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The Psychology of Money: Timeless lessons on wealth, greed, and happiness Paperback – Import, 8 June 2022

by Morgan Housel (Author)
4.6 out of 5 stars 74,042
#1 Best Seller in Money & Monetary Policy
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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.

About the Author

Morgan Housel is a partner at The 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, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.
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  1. Print length
    256 pages
  2. Language
    English
  3. Publisher
    Harriman House Publishing
  4. Publication date
    8 June 2022
  5. Dimensions
    14.1 x 1.91 x 21.46 cm
  6. ISBN-10
    0857197681
  7. ISBN-13
    978-0857197689
  8. See all details
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  1. There is no reason to risk what you have and need for what you don’t have and don’t need.
    Highlighted by 32,322 Kindle readers
  2. 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.
    Highlighted by 26,977 Kindle readers
  3. financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.
    Highlighted by 23,372 Kindle readers
  4. Therefore, focus less on specific individuals and case studies and more on broad patterns.
    Highlighted by 21,752 Kindle readers
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From the Publisher

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

Bursting with Ideas

Finance

Complex concepts

A million sold

Graceful clarity

The Psychology of Money

Financial writers

Product description

Review

"It's one of the best and most original finance books in years." -- Jason Zweig, The Wall Street Journal

"The Psychology of Money is bursting with interesting ideas and practical takeaways. Quite simply, it is essential reading for anyone interested in being better with money. Everyone should own a copy." -- James Clear, Author, million-copy bestseller, Atomic Habits

"Morgan Housel is that rare writer who can translate complex concepts into gripping, easy-to-digest narrative. The Psychology of Money is a fast-paced, engaging read that will leave you with both the knowledge to understand why we make bad financial decisions and the tools to make better ones." -- Annie Duke, Author, Thinking in Bets

"Housel's observations often hit the daily double: they say things that haven't been said before, and they make sense." -- Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle

"Morgan Housel is one of the brightest new lights among financial writers. He is accessible to everyone wanting to learn more about the psychology of money. I highly recommend this book." -- James P. O'Shaughnessy, Author, What Works on Wall Street

"Few people write about finance with the graceful clarity of Morgan Housel. The Psychology of Money is an essential read for anyone who wants to make wiser decisions or live a richer life." -- Daniel H. Pink, #1 New York Times Bestselling Author of When, To Sell Is Human, and Drive
Review

About the Author

Morgan Housel is a partner at The 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, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.

Product details

  • Publisher ‏ : ‎ Harriman House Publishing (8 June 2022)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 256 pages
  • ISBN-10 ‏ : ‎ 0857197681
  • ISBN-13 ‏ : ‎ 978-0857197689
  • Dimensions ‏ : ‎ 14.1 x 1.91 x 21.46 cm
  • Customer Reviews:
    4.6 out of 5 stars 74,042

About the author

Follow authors to get new release updates, plus improved recommendations.
Morgan Housel

Morgan Housel

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Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
74,042 global ratings

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Great Book - Shame the book itself is counterfeit.
4 Stars
Great Book - Shame the book itself is counterfeit.
Outstanding information by Morgan. This should be given to every student leaving school in Australia. By their parents if not their school.Just a shame that the seller is selling counterfeit products. I know now because I picked up a genuine copy today and it’s heavier, thicker, bigger, has better print and has more pages.Avoid this seller at all costs.
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Top reviews from Australia

Lloyd Rangiah
5.0 out of 5 stars Incredibly well researched and written
Reviewed in Australia on 26 February 2024
Verified Purchase
Housel is a fantastic writer. He understands how to make a point without repeating himself and backs up all statements with concrete data.

One of the best books i’ve ever read!
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Jonathan
5.0 out of 5 stars Game changer
Reviewed in Australia on 18 February 2024
Verified Purchase
Brilliant book that changes and challenges the way you think. Highly recommend to all.
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Dee
4.0 out of 5 stars an easy read
Reviewed in Australia on 6 April 2024
Verified Purchase
An easy read with realistic and sound thoughts, a long with interesting anecdotes about money and emotions. This book is not just for the money hungry!
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diskxk
5.0 out of 5 stars A helpful book
Reviewed in Australia on 21 December 2023
Verified Purchase
Today, I read Psychology of Money. There are lessons that I've learned in the book.

- The media likes to promote pessimism rather than optimism since it attracts more attention. Examples include stock prices going down when in the long term it will continue to increase.
- The economy will keep improving overtime, but there may be some temporary downfalls such as recession and inflation. The book discusses what happened post-WW2 and how lives have dramatically improved since then. Although the book does seem to implicitly suggest that the gap between the rich and poor is starting to increase.
- "85% of active mutual funds underperformed their benchmark over the 10 years ending 2018." The book suggest that investing in index fund is less risky than investing in mutual funds.
- There have been stories where investors have committed suicide due to losing all their wealth. While investing, you should be prepared to factor in risk.
- The most important factor in investing is time

There are more lessons in the book but I decided to bullet-point the most useful lessons.

More quotes from the book below:

"Half of all U.S. mutual fund portfolio managers do not invest a cent of their own money in their funds, according to Morningstar. This might seem atrocious, and surely the statistic uncovers some hypocrisy."

"Tell someone that everything will be great and they’re likely to either shrug you off or offer a skeptical eye. Tell someone they’re in danger and you have their undivided attention."

“Only 27% of college grads have a job related to their major, according to the Federal Reserve. Twenty-nine percent of stay-at-home parents have a college degree. Few likely regret their education, of course. But we should acknowledge that a new parent in their 30s may think about life goals in a way their 18-year-old self making career goals would never imagine."
2 people found this helpful
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Paula Andrea
5.0 out of 5 stars Absolutely loved every page of it!
Reviewed in Australia on 24 November 2023
Verified Purchase
It is an exceptional read that effortlessly combines clarity, simplicity, and actionable steps. It's a treasure trove of financial wisdom accessible to all, making it one of the best books I've ever read. Absolutely loved every page of it!
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Stefanie
5.0 out of 5 stars Great
Reviewed in Australia on 11 April 2024
Verified Purchase
Amazing book
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QV
4.0 out of 5 stars Great Book - Shame the book itself is counterfeit.
Reviewed in Australia on 10 March 2024
Verified Purchase
Outstanding information by Morgan. This should be given to every student leaving school in Australia. By their parents if not their school.

Just a shame that the seller is selling counterfeit products. I know now because I picked up a genuine copy today and it’s heavier, thicker, bigger, has better print and has more pages.

Avoid this seller at all costs.
Customer image
QV
4.0 out of 5 stars Great Book - Shame the book itself is counterfeit.
Reviewed in Australia on 10 March 2024
Outstanding information by Morgan. This should be given to every student leaving school in Australia. By their parents if not their school.

Just a shame that the seller is selling counterfeit products. I know now because I picked up a genuine copy today and it’s heavier, thicker, bigger, has better print and has more pages.

Avoid this seller at all costs.
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Pankaj Angrish
5.0 out of 5 stars Perfect
Reviewed in Australia on 27 March 2024
Verified Purchase
Great read
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Top reviews from other countries

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Rob Statham
5.0 out of 5 stars Amazing Book! Invaluable Education!
Reviewed in Canada on 10 March 2024
Verified Purchase
A tremendous book on investing that is very relevant and very easy to read.
One person found this helpful
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Desmond Yuen
5.0 out of 5 stars Remember: Margin of safety
Reviewed in the United States on 25 February 2024
Verified Purchase
Why the book was so easy and enjoyable to read? It has a lot of good examples, data and fun facts to get the point across to the readers. The chapter titles are attention grabbers to get our attention to read more. But the most important thing to learn from this book is "Margin of Safety".

According to the author, it is one of the most underappreciated forces in finance. It comes in many forms: a frugal budget, flexible thinking, and a loose time line - anything that lets you live happily with a range of outcomes. Controlling your time is the highest dividend money pays.

The book is pretty much evolved around the concept of "Margin of Safety." It encourages readers to save money and not spending money lavishly. The key is staying wealthy and not just getting wealthy. We can't be complacent and assume that yesterday's success translate into tomorrow's good fortune. Wealth is what you don't see. Spending money to show people how much money you have is the fastest way to have less money.

Good investing is not about getting the highest returns. It's about getting good returns that you can stick with and which can be repeated for the longest period of time. According to the author, the historial odds of making money in US markets are 50/50 over one-day periods, 68% in one-year periods, 88% in 10 -year periods and (sofar) 100% in 20-year periods.

Forecasting is hard. This is why invetsment guru Benjamin Graham is a strong advocate for margin of safety as the purpose of margin of safety is to render the forecast unnecessary. The author cited the success rate of venture financing from 20024 to 2014: 65% lost money, 2.5% of invetsments made 10X to 20X, 1% made more than 20X return, only 1/2% (~100 companies) earn 50X or more.

According to George Soros, it is not whether you are right or wrong that's important but how much money you made when you're right and how much you lose when you're wrong. You can be wrong half the time and still make a fortune.

The most interesting part of the book is the last chapter: Postcript. Thanks to the internet, the world is more connected than ever. What that means is the talent pool the readers compete with has gone from 100s or 1000s sprang their towns to millions or billions spanning the globe.

The author ended the book with a not so pessimistic note. The era of "this isn't working" may stick around. And the era of "We need something radically new, right now, whatever it is" may stick around.
29 people found this helpful
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Israel alcocer alvarez
5.0 out of 5 stars Excelente libro
Reviewed in Mexico on 9 December 2023
Verified Purchase
Adquirí el libro por recomendación y no me ha defraudado, es un artículo muy valioso para todas aquellas personas que quieran expandir sus saberes en el mundo financiero (desde otra perspectiva), 100% recomendado.
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Billysciabre
5.0 out of 5 stars Probabilmente uno dei libri più utili sul tema
Reviewed in Italy on 28 March 2024
Verified Purchase
Dalle recensioni non capivo se sarebbe stato un libro per me. Ho scoperto leggendolo che è uno dei libri che mi è piaciuto di più in ambito soldi e gestione degli stessi.
L’autore non si cimenta in guide step by step campate per aria. Piuttosto ragiona su vari argomenti e ne affronta quelli che possono essere i principi sottostanti.
Ho guadagnato molte riflessioni applicabili nella vita quotidiana e considerazioni che probabilmente faranno la differenza in scelte a breve e lungo periodo.
Bonus: libro scritto benissimo. Estremamente piacevole da leggere, senza perdite di tempo e con esempi concreti.
L’autore vuole chiaramente il bene del lettore e scrivere tutto il necessario in modo semplice, rapido e facilmente comprensibile.
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Sidharth
5.0 out of 5 stars Simple language, best book for beginners
Reviewed in India on 26 March 2024
Verified Purchase
The book is divided into many chapters which can be read in any order. Has interesting examples to help understand finance
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