The Psychology of Money

Morgan Housel

The Psychology of Money



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In today’s world, there are few things we can be sure of, and markets and finance are no exception. So why do we continue to treat money and investments as though financial market rules were set in stone? The reason we see it this way is because we are human, and as such, we are governed by the norms of psychology. Understanding the psychological mechanisms that are triggered within us when we deal with money, can explain - and help us avoid - those irrational behaviours that can jeopardise both our fortunes and our happiness. In his best-seller, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, Morgan Housel highlights the money triggers that we should be on the look out for.

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Analysis and key concepts


Behind our financial decisions lies much more than mathematical rules


Even the most catastrophic choices can be the result of wise decisions


In finance time is money, literally


The most important thing that money can buy is freedom


Saving is the only factor of wealth generation that we can control


There are certain psychological mechanisms behind our financial choices that we need to keep an eye on


The stories we tell often have far more power than the truth in the world of finance




Take-home message

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Many useful tips to:

  • Change your habits around money thanks to the understanding of the psychology that governs them.
  • Understand what the real values to consider are, when you invest and save.
  • Learn to recognise and limit the biases that negatively influence our financial situation.

Morgan Housel is an Economics graduate from the University of Southern California and an expert in history and behavioural finance. His talent and passion in these areas led him to become a journalist and write for prestigious newspapers: for several years he was a finance columnist at The Motley Fool and The Wall Street Journal, and is the author of the bestselling book The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness. During his career, he won the New York Times Sidney Award and was a two-time finalist of the Gerald Loeb Award for Distinguished Business and Financial Journalism. Today he spends his time both writing and consulting as a partner of the investment company Collaborative Fund.

Publishing house:

Harriman House