The Psychology of Money
We’ve got another great recommendation for you all! The author Morgan Housel delivers a very thought-provoking perspective that explores the ways people think about money and gives us some great insight on how we can adjust our own approach.
Check out this killer quote: “Go out of your way to find humility when things are going right and forgiveness and compassion when they go wrong, because it’s never as good or as bad as it looks.”
Check out our full discussion in the podcast below, along with more of our favorite quotes and how we’ve adapted the advice into our own pursuits.
Morgan is not a day trader like us, but he is a long term investor and quite the contrarian to how he chooses to manage his money. We found so much value in reading this book, not only because of the potential benefit for our trading, but also the way he breaks down the importance of allowing your money to compound. This book sheds light on just how easy it is to become another over-consumer and never gain control over how you spend your money or how you use your money. His ideas offered clear strategies to level up our approaches to money.
Houser normalizes the necessity to be willing to pay the price for success. “In investing you must identify the price of success, volatility, and loss amid the long backdrop of growth and be willing to pay it.” So applicable to our journeys! No matter what your financial literacy level is, this book was full of wise words! We love how it offers some fresh and some classic perspectives on money management that only strengthened our understanding.
The Psychology of Money has a 4.7 star rating on audible with over 43k ratings!
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