The psychology of money pdf: The psychology of money author Morgan housel has shared 19 short stories that reveal how people think about money and also help you to teach lessons from it. In this article we will share with you the brief summary of the book psychology of money that will definitely motivate you to read the full book.
Author introduces the story with their college life where he used to work in a valet at a nice hotel in Los Angeles. While working they experience and save various memories and incidents. In the hotel where he was working a guest often visited who had successfully started various companies and also patented Wi-Fi routers in his 20s but his behaviour towards money was very childish, they always used to show off their money and never value it and then after some year he became bankrupt.
The psychology of money pdf
The story gives a lesson that it is easy to earn money or become wealthy but more important is to remain wealthy.
People usually like to show off and often buy the things that are not required but only to show other people, but in a long period you can lose most of your income in buying useless stuff that adds no value to you.
Another real life example is Ronald James Read who was an American philanthropist, investor, janitor, and gas station attendant who was not from a wealthy family but due to his habits of saving and investing change their life and make $8 million wealth by stock.
Another example is of Richard who was educated and possessed a good position in job and they used to buy a house on heavy rent and the monthly expense to maintain the house was also too high but in 2008 when the financial crisis came he became bankrupt.
It is not important how much money you earned but the main point is how you invest it , is your money working for you or you are working for money think twice.
In 2008 the author started to write about finance, as we all know about the 2008 financial crisis which has drastically impacted the life of many people but to write about the crisis first it was important how and why it occurred.
After reading a book about the psychology of money and implementing and relating the story with their real life one can transform their life and can move towards where he wants. Usually people follow the same pattern and mistake and that’s the reason why most people live average lives and sometimes they feel demotivated, so to give the right direction to their finances it is important to avoid mistakes and follow the path of successful people and learn from failure.
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Detail of the psychology of money pdf
- Book title –the psychology of money morgan housel pdf
- Author- Morgan Housel
- Format– PDF
- Size– mb
- Pages– 258
- Language– English
- Publication- Harriman House
Top learning from psychology of money book:
- One of the most important lessons is to maintain your wealth. It is easy to become rich but most of the people fail to sustain it and they lose their wealth soon. It is necessary to take risks to make more money but it is also important to protect wealth as well.
- We should use our money to get freedom rather than big houses, cars, or luxury. As we all know time is priceless, it can’t be bought from anything. In a real sense you will be rich when you can use your money to control your time. It can be said that you become financially free when you can do what you want to do without restriction of time and money.
- It is easy to find rich people rather than wealthy people. Usually society judges people by their purchasing capacity and the rich can be easily identified because they spend their money in buying luxury. On the other hand wealthy people keep most of the money in asset form and spend very little.
- We should always be prepared for uncertainty and unknown events. People are usually unaware of uncertainty and when they arrive they lose their control.
- Nothing is free in this world, we usually seek free stuff over the internet but it is actually not free, they use your time and it’s priceless. So, it is best to know the price first and then decide if you can afford it or not.
Table of contents of the psychology of money free pdf
Introduction: The Greatest show on earth
- No One’s crazy
- Luck and risk
- Never enough
- Confounding Compounding
- Getting wealthy vs staying wealthy
- Tails, you win
- Men in the car paradox
- Wealth is what you don’t see
- Save money
- Room for error
- You will challenge
- Nothing’s free
- You and me
- The seduction of pessimism
- When you will believe anything
- All together now
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