The Psychology Of Money (Morgan Housel)

The Psychology of Money” by Morgan Housel highlights that consistent saving and smart money behavior is more important than intelligence for financial success. High returns come with the price of volatility, and investors must acknowledge their risk-profile and focus on their own goals. Envy is dangerous, investors should prepare for unforeseeable disasters and be wary of taking pessimistic investment advice.In addition, Housel emphasizes the importance of acknowledging differences in perspectives and values when it comes to making financial decisions. Lastly, he suggests that understanding the human psychology and its relation to money can lead to a more successful and fulfilling approach to investing.