The Psychology of Money: Timeless lessons on wealth, greed, and happiness

The Psychology of Money: Timeless lessons on wealth, greed, and happiness

by Morgan Housel
4.31 (200K)  •  2020

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Book summary, analysis and review in animated format
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Spoiler: Busting the long-held belief that “money can’t buy happiness,” Housel says money can indeed make us happy if and only if we use it to better leverage and control our time. However, most people make three “money mistakes.” One is not understanding the power of compounding + time or ignoring it due to greed. The second is not understanding volatility; stock market volatility is the emotional price we have to pay for good annual returns. The third mistake is not understanding “tail investments.”
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Spoiler: Stressing that how we behave is more important than what we know, the author says you don’t have to be a genius to do well with money. He describes a brilliant doctor who knows everything about biology and medicine but eats badly and never exercises. A person who knows nothing about medicine but who eats well and exercises will probably be healthier than the brilliant doctor. Therefore, how we behave is more important than any complex formula we could learn.
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Spoiler: The author says we need to realize that when we spend money to demonstrate how much money we have—that is, to show off—the people observing our nice house, car, or clothes are not thinking about us but instead are transposing their own ego onto our possessions. When we stop playing this game, we can start using our money to make ourselves happy. The author and the podcast host discuss “getting wealthy” vs. “staying wealthy,” saying they are two contrasting skills and that very few people have both.

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