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A review by drante
The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel
4.0
- ## The Book in 3 Sentences
- This book gave me the explanation on why our relationship to money is so distorted and how it helped me change the way on how I think about saving money. I never knew that my own consumer mentality is adopted from the baby boomers of US, however, it does not surprise me.
- ## Impressions
- The book is well-written and the author [[Morgan Housel]] does a great job at explaining the gist of our relationship to money. It should be noted that the explanations used in the book are no way near scientific, which is a positive thing, but it should be noted.
- Even though the author provides you with the how and why you should save money, this is not a book on how to invest and trade stocks. It could however be read as a book on how to become rich, because change your view and relationship to money could in the long run make you wealthy.
- ## How I Discovered It
- This book was recommended by the YouTuber Ali Abadaal.
- ## Who Should Read It?
- Do you use money? Then you should probably read this book.
- ## How the Book Changed Me
- The book helped me put words to how I define rich: __The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. __
- By being able to say that for me rich is control over time I have gained further incentives to save and use money more wisely.
- ## My Top 3 Quotes
- __"... the world is too complex to allow 100% of your actions to dictate 100% of your outcomes.__
- By realizing this, one should understand that not all success is due to hard work, and that not all poverty is due to laziness, and should be considered when judging people and even yourself.
- __"At every stage of our lives we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made."__
- When regretting things from the past should be done with care, as it is these decisions that shaped the you now.
- __"I can afford to not be the greatest investor in the world, but I can’t afford to be a bad one."__
- Striving for perfection when investing is not feasible and probably not possible, it is however possible to avoid plain stupid investments. The different between an OK investment and a great one is less than the difference between an OK and a awful one.
- ## Summary + Notes
- This is a good book about why our relationship to money is obscure and what we can do to change it. Many of the suggestions outlined in the book is no more difficult than spending less and saving more under a greater period of time could actually help you become rich. But first one must define what is rich to me and what are goals, this should then control your methods of reaching said goals.
-
- This book gave me the explanation on why our relationship to money is so distorted and how it helped me change the way on how I think about saving money. I never knew that my own consumer mentality is adopted from the baby boomers of US, however, it does not surprise me.
- ## Impressions
- The book is well-written and the author [[Morgan Housel]] does a great job at explaining the gist of our relationship to money. It should be noted that the explanations used in the book are no way near scientific, which is a positive thing, but it should be noted.
- Even though the author provides you with the how and why you should save money, this is not a book on how to invest and trade stocks. It could however be read as a book on how to become rich, because change your view and relationship to money could in the long run make you wealthy.
- ## How I Discovered It
- This book was recommended by the YouTuber Ali Abadaal.
- ## Who Should Read It?
- Do you use money? Then you should probably read this book.
- ## How the Book Changed Me
- The book helped me put words to how I define rich: __The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays. __
- By being able to say that for me rich is control over time I have gained further incentives to save and use money more wisely.
- ## My Top 3 Quotes
- __"... the world is too complex to allow 100% of your actions to dictate 100% of your outcomes.__
- By realizing this, one should understand that not all success is due to hard work, and that not all poverty is due to laziness, and should be considered when judging people and even yourself.
- __"At every stage of our lives we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made."__
- When regretting things from the past should be done with care, as it is these decisions that shaped the you now.
- __"I can afford to not be the greatest investor in the world, but I can’t afford to be a bad one."__
- Striving for perfection when investing is not feasible and probably not possible, it is however possible to avoid plain stupid investments. The different between an OK investment and a great one is less than the difference between an OK and a awful one.
- ## Summary + Notes
- This is a good book about why our relationship to money is obscure and what we can do to change it. Many of the suggestions outlined in the book is no more difficult than spending less and saving more under a greater period of time could actually help you become rich. But first one must define what is rich to me and what are goals, this should then control your methods of reaching said goals.
-