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The Psychology of Money

Timeless lessons on wealth, greed, and happiness

By Morgan Housel
Cover of The Psychology of Money (Hardback) by Morgan  Housel Cover of The Psychology of Money (Ebook - phone) by Morgan  Housel Cover of The Psychology of Money (Ebook - tablet) by Morgan  Housel

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About the Author

Morgan Housel

Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.

Contents Listing

Introduction: The Greatest Show On Earth

1. No One's Crazy
2. Luck & Risk
3. Never Enough
4. Confounding Compounding
5. Getting Wealthy vs. Staying Wealthy
6. Tails, You Win
7. Freedom
8. Man in the Car Paradox
9. Wealth is What You Don't See
10. Save Money
11. Reasonable > Rational
12. Surprise!
13. Room for Error
14. You'll Change
15. Nothing's Free
16. You & Me
17. The Seduction of Pessimism
18. When You'll Believe Anything
19. All Together Now
20. Confessions

Postscript: A Brief History of Why the U.S. Consumer Thinks the Way They Do
Endnotes
Acknowledgements
Introduction: The Greatest Show On Earth

1. No One's Crazy
2. Luck & Risk
3. Never Enough
4. Confounding Compounding
5. Getting Wealthy vs. Staying Wealthy
6. Tails, You Win
7. Freedom
8. Man in the Car Paradox
9. Wealth is What You Don't See
10. Save Money
11. Reasonable > Rational
12. Surprise!
13. Room for Error
14. You'll Change
15. Nothing's Free
16. You & Me
17. The Seduct ...

Jacket Text

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people.

Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together.

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.

Professional Reviews

It’s one of the best and most original finance books in years. Jason Zweig

Morgan Housel’s new book clarifies – with razor sharp and accessible insight - that building wealth is a mindset problem, not an investment problem. This is the first book any investor should read; in conjunction with a good index fund, becoming wealthy lies within everyone’s grasp. Tim Hale, Managing Director at Albion Strategic Consulting and author of Smarter Investing: Simpler Decisions for Better Results

Morgan Housel is that rare writer who can translate complex concepts into gripping, easy-to-digest narrative. The Psychology of Money is a fast-paced, engaging read that will leave you with both the knowledge to understand why we make bad financial decisions and the tools to make better ones. Annie Duke, Author, Thinking in Bets

Few people write about finance with the graceful clarity of Morgan Housel. The Psychology of Money is an essential read for anyone who wants to make wiser decisions or live a richer life. Daniel H. Pink, #1 New York Times Bestselling Author of WHEN, TO SELL IS HUMAN, and DRIVE

The Psychology of Money is bursting with interesting ideas and practical takeaways. Quite simply, it is essential reading for anyone interested in being better with money. Everyone should own a copy. James Clear, Author, million-copy bestseller Atomic Habits

Morgan Housel is one of the brightest new lights among financial writers. He is accessible to everyone wanting to learn more about the psychology of money. I highly recommend this book. James P. O’Shaughnessy, Author, What Works on Wall Street

Housel's observations often hit the daily double: they say things that haven't been said before, and they make sense. Howard Marks, Director and Co-Chairman, Oaktree Capital & Author, The Most Important Thing and Mastering the Market Cycle


Media Coverage

CNBC

Personal finance hacks are not easy because shortcuts rarely exist. Rewards take time and effort. The personal finance industry — filled with advice that sounds and feels good, but doesn’t ...

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BullionVault

To write engagingly about investment is almost impossibly hard, but Morgan Housel makes it look effortless. He has been ably assisted by editor Craig Pearce (with whom we had the pleasure of working ...

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The Wall Street Journal

"... it’s one of the best and most original finance books in years."

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MoneyWeek

In his latest book, The Psychology of Money, Morgan Housel cites the Stanford professor Scott Sagan, who “once said something everyone who follows the economy or investment markets should hang on ...

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Alex & Books

In his book, 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. In this episode, ...

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David Perell

I revere Morgan's writing, and this episode was my chance to finally ask him about how he writes so well. We talk about why listening to loud music helps Morgan think, lessons from his favorite ...

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Masters in Business

Bloomberg Opinion columnist Barry Ritholtz speaks with Morgan Housel, who is a partner at Collaborative Fund and author of the new book "The Psychology of Money: Timeless Lessons on Wealth, Greed and ...

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The Pomp Podcast

Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He also recently wrote a fantastic book titled, The Psychology of Money: ...

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Think Advisor

If the initial goal is to get rich, how, then, do you stay rich? There’s only one way: Be guided by a mix of frugality and paranoia, Morgan Housel, financial writer and partner in the Collaborative ...

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Forbes

Housel isn’t a perma-bull on the economy — he’s a realist. As an author who just wrote a book titled “The Psychology of Money”, Housel says the big lesson 2020 taught us is to expect ...

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Bloomberg

Bloomberg Opinion columnist Barry Ritholtz speaks with Morgan Housel, who is a partner at Collaborative Fund and author of the new book "The Psychology of Money: Timeless Lessons on Wealth, Greed and ...

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Wall Street Journal

Join The Wall Street Journal's "Intelligent Investor" columnist, Jason Zweig, as he sits down with Morgan Housel, a blogger and venture capitalist. They'll discuss Morgan's new book, "The Psychology ...

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The AlphaMind Podcast

We chat with Morgan Housel author of the new book ‘The Psychology of Money’, a book described by the Wall Street Journal as "one of the best and most original finance books in years".

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CNBC

CNBC's Kelly Evans breaks down the market sell-off with Morgan Housel of the Collaborative Fund and author of “The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness.”

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BloombergQuint

BQ Conversations | Morgan Housel talks about his latest book--The Psychology of Money and how investors should view global equities right now.

Read more at: ...

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The Economic Times

Housel, whose latest book The Psychology of Money hit the market on September 8, said access to information is no longer an edge to investors nowadays.

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Seeking Alpha

Listening to Josh Brown and Morgan Housel discuss Morgan's new book, "The Psychology of Money" on Josh's podcast this week was well worth the 30 minutes. Josh talked about bloggers and those bloggers ...

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The Compound

Morgan Housel is one of the finest investment writers of our generation. His book, out this week, is destined to become a modern classic. Not only will you enjoy breezing through each of these highly ...

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North Star Podcast

Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He's the author of The Psychology of Money, where he shares 19 stories ...

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The Motley Fool

Finally, Chris chats with Morgan Housel about his new book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, which takes a closer look at how people save and invest their ...

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Publishers Weekly

TRADE PAPERBACKS BEST SELLERS - 4. “The Psychology of Money” by Morgan Housel (Harriman House)

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Seeking Alpha

I am really enjoying reading Morgan Housel's thoughts on money. The quote that struck me this week is from an interview he gave in a press tour for his new book, "The Psychology of Money". Reilly's ...

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Forbes

The Wall Street Journal recently ran an article that asked, "Do You Know the Difference Between Being Rich and Being Wealthy?" The piece focuses on a new book by Morgan Housel called The Psychology ...

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India Infoline News Service

I just finished reading Morgan Housel’s The Psychology of Money, a wonderful book on investing. Reading it will not make you identify the next Apple, but will make you a better investor. ...

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The Big Picture

This week, we speak with Morgan Housel, former writer for Motley Fool and WSJ, and partner at Collaborative Funds. His new book, The Psychology of Money: Timeless lessons on wealth, greed, and ...

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The New York Times

He shows how you can avoid sabotaging yourself as you try to achieve your plan.

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Express News

Earlier this month, the best living writer on personal finance published his first book... Morgan Housel wrote “The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness.” Of ...

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Strictly Value

I you’re looking for wisdom on personal finance and life in general, this bookis for you! I like the title, I like the content, I like the author.

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MoneyTalk News

Morgan Housel has a new book, “The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness.” In the book, Housel describes why doing well with money isn’t necessarily about what ...

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Deadline

Cavalry Media has optioned the rights to Morgan Housel’s recently published International Bestseller, The Psychology of Money: Timeless lessons on wealth, greed, and happiness from Harriman House ...

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Tacoma Daily Index

Morgan Housel emphasizes in his book that the best investment is not the one that promises profit, or security or even financial independence; the best investment is the one that helps you sleep at ...

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City A.M.

Morgan Housel’s highly anticipated new book, The Psychology of Money, opens with a quote from Arthur Conan Doyle’s Sherlock Holmes: “The world is full of obvious things which nobody by any ...

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Wall Street Journal

I listen to a lot of audiobooks. I’ve been listening to one that’s really incredible, The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness, by Morgan Housel.

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Opto Sessions Podcast

Author and financial expert Morgan Housel has many strings to his bow. A partner at the Collaborative Fund — with more than $300m in assets under management — Housel built a reputation in the ...

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Take The Long View

Morgan Housel on the Take The Long View podcast yesterday, sharing insights from his book The Psychology of Money, more into his own investing strategies, and event that shaped his outlook on risk.

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Kiplinger

Housel's book lays out the 20 "flaws, biases, and causes of bad behavior" that people have concerning money, and how these flaws can lead to bad financial outcomes.

Beginning investors shouldn't ...

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Bloomberg

“The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness” by Morgan Housel. It is the rare personal finance book that is being turned into a movie.

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Deadline

Cavalry Media recently optioned the rights to Morgan Housel’s recently published International Bestseller, The Psychology of Money: Timeless lessons on wealth, greed, and happiness from Harriman ...

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Think Advisor

It’s very readable and is jam packed with cogent insights that can help your clients become better investors. Housel’s wisdom also can help you frame your discussions with clients for years to ...

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Advisor Perspectives

In a fascinating little book, The Psychology of Money, the investment manager Morgan Housel provides more useful self-help advice than most authors who explicitly set out to do so.

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Seeking Alpha

Housel’s book is exceptionally well written, using stories and personal experiences to explore the strange ways people think about money, demonstrating that they are not economically rational. ...

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Farnoosh

Mastering money has little to do with math. Instead, behavior is the most important side of investing, says today’s guest Morgan Housel, author of the top-selling book The Psychology of Money: ...

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ValueWalk

This easy yet impactful read reminds us that while the world of finance, investing, and business are often considered math- and logic-based, in real life it isn’t that simple. People’s biases, ...

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The Straits Times

"The number of things that are true for everyone in finance is small; everything else is just figuring out how much risk you want to take and what you want out of life, which is different for ...

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CNBC

If you want to try your hand at investing, you can simulate stock trading through the SIFMA Foundation’s stock market game or go through the paces on the London Stock Exchange’s fantasy ...

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Business Insider

Thankfully, there are many, many ways to acquire money and assets if you're willing to take reasonable risks, writes Morgan Housel in his new book, "The Psychology of Money."

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Business Insider

Warren Buffett is one of the richest people on the planet. People absorb his advice and analyze his investment decisions to no end, attempting to replicate even a fraction of his success.

But ...

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CNBC

This is a must-read book for anyone hoping to achieve financial independence. People make investment decisions based more on their personality, behavioral traits, and the circumstances under which ...

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The Motley Fool

This isn't the first time that Americans have faced difficult times. As my former Motley Fool colleague and best-selling author Morgan Housel wrote last year, we've always found a way to overcome our ...

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Forbes

I’ve got some good news. You’re not crazy.

That’s the message of one of my favorite books of 2020, “The Psychology of Money,” written by Morgan Housel and inspired by a popular blog ...

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Entrepreneur Europe

In The Psychology of Money, Morgan Housel discusses the mental game of investing. Through a series of short stories, Housel explores how your background, worldview, ego and pride — not to mention ...

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