The Psychology of Money

Description

The Psychology of Money” is a non-fiction book written by Morgan Housel, published in 2020.
Summary
This book explores the behavioral and psychological aspects of money, challenging traditional financial wisdom. With a career as a partner of The Collaborative Fund, Housel draws from history, psychology, and economics to make people realize:
The emotional and social factors that play a role in financial decisions.
The significance of financial independence.
The role of risk, luck, and uncertainty.
Key Takeaways:
Money is valuable in that it gives freedom and choices.
Financial success long-term means patience, discipline, and adaptability.
People tend to make financial decisions based on psychology rather than logic.
Major Themes:
Psychology of wealth and the decision-making process when it comes to money.
Risk, uncertainty.
Time, patience, and long-term thinking.
Financial independence and freedom.
Important Concepts:
Getting rich is not a goal; staying rich is.”
Wealth is what you don’t see.”
The Reasonable vs. the Possible.”
Reception:
“The Psychology of Money” is a Wall Street Journal, USA Today, and Publishers Weekly bestseller.
Awards and Recognition
2021 Winner: Axiom Business Book Award with the Gold Medal.
Featured in The New York Times, Forbes, and Bloomberg.
Who this book is for
For investors and financial professionals.
For anyone looking to achieve financial literacy.
For readers with interest in behavioural economics.
Would you like to know more about Morgan Housel or behaviour finance?