The Psychology of Money by Morgan Housel

Get Book
My Rating: 9/10
Published or Updated On: 
November 15, 2022

Big Picture Thoughts

Best book I've read on personal finance for anyone who wants to understand human behavior in markets and how to make good decisions. Reading this book fundamentally changed how I invest.

The Main Ideas

  1. Modern financial markets are new. There is no ironclad conventional wisdom yet.
  2. Create your plan such that you can stay in the game long enough for compound interest to run wild.
  3. Markets are driven by people, who are liable to be confused, biased, or seduced by stories.

Summary Notes

No One's Crazy

Luck & Risk

Never Enough

Confounding Compounding

Getting Wealthy vs. Staying Wealthy

Tails, You Win


Man in the Car Paradox

Wealth is What You Don't See

Save Money

Reasonable > Rational


Room for Error

You'll Change

Nothing's Free

You & Me

The Seduction of Pessimism

When You'll Believe Anything

All Together Now



"Some lessons have to be experienced before they can be understood" - Michael Batnick

Being able to wake up & change your work, on your terms, whenever you're ready is big.

Only doing work you like w/ people you like at times you like for as long as you like

Enjoy this? Subscribe for more.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.