The Psychology of Money by Morgan Housel Book Summary and Review | Free Audiobook

Show notes / PDF & Infographic / Free audiobook / 🇩🇪 ⁠⁠German / In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics. Read and grow with 1 million bestselling books in minutes. Start a free trial of StoryShots: https://www.getstoryshots.com/ to get the extended ad-free audiobook, PDF, infographic, and animated book summary of The Psychology of Money and more exclusive content. ⭐️⭐️⭐️⭐️⭐️ Don't forget to subscribe, rate and review the StoryShots podcast now.  What should our next book be? Suggest and vote it up on the StoryShots app. IN THIS EPISODE: Drawing from his book 'The Psychology of Money,' Morgan Housel discusses the difference between being rich and being wealthy, the importance of past experiences and luck in financial success, and strategies for building wealth through rational decision-making, compounding, and a high savings rate. TOPICS: Book summary, Personal finance, Investing psychology, behavioral economics, Financial literacy, Wealth Management KEY FIGURES: Warren Buffett, Bill Gates, Morgan Housel, The Psychology of Money, The Wall Street Journal, Collaborative Fund, The Motley Fool, Storyshots App, Society of American Business Editors and Writers, Gerald Loeb Award, StoryShots SUMMARY: In this podcast episode, Morgan Housel discusses ideas from his book 'The Psychology of Money.' He distinguishes between being rich and being wealthy, explaining that wealth offers options, flexibility, and growth potential. Housel emphasizes the role of past experiences in shaping our relationship with money and the importance of making decisions based on goals rather than experiences. The episode highlights the role of luck and competitive advantages in achieving financial success, using examples like Bill Gates attending a high school with computers. Housel cautions against assuming individual effort alone leads to success and encourages humility. He advises against chasing wealth out of a desire for popularity, as others view wealth merely as a benchmark for their own admiration. Key ideas include the power of compounding interest, establishing a margin of safety through frugality and flexibility, focusing on avoiding mistakes rather than seeking big returns, and prioritizing a high savings rate over high income or returns. Housel argues that successful investing is often about doing the average, rational thing when others are making rash decisions. KEY QUOTES: • "Having a strong sense of controlling one's life is a more dependable predictor of positive feelings of well being than any of the objective conditions of life we have considered." - Morgan Housel • "Focus less on specific individuals and case studies and more on broad patterns." - Morgan Housel KEY TAKEAWAYS: • Distinguish between being rich (high income) and being wealthy (having options, flexibility, and growth potential) • Past experiences shape our relationship with money, so make decisions based on goals rather than experiences • Luck and competitive advantages play a big role in financial success beyond individual effort • Aim for humility and avoid chasing wealth for popularity; others view it as a benchmark for their own desires (00:00) Introduction to the Rich Man in the Car Paradox (00:34) Subscribe for More Free Audiobook Summaries (00:54) Overview of The Psychology of Money (02:26) About the Author: Morgan Housel (02:59) Unique Experiences of Investing (03:55) Bill Gates' Competitive Advantage (04:57) The Crazy Decisions of Rich People (05:28) Warren Buffett and Compound Interest (06:23) The Importance of Not Screwing Up (08:07) The Power of Doing the Average (08:41) The Rich Man in the Car Paradox Revisited (09:18) Stop Judging People By Their Visible Wealth (10:04) The Key to Financial Success is Your Savings Rate (11:01) Conclusion and Next Steps Learn more about your ad choices. Visit megaphone.fm/adchoices

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