The Psychology of Money: Timeless lessons on wealth, greed, and happiness(Paperback)- by Morgan Housel

The psychology of money price in Bangladesh is 395 tk

The Psychology of Money by Morgan Housel is a collection of tips to teach readers how to manage and think about money.

There are no practical investment tips in the book. Housel does not seek to buy gold or invest in cryptocurrencies. Instead, he presents a set of principles readers can use to guide them toward their financial goals.

Housel is an experienced investor and businessman he is also a journalist. He manages to cut through much of The Psychology of Money’s noise to offer simple, sound advice.

Hauser’s theory is that our relationship with money is based on past experiences. Everyone has different experiences. So if you see someone making a financial decision you wouldn’t make, don’t judge them. Their experience has taught them to make that choice.

However, Housel warns readers not to make financial decisions based solely on experience. Instead, Housel suggests that readers should base their financial decisions on goals and objectives.

The second lesson is about luck and risk. Housel explains that actions beyond your control affect your investments more than you can do to influence them. As an example, he looks at the case of Bill Gates.

the psychology of money review:

As Malcolm Gladwell pointed out in Outliers, Bill Gates was clearly very smart and worked very hard. Fortunately, he attended one of the few schools in the world with computers at the time. This gave him a competitive advantage. I had some kind of luck. Without it, neither Microsoft nor Bill Gates would exist. He is the richest person in the world.

Housle says that countering the luck factor requires focusing on things that are generally useful to a wide range of people, rather than trying to recreate Bill Gates-like fairy tales.

Lesson 3 is recognizing when you’ve had enough. Howsel says it’s often the rich who do crazy things with money. It is believed that their goals change when they become rich. They always want more and do it in such a way that they risk everything they have already earned.

Housel says it’s important to be aware when you’ve eaten enough and to play it safe. Don’t risk it. Lesson 4 is perhaps the most emphasized in the book. It’s all about compound interest and compound interest. Hauser states that it is difficult for the mind to comprehend the power of compound interest. This is the gist of Housel’s advice. The key to a good investment is giving it time.

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As an investor, I don’t need incredible returns. It should generate decent returns over the long term. That’s how you get rich.

Howsell cites Warren Buffett as an example. Buffett is now in his 90s and his personal fortune exceeds his $80 billion. But he started his investment when he was 10 years old and has amassed 50% of it well after his 50th birthday. 
The Psychology of Money is a very interesting read for anyone wanting to get their finances in order and start spending wisely.

The Psychology of Money  Reviews:

“The Psychology of Money is bursting with interesting ideas and practical takeaways. Quite simply, it is essential reading for anyone interested in being better with money. Everyone should own a copy.” — James Clear, Author, of million-copy bestseller, Atomic Habits

“Morgan Housel is that rare writer who can translate complex concepts into gripping, easy-to-digest narrative. The Psychology of Money is a fast-paced, engaging read that will leave you with both the knowledge to understand why we make bad financial decisions and the tools to make better ones.” — Annie Duke, Author, Thinking in Bets

“Housel’s observations often hit the daily double: they say things that haven’t been said before, and they make sense.” — Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle

“Morgan Housel is one of the brightest new lights among financial writers. He is accessible to everyone wanting to learn more about the psychology of money. I highly recommend this book.” — James P. O’Shaughnessy, Author, What Works on Wall Street

“Few people write about finance with the graceful clarity of Morgan Housel. The Psychology of Money is an essential read for anyone who wants to make wiser decisions or live a richer life.” — Daniel H. Pink, #1 New York Times Bestselling Author of When, To Sell Is Human, and Drive

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About the Author :

Morgan Housel is a partner at The Collaborative Fund.

His book The Psychology of Money has sold over two million copies and has been translated into 53 languages. 

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.