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Book summary and notes: “The Psychology of Money” by Morgan Housel
Great book by Morgan Housel where he explains very easily what is money, how we think and act about it and more importantly: some lessons, fundamentals and takeaways.
A must read not just for those interested in investing but for everybody.
In fact I’d encourage a kids version. Morgan, please, if you read this, consider a kid and teenager version. Please 🙏
So let’s start with my main notes, lessons, quotes and takeaways:
You don’t need to be super smart to become wealthy, but you need to behave in a quite specific manner, based on a bunch of fundamentals: “Success in money is about how you behave and not how smart you are”
We’re all super-biased with money. Your personal experiences with money shape how you think about money. But those personal experiences only shape 0,00000001% of the world of money.
Always try to stop the goalpost moving. “It gets dangerous when the taste of having more — more money, more power, more prestige — increases ambition faster than satisfaction”.
As we progress in life it’s natural to move the the goalpost, always wanting a better house, a better car, a better bike, a better smartphone. I won’t fool you saying that all this is wrong, but try that your…
