"The Psychology of Money" by @morganhousel has:
• 14,000+ reviews on Amazon
• 26,000+ reviews on Goodreads
• 500,000+ copies sold worldwide
Here are 12 of my favorite quotes from it:
"Your personal experiences with money make up maybe 0.000000001% of what's happened in the world, but maybe 80% of how you think the world works."
"$81.5 billion of Warren Buffett's $84.5 billion net worth came after his 65th birthday. Our minds are not built to handle such absurdities."
"Good investing is not necessarily about making good decisions, it's about consistently not screwing up."
"Controlling your time is the highest dividend money pays."
"The highest form of wealth is the ability to wake up every morning and say, 'I can do whatever I want today.' "
"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. And you're more likely to gain those things through kindness and humility than horsepower and chrome."
"Spending money to show people how much money you have is the fastest way to have less money."
"The most important part of every plan is planning on your plan not going according to plan."
"Everything has a price, but not all prices appear on labels."
"Beware taking financial cues from people playing a different game than you are."
"If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon. Time is the most powerful force in investing."
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TL;DR of "The Psychology of Money"
-Everyone's experience with money is unique
-Compounding is the most powerful force in investing
-Controlling your time is the highest dividend money pays
-Wealth is what you don't see
-Getting wealthy & staying wealthy are two different games
Want to dive deeper into Morgan's book?
Check out my podcast with him here:
(It's my most popular podcast episode to date)
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