The Psychology of Money by Morgan Housel (NEW) | Book Summary and Review | Free Audiobook

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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.

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StoryShots Summary of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

Disclaimer

These key insights and analysis are provided for educational purposes only. Please consult a professional before taking any action.

Introduction

Do you want to be rich or wealthy? Did you know there was a difference between the two?

The Psychology of Money explains what that difference is. In this digestible book, Morgan Housel shares 19 short stories illustrating how we think about money.

He considers how past experiences can worsen our long-term financial gains. Moving the goalposts and being coldly rational can have a similar effect. Instead, set clear and sensible financial goals that don’t depend too much on how things have been in the past.

The Psychology of Money covers a lot of ground in just over 200 pages. This is the book for you if you’re looking for ways to be wealthy, not rich.

About Morgan Housel

Morgan Housel is a partner at Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers.

He is also the winner of the New York Times Sidney Award and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. Houzel has presented at more than 100 conferences in a dozen countries.

StoryShot 1: We All Have Unique Experiences of Investing

“Having a strong sense of controlling one’s life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered.” — Morgan Housel

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Our current relationships with money are based on our past experiences. Housel uses the example of people who struggled during the Great Recession that started in 2007, and are now scared of reinvesting.

We shouldn’t judge others for their financial decisions. We have all simply had different experiences of investing. We must learn to make investment decisions based on our goals and investment options rather than experiences.

The world is always changing. Relying on your experiences means you’re basing your decisions on knowledge of a different world.

StoryShot 2: Bill Gates Had a Competitive Advantage

StoryShot 3: Rich People Are More Likely to Make Crazy Decisions

StoryShot 4: Warren Buffett Is a Prime Example of the Power of Compound Interest

StoryShot 5: Good Investing Is About Not Screwing Up

StoryShot 6: Do the Average

StoryShot 7: People Believe Wealth Will Make Them Popular

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