for personal finance beginners. However, some argue the repetitive themes and lack of depth may not satisfy seasoned investors.
Who Should Read The Psychology of Money?
A reader who appreciates The Psychology of Money by Morgan Housel would enjoy insightful narratives on personal finance, behavioral economics, and money management. Ideal for fans of Your Money or Your Life by Joe Dominguez and Vicki Robin or Thinking, Fast and Slow by Daniel Kahneman.
271,524 ratings
Loved it
Mixed feelings
Not a fan
Ronald Read
Ronald Read
A philanthropist and former mechanic known for living frugally and investing wisely, ultimately leaving behind a multimillion-dollar estate despite working in low-paying jobs.
Richard Fuscone
Richard Fuscone
A former Merrill Lynch executive who, despite his financial expertise and high salary, went bankrupt during the 2008 financial crisis due to excessive borrowing to maintain a lavish lifestyle.
Bill Gates
Bill Gates
The founder of Microsoft, whose career trajectory is used as an example of the significant role luck can play in achieving extraordinary success.
Warren Buffett
Warren Buffett
A renowned investor famous for his long-term investment strategy, whose success is attributed to the power of compounding over an extended period.
Rajat Gupta
Rajat Gupta
A former CEO and board member of major firms, whose insider trading conviction is highlighted as a caution against unchecked greed and ambition.
The Psychology of Money blends storytelling and behavioral economics, providing insights on how emotions and personal history shape financial decisions.
The book emphasizes that financial success is more about behavior and mindset rather than vast knowledge or intelligence.
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Morgan Housel, the author, is a former columnist for The Wall Street Journal and The Motley Fool, known for his engaging writing on finance and investing.
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252
Book • Nonfiction
2020s
2020
Harriman House
Adult
18+ years
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