Introduction
The Psychology of Money written by Mr. Morgan Housel is a book for the financial understanding and to understand out behavior with the money. This was first published in 1st September 2020 in the UK. The Psychology of Money book contains 20 chapters where the author shared 19 short stories to have a better understanding of money and a short confession in the last chapter. Here we will review the content of the book “The Psychology of Money“.
The author of the book Mr. Morgan Housel is two times winner of the Best in Business Award from the Society of American Business Editors and Writers. He is a former columnist at The Motley Fool and The Wall Street Journal. He is also a partner at The Collaborative Fund.
Key points of the book
The Psychology of Money book makes us understand the importance of wealth. This also explains the use, value and hidden feature of the money. You will learn how to let you money to work for you. There are things around us which are really obvious and we generally miss to observe those and this book will help to identify those obvious. This will teach you importance of saving and make you realize that “Nothing is free” in this world.
- The first chapter “No one’s Crazy” explains the importance of time “Everyone talks about retirement but apparently very few do anything about it“
- You will learn the importance and difference of “Luck & Risk” in chapter two. “Nothing is as good or as bad as it seems“.
- “Never Enough” is the third chapter.
- Chapter 4 and 5 explains about the compounding and benefits of being consistent. “$81.5 billion of Warren Buffett’s $84.5 billion net worth came after his 65th birthday. Its about being consistent“.
- Being wrong is not a curse, “You can be wrong half the time and still make a fortune“.
- Freedom is the 7th chapter and it will teach “Controlling your time is the highest dividend money pays“.
- Chapter 8, 9 & 10 will explain “Spending money to show people how much money you have is the fastest way to have less money“.
- Next three chapters will teach us we can refer history for future. “The most important part of every plan is planning on your plan not going according to plan“.
- Change is the part of life. “Long-term planning is harder than it seems because people’s goals and desires change over time“.
- Chapter 19 is kind of summary of the book, it summarizes the important points of the book.
Conclusion
After reading the book and with an honest review of the book; This is one of the must read book for every individual irrespective of age, gender etc. Anyone who is eager to understand how money behaves or to make most of your money, you should read this book. You could purchase this book on amazon.
Disclaimer: The above mentioned details are solely my views after reading the book. It not intended to hurt anyone. Any relation with this article will be purely co-incidence. This article is NEITHER SPONSORED & NOR ENDORSING anyone. The link mentioned here are an affiliate link. If you’re interested in reading this one along with me, buying it through the affiliate link is a great way to support me!
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Source: Book [The Psychology of Money], Internet
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