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I thoroughly enjoyed reading this book. If you've been in or around finance, the wisdom contained in this book may not exactly be new to you but its still great to re-learn some of these things or at least to hear it from someone else. I'll definitely read the book again.
I've rated the book 4* and not 5* because I found a lot of the examples to be US/American focused. The world has changed. Morgan has not written with a global audience in mind or even a global perspective. This is not necessarily a bad thing if that's the intended audience, however I am not American and have only visited the country once, so I found that examples or cases from other countries might have helped a bit. Either way, a great read written in straight forward language.
I'm impressed at how strong of a writer Morgan is. The read is smooth, easy, and straightforward.
The takeaways from the book are pretty straightforward, but very valuable nonetheless.
I think the best phrase Morgan shared was his thoughts on how money provides independence. Money offers the ability to be with you who want, when you want, and where you want. That concept stuck with me.
I give the book a 4 out of 5. But it's more like a 4.5/5.
I liked reading this book and there are interesting topics covered in the book. The ones I liked most were: - Our decision to invest depend on our personal history. People born in 1950 acted differently from people born in 1970 - Luck and Risk are siblings - You can be wrong half the time and still make a fortune - No one is impressed with your possessions. Be nice and less flashy - Wealth is what you don't see - Beware talking financial cues from people playing a different game
This obviously is a great book and you certainly can learn a lot. But the only thing that dissatisfied me is the statistics, graphs, and various examples relating to the context are all extracted from US markets and events. And me being an Indian didn't find them quite useful. As you know the way money is treated and worked slightly differs from countries. Despite this, the nature of money remains the same all over the globe and this book teaches you that. Thanks for reading this review, I'm young and I can always be wrong, feel free to correct me.
I was scouring Amazon’s vast library for a fiction to read, as it has been a while that I read a good ‘whodunnit’ or its ilk. While searching, this book jumped up on suggestion list and as it was ordained, I just had a glance at its blurb and inhaled a whiff of its contents. I forgot, fiction for a while and within seconds I ordered it. Ordained.
After having finished it - the following are my independent observations: A book for all seasons and plethora of reasons. A succint way of saying things which matters and doing it in a way that rises above the usual chatter. The author weaves his magical lessons through anecdotes and stories, he keeps the narrative interesting and grounded. He soars through his wit, wisdom and wordly take on the ‘happenings’ around us. He makes us travel the whole of earth geography via the pages of world history.
The lessons in the garb of stories and narratives are easy to comprehend and follow, the biggest plus of this work is the author’s ability to speak the lingo of the reader - covering to whole continuum from low lying layman to loftily levitating learned. His ability of pick up tangled threads from our life-finances to straighten them up with minimum of fuss just takes us readers into an enlightening journey into personal as well as professional finances.
To sum up the reasons to read this one are: amazing clarity about complex concepts; real, working but unheard mental models; simple and easy to grasp perspective; sanely sensible and insanely practical.
A book for young to follow, middle aged to learn from and veterans to mull over. The best part of the book is that the author is unpretentious and has no grand illusions of his expertise and experience about money. It is an honest version of a man who believes in - “no one knows right answers” and humbly accepts it as the sole universal truth.
The Psychology of Money is a short read on finance and investment. It’s rich in financial wisdom and will help us understand that behavioral and luck/chance plays an important role than our intelligence in our financial well-being. This book will not teach us on 5 W and 1 H - what, when, who, why, and how. But rather teach us that finance is a long-term game and avoid the common psychological traps or misunderstanding on money and finance. Highly recommend it.
It is mandatory to have this book. This books focuses on what other financial/investing books doesn't that is the PSYCHOLOGY of Money. Must read. * 1 star less as there were pages where the printing of few words were missing which really upsetting *
As much as i loved reading it, chapter 8 and 9 were missing from this paperback. Instead, chapter 5 and 6 were reprinted. The book is a must read though. I enjoyed every bit of it. It's like realising the discipline requires to create and sustain wealth. Something that you are, somewhere remotely, aware of but never dived deep into it to actually understand. Very helpful book.