<p><em>"Spending money to show people how much money you have is the fastest way to have less money."</em></p>

<p class="ql-align-center"><em>"I love Voltaire's observation that "History never repeats itself; man always does."</em></p>

<p><em>"Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.</em></p>

<p><em>"Nothing is as good or as bad as it seems."</em></p>

<p><em>"Money's greatest intrinsic value-and this can't be overstated-is its ability to give you control over your time."</em></p>

<p><em>"Independence, to me, doesn't mean you'll stop working. It means you only do the work you like with people you like at the times you want for as long as you want."</em></p>

<p><em>"Be nicer and less flashy. No one is impressed with your possessions as much as you are. You might think you want a fancy car or a nice watch. But what you probably want is respect and admiration."</em></p>

<div data-csa-c-id="wpsrhm-z275bh-waxgcf-8h0fko" data-cel-widget="customer_review-R2FSUN2REO2Q70"><span data-hook="review-date">Reviewed in India on 29 September 2020</span></div><div><span data-hook="avp-badge-linkless">Verified Purchase</span></div><div data-hook="review-collapsed" aria-expanded="false" dir="ltr">









  
  
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  See guys this book is for those who have had a lot of Thier skin in the game of stock market and thought of creating wealth from it.<br dir="ltr">First level of investor is the one who knows money can be made in the mkt, but doesn't know how and starts to trade without any knowledge.<br dir="ltr">Second level investor have made profit or loss on his capital and starts to find out where did he has gone wrong and starts learning about some basic concepts such as PE ratio.<br dir="ltr">Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.<br dir="ltr">Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short  span of months. Again goes back to drawing board and finds what went wrong.<br dir="ltr"><br dir="ltr">Then come the whole talk of buffetology and starts to find companies like that and invest in them if he felt that it was cheap.<br dir="ltr"><br dir="ltr">But everyone forgets that buffet is buffet because of his principles and patience which helped him in compounding for very long time such as 70-80 years which very few do it. That's when actually psychology matters and thats what Morgan tries to tell us in this book that more that analysis of the scrip, conviction that you calculated and the patience to hold it at least for several decades remains intact only then the wealth would be created or else you would be just a person among a crowd doing nothing but ordinary things in life. And explains that the world is actually big and we are just a blip in it. It gives us all a great humility and convinces us to be humble and show gratitude to others.
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</div><div data-csa-c-id="bej1br-pj1hre-rwi9cu-16077f" data-cel-widget="customer_review-R1L26O5ERT3AWQ"><span data-hook="review-date">Reviewed in India on 21 September 2020</span></div><div><span data-hook="avp-badge-linkless">Verified Purchase</span></div><div data-hook="review-collapsed" aria-expanded="false" dir="ltr">









  
  
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  The expectations from this book were sky high. And, does it deliver. The key lessons on optimism and pessimism and long term aside - the two things that states with me:<br dir="ltr">1. Expectations change even slower than reality. Everyone sees the world they have seen it before.<br dir="ltr">2. Everyone plays the game of investment differently. You need to define your game.<br dir="ltr"><br dir="ltr">This is a fantastic book. It's not a book about investments. It is a book about your mind, and mine and how it thinks about money, savings, expenditure and investments. And, it is brilliant. Pick it up now.
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</div><div><span data-hook="helpful-vote-statement">458 people found this helpful</span></div><div data-csa-c-id="6kl8js-gf747h-g1bxlj-3peqcg" data-cel-widget="customer_review-R2SJZN6PGPOTF5"><span data-hook="review-date">Reviewed in India on 17 October 2020</span></div><div><span data-hook="avp-badge-linkless">Verified Purchase</span></div><div data-hook="review-collapsed" aria-expanded="false" dir="ltr">









  
  
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  I have read many books on personal finance, investments, money etc. but I have not come across a book as interesting as “The Psychology of Money” by Morgan Housel. There are 20 chapters in the book and each one of them have their own valuable message. The book is interesting in many ways. First of all, it communicates many complex concepts in very simple terms. For instance, a concept like “Bubble” which is often discussed in the world of finance is described by Housel as “The formation of bubble isn’t so much about people irrationally participating in long term investing. They are about people somewhat rationally moving towards short-term trading to capture momentum that has been feeding on itself”. This is just one example. The book is full of pearls of wisdom. There is nothing that can match a statement like “The only way to win in a Las Vegas casino is to exit as soon as you enter”.<br dir="ltr"><br dir="ltr">Let me come to some of the most amazing insights that the book provides. The book talks about difference between getting wealthy and staying wealthy. The author says that many people acquire wealth but fail to preserve wealth and hence it is important to learn how to preserve wealth. As per Housel,” Preserving wealth requires humility, and the fear that what you have made can be taken away from you just as fast. It requires frugality and an acceptance that at least some of what you have made is attributable to luck, so past success cannot be relied upon to repeat indefinitely.”  The author talks in detail about role of luck in investing at many places in the book. He quotes his conversation with Robert Schiller, winner of Nobel Prize in Economics, to whom he once asked, “What do you want to know about investing that we can’t know?”. In response to this question Schiller said, “The exact role of luck in successful investing”.<br dir="ltr"><br dir="ltr">The author keeps on surprising with his wonderful understanding of money in different chapters of the book. But the exclusive chapter on saving, which is chapter 10, has many interesting aspects about savings. Emphasizing significance of savings, the author says “The first idea- simple, but easy to overlook-is that building wealth has little to do with your income or investment returns, and lots to do with your savings rate.” He adds that you don’t need a specific reason to save. He has also mentioned something which is an eye opener. Past a certain level of income, what you need is just what sits below your ego. The author also highlights the need for knowing what is enough, when it comes to money.<br dir="ltr"><br dir="ltr">In brief, you must read this book irrespective of how much you understand about money. There is something for everybody in this book.
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Key Lesson from "Psychology of money" written by Morgan Housel

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The Psychology of Money

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

-MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

MORGAN HOUSEL, THE PSYCHOLOGY OF MONEY

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