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Summary

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.

©2020 Harriman House (P)2020 Harriman House

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Quite disappointing

Nothing new here and not worth the time spent listening. Very US based and does not give insights to other markets.

7 people found this helpful

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Not what I expected from the book with such a title.

Not what I expected from the book with such a title. A lot of things are contradictory to each other. There are many times when author refers to something with no real explanation, but just out of his own opinion. Later on when you are completely confused he explains it in some detail. Again pointing to his own opinion. Also, the way book is read is a bit pessimistic.
Finished this book out of curiosity but kept the same opinion until the end of the book. There are no real answers in this book.

2 people found this helpful

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Interesting book but I don't agree many concepts

Fundamentally I liked this book but I found myself not agreeing with the core concept which is to live frugally forever (pretty much until old age). When does one actually get to enjoy the fruits of their labour? Life is too short...

2 people found this helpful

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The black swan simplified.

simple, comprehensive and informative book. I will definitely listen to it again and again as it has a lot of wisdom nuggets.

2 people found this helpful

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Not an academic treatise

Easy to engage with and some elements that can be applied to you own behaviours. Yes it’s got a US reader bias but it’s simple enough to look past this. The narrator was engaging and as it’s not too long you can get through it without getting lost in longer and more weighty academic works. A good introduction to the topic.

2 people found this helpful

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Best ever

loved every moment learnt life changing information thank you ever so much!!. A must read!!

1 person found this helpful

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Great down to earth lessons

If only this book could be taught in schools today, maybe we would be able to avoid the catastrophic future we now surely face....

1 person found this helpful

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Fantastic book

I thoroughly enjoyed this book and the ideas it presented. Thought-provoking and many ideas that I believe we can all apply to our lives!

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A great foundation for investment reading

Before you pick up the Intelligent Investor, Rich Dad, Poor Dad, or any other book from one of those 'best investment books for...' lists, read this book. Clear, concise, intelligent, and practical, I'm yet to find a better foundation for an investment book library.

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Great book, Amazing Narrator

Really enjoyed this book. Definitely glad I chose the audio version. The narrator was so easy to listen to and despite some technical points I never felt I lost focus while listening to him read. The book has so many good points and it’s definitely one to listen to again and absorb the points deeper.

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  • Brian Sachetta
  • 28-09-20

Really interesting and fun take on money

Let’s face it — money is a complex and, at times, bewildering subject. There’s so much contradictory information out there. It can be quite overwhelming to hear all of that info and try to make sense of it, based on our own situations.

Rather than try to provide another set of so-called “can’t lose” strategies for managing money, here, Housel seeks to show readers that success with money is a soft skill filled with lots of nuances. Though that may sound daunting at first, I can assure you he doesn’t just leave readers out to dry. No, instead, he provides countless new ways of thinking about money that allow readers to see their financial situations in new lights.

Sure, that may also sound a bit nebulous on the surface, but trust me — it will all make sense if/when you pick this one up. Some of those new ways of looking at money include ideas such as: different people’s life experiences lead to vastly different views about money; the hardest financial skill to acquire is to learn to stop moving the goalposts and eventually become content with what we have; and protecting the downside is probably the most important thing when it comes to managing money properly.

Housel applies these somewhat abstract concepts through the use of countless stories and examples, which makes the digestion of them so much more straightforward. In the end, we’re left with a core set of principles for managing our money moving forward. And, spoiler alert, so much of that managing boils down to effective financial psychology — the very subject of the title of this book.

I think most readers will enjoy it quite thoroughly, and, as such, I recommend it highly.

-Brian Sachetta
Author of “Get Out of Your Head”

16 people found this helpful

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  • jlanewell
  • 05-10-20

Thought provoking book about habits about money.

I got this book on audible and listened to the whole thing in one day. This book is a different approach to money. It really is extremely thought provoking. I particularly enjoyed Never enough chapter. This book is written in such away that you are getting stories to help understand the examples in the book.

I really enjoyed the content in this book and recommend reading.

12 people found this helpful

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  • Dan
  • 05-10-20

The philosophy of money

This book really should be called the philosophy of money. Some good bits of info, more like fun facts than anything else, but overall I didn't feel like I got a lot of value from the book.

11 people found this helpful

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  • Bianca Alison
  • 25-09-20

Nothing new for an Uber hyped book.

If you have read 21 lessons for the 21 century, Warren Buffet or even Dave Ramsey this book has nothing to offer. The title is magnificent. Except it is. It about the psychology of money at all. It is a book on economics, investing and social behavior but to call it the “psychology” of money is a huge presumption of the material you are abut to read.

7 people found this helpful

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  • Ryan
  • 07-10-20

Must listen!

Great book for all investors, especially new investors! Good pace and narrator was easy to follow

6 people found this helpful

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  • Randall Bricker
  • 04-10-20

Must read for everyone!

Current, timeless and Insightful! I just happened to stumble across the author on Twitter and I’m very glad I did. I now follow and read many of his articles but this book is a must read for all. I have already shared it with all my family and friends including my son studying financial engineering at Cornell. This is the type of book you should earmark to read over again, anytime you need to make a large financial decision. Bravo!

6 people found this helpful

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  • Dr Jonny
  • 30-01-21

Interesting, but little substance

spends most of the book saying no one really knows anything about money, then gives a few recommendations at the end, most of them common sense. them finishes with another small story about the economy since the great depression, but with limited biased analysis.
you can skip it...

5 people found this helpful

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  • Matt Lasher
  • 26-09-20

Outstanding! I’ll be reading again

I’ve read dozens of personal finance books and this is second only to @The simple path to wealth” by JL Collins.

Highly recommended

5 people found this helpful

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  • Tony Weber
  • 07-10-20

Very good read..

If someone wants to understand the psychology of money this book is a very good start...
Everyone is different and everyone have different wants and needs.

3 people found this helpful

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  • Jake Cohen
  • 03-10-20

Morgan great book!

Thanks for this well thought out book on money. Interesting to hear a different perspective than the constant save more, spend less and think about the ideas behind it.

3 people found this helpful