28 BOOK: “The Psychology of Money” (2020)

January 22, 2024

Morgan Housel (USA)

I believe our relationship with money could be the subject of a deep psychological analysis. Money represents a whole universe of beliefs and experiences deeply rooted within us. We can enjoy it, suffer from it, invoke it, splurge it, and much more. However, I think this relationship is one of the most important ones to work on.

✍🏽 As humans, we’ve realised the importance of topics that should be taught in schools and at home. One of these critical subjects could be our relationship with money. 🤑

📚❤️ I absolutely LOVED this book, as it challenges you to think about our relationship with money. Its 20 short chapters allow us to explore various perspectives on this topic.

😎 My favourite reflections in this book:

• Have humility about what we think we know.

• SAVING is a great start.

• Question yourself: When is it enough?

• It’s very easy to criticise and complain when you’re not in charge.

• Analyze and be careful about who you admire.

• The money game is relatively new.

• Warren Buffet’s biggest lesson = He has been an investor since a very young age = COMPOUND INTEREST.

• Controlling your time is the greatest dividend that money pays.

• Making money is one thing. Keeping it is another.

• Planning is essential, but the most crucial part of any plan is planning for when the plan doesn’t go as planned.

• The best way to become rich is not to spend what you don’t have.

• Beware: Stories turn out to be more powerful than statistics.

• Nothing is free. Everything has a price, but not all prices appear on the labels.

• Everyone has an incomplete view of the world. But we form a complete narrative to fill the gaps.

An old and wise owl lived in an oak tree; the more he saw, the less he spoke; the less he spoke, the more he heard. Why aren’t we all like that old and wise owl?

This book has MANY lessons that I’m EAGER to apply. 🫣

Thank you for reading.

Have a splendid day! 🤗 🤑

👋🏽 Ready to join the conversation? Welcome to the comments section, the place where your thoughts come to life! 💬 Add your comment, and let’s be partners in creating interesting dialogues. Let’s make this space an exchange of incredible experiences and ideas. 🤗👇🏽

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