“When most people say they want to be a millionaire, what they might actually mean is “I’d like to spend a million dollars.” And that is literally the opposite of being a millionaire.”
“Every financial decision a person makes, makes sense to them in that moment and checks the boxes they need to check. They tell themselves a story about what they’re doing and why they’re doing it, and that story has been shaped by their own unique experiences.”
Psychology of Money essentially talks about life lessons for managing, accruing & in general dealing with your money. It juxtaposes quite a few amazing real-life stories with a tangible outcome/lesson. Yes, it does get preachy in parts. Yes, it does feel like it's just scratching the surface and avoiding the weeds of uncertainties and nuances, but I am willing to turn a blind eye to these - because the book does indeed put forth “the lessons” very succinctly. I found myself saying “aha!”, “that is so true!” and in general vigorously nodding my head throughout the reading.
“What’s often overlooked in finance is that something can be technically true but contextually nonsense.”
Morgan Housel was a Motley Fool columnist, If you trade in NYSE and/or Nasdaq, you are surely aware of the Motley Fool. I had picked up this book hoping for something in between the Freakonomics and Thinking Fast and Slow. Happy to report that “Psychology of Money” is neither - which is Not necessarily a bad thing mind you. No kidding, this book is literally one of the most quotable books I have read in recent years. Give this book a go! Solid 4.5/5.
“Good decisions aren’t always rational. At some point you have to choose between being happy or being “right.””
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