The Psychology of Money: Timeless Lessons on Wealth, Greed, and HappinessBy Morgan HouselDoing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.Money―investing, personal finance, and business decisions―is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.TakeawaysFocus on being reasonable with money over being rationalGetting wealthy is not the same staying wealthyCompounding is the key ingredient. Compounding helps investors build wealth by generating returns on investments over time. These returns then continue to compound and help grow assets. Having more flexibility and control over your time is far more valuable than getting another 2% on your returns by working all-nighters or making speculative bets that impact your sleep.Host rating for 'The Psychology of Money'NicoRating: 9/10SamRating: 9/10Subscribe!If you enjoyed the podcast please subscribe and rate it. And of course, share with your friends!You can also listen and join us on ReasonFM (https://reason.fm/podcast/wiser-than-yesterday) or just ask questions.
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