Psychology of money by Morgan Housel

 

Psychology of money by Morgan Housel is small book. Well written but strangely I took a few months to finish reading this book. I took a break and read 2 other books before I came back to this one. 

Its a fantastic book and the author has rightly titled it as Psychology of Money. The book is for all. You could be an ignorant investor to a seasoned money manager. It gives you the view point, that thin line, that can flip the financial situation completely. 

Author has quoted many stories of those who succeeded and those who failed financially. Ironically both approached with the same strategy. 

He quotes extracts from many books that supports his idea and adds his new angle of viewpoint which is very informative.  Unlike many books structured on similar lines, this book didn't feel like a textbook or collection of quotes and extracts from other authors. 

I strongly recommend that everybody should read this book to understand the paradoxical nature of money 

My honest rating: 5/5

Some extracts from the book that I  liked:

A genius who loses control of their emotions can be a financial disaster. The opposite is also true. Ordinary folks with no financial education can be wealthy if they have a handful of behavioral skills that have nothing to do with formal measures of intelligence.

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Ronald Read was patient; Richard Fuscone was greedy. That’s all it took to eclipse the massive education and experience gap between the two.

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A good definition of an investing genius is the man or woman who can do the average thing when all those around them are going crazy.

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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.

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The psychology of money review | Morgan Housel| Paradoxical nature of money| Right behaviour towards money