The Psychology of Money Book Review

Introduction to The Psychology of Money Book Review

Morgan Housel explained the timeless lessons on greed, happiness, and wealth through his book The Psychology of Money. Housel shows how behavioral skills are more important than being intelligent to have the ability to gain wealth. Although this behavior is hard to learn and teach. The Psychology of Money book tells short stories from the practical life of people’s money-making decisions.

Housel shows how factors like pride, personal history, fear, and worldview can affect financial decisions.

In this The Psychology of Money review, we will give valuable information and will also provide The Psychology of Money pdf download for free.

Title: The Psychology of Money

Author: Morgan Housel

Genre: Personal finance, psychology

Premise: The book contrasts two thinking approaches by telling short stories.

The Psychology of Money emphasizes on saving saving more rather than earning more.

The Psychology of Money Reviews from Other Platforms and Influencers

As we expect from an influential book The Psychology of Money, gained very much opinions from the readers and of course from critics.

Critic’s Opinion

The Boston Adviser: If you want to grow and keep wealth, The Psychology of Money teaches the most important skills to achieve your goals.

Christopher O’Leary: The best book ever read when it comes to personal finance and investing.

General Public Reviews

Goodread: The book has 4.3 out of 5 which is based on almost 15700 reviews and 238000 ratings. Readers praise the writing approach and concepts used in The Psychology of Money.

Amazon:Although no review is available on the platform The book is available for purchase and users are buying it with passion. A few users also noted that the author’s writing style is easy to understand.

Overall:The Psychology of Money by Morgan Housel has gotten the best response from its readers for engaging content about personal finance, behavioral skills, investment, and wealth. The book attracts investors who are finding a deep understanding of many psychological factors that influence their financial decisions.

The Psychology of Money Book Review Summary

The psychology of money introduces valuable lessons about wealth, greed, and fear. The book emphasizes saving money more than earning. Following are some major points from the book.

1. Luck is More Important Than Risk

According to Housel, luck plays an important role in achieving money goals rather than taking risks. The Psychology of Money explained that achieving money-making goals isn’t always about taking risks and making good decisions. Most of the success stories involve luck.

Housel explained his point by giving an example of Bill Gates and his Classmate Evans. Both took part in computer science together. Evans died while taking risks of mountaineering while Gates laid the foundation of Microsoft later on.

2. Save More Rather to Earn More

We all believe in the concept of earning more. If you are willing to fulfill your money-making goals, increase your ability to save.

The Psychology of Money book explores a different perspective. The book tells that you will have to save more money rather than just focus on earning. Housel further explains, that even if you are earning a handsome amount of money but you are not saving it, still you can’t achieve your goals.

3.No One is Crazy About Money

The author says that even if you do some sort of crazy thing with money, you are not exactly crazy about money.

The book states that people’s personal experiences with money often bring their money habits and their beliefs.

It includes places they were born in and also their parents liking.

Housel further explains that the person who grew up in a stable financial economic environment will handle money differently than a person who grew up in a period of inflation.

This personal background affects someone’s thinking about investing, spending, and saving about moving.

Strengthfull The Psychology of Money Book Review Summary

The Psychology of Money recognizes itself globally because of its different approach to various common factors, like behavioral skills, Psychology, wealth, investment, and savings. Some of the major strengths of Psychology of money are stated below.

Storytelling

Morgan Housel uses the concept of storytelling to attract readers. He uses stories from the real-life related to the concepts he wants to prove. This approach is not just popular in financial brains but also for people with no financial background.

Timeless lessons

The Psychology of Money discussed the principles which have timeless lessons.

These principles are about behavioral skills, investment, wealth, saving money, luck, etc.

Global appeal

The book focuses on human behavior which includes, young readers, and investors, who are searching for good knowledge about personal finance.

Motivational tone

The Psychology of Money focuses on a motivational tone that every professional likes. Housel tried to convey his message of timeless lessons about wealth, luck, and personal skills.

The Psychology of Money Book Review Summary Showing Weaknesses

Although The Psychology of Money inspired millions of people it also has some flaws that may affect readers who are keen to read quality content.

1. Addresses One Class of People

The Psychology of Money may be the best book for Uperclass minds which includes investors billionaires etc. But it doesn’t address the lower middle class or middle class.

2. Other Factors Neglected

Although this book explained factors like luck, greed, and fear, the question arises in readers’ minds that it doesn’t consider some key factors like time and horizons.

3. Old Concepts Used

Some people think that Housel compiled this from his blog articles which were already published. So it’s not a new concept.

4. Lack of Technical finance Knowledge

Some technical minds who are looking for detailed investment strategies say that The Psychology of Money doesn’t give in-depth knowledge about technical finance.

Your Personal Takeaway

The Psychology of Money isn’t just a book, it makes readers rethink their concepts regarding wealth, money, saving, luck, etc.

The book penetrates my mind deeply. It’s insightful. I haven’t considered behavioral skills and beliefs around money. It’s really an eye-opener.

But instead of all the insightful concepts used in the book, it has some flaws as well.

Most of the concepts are used repeatedly. Some of them seem awkward when you apply them in real life.

Some Famous FAQS About The Psychology of Money