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THE PSYCHOLOGY OF MONEY (BY MORGAN HOUSEL)

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Have you heard the story about Ronald Read, the janitor that had 8 million dollars in savings when he died in 2014? Yes, you heard that right. Janitor. $8 millions. And he didnยดt win the lottery or inherit the money either. He just saved consistently throughout his life, while letting the wonders of compounding do its thing. The morale is that your behaviour with money is oftentimes more important than how intelligent you are. Even if you donยดt have a diploma from Harvard, or work on Wall Street, you can become rich by just behaving in a sound way. As Morgan Housel puts it: โ€œfinancial success is not a hard science. Itโ€™s a soft skill, where how you behave is more important than what you know.โ€ Spend your next ten or fifteen minutes on this video, and you might excel on the soft skill of investing! This is a top 5 takeaways summary of The Psychology of Money, by Morgan Housel.

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Top 5 takeaway of The Psychology of Money by Morgan Housel:

01:14 1. Pay the Price
04:18 2. Never Enough
07:50 3. Crazy is in the Eye of the Beholder
10:32 4. Peek-A-Boo
12:30 5. The Seduction of Pessimism

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My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there โ€“ investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties โ€“ I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process โ€“ upgrading your money-making toolbox.

๐Ÿ’ฌ Comments on the video
Author

โ€œTo grasp why people bury themselves in debt you donโ€™t need to study interest rates; you need to study the history of greed, insecurity, and optimism.โ€ Morgan Housel

Author โ€” The Money Plant

Author

I remember someone once told me they'd rather make 40K per year working two hours a day rather making 600K per year working 10.

Author โ€” OceanA

Author

You have a great channel here, very underrated!

Author โ€” Jason Sange

Author

๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘ beautiful book ๐Ÿ“š, great summary. Keep it up!

Author โ€” Ermir Hoxhaj

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I'd rather impress and impact people by creating value for their lives which is the only true and honest path to wealth and abundance.

Author โ€” Jj Smith

Author

Read "How to own the world" by Andrew Craig - Could be a good one for your channel.

Author โ€” Callum Dinnes

Author

Great channel !
What website are you using for your animations ?
Thank you

Author โ€” karim noun

Author

I'm reading this now so I'll favorite and watch it later, but this by far is one of the best books I've read in a while.

Author โ€” Les Collins

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Thanks for the introduction and summary. I read the book and it completely changed the way I think about investing and money.

Author โ€” Mani Malekmohammadi

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Read this book for the New Years and trust me its top Thank you Swedish investor for this summary though ๐Ÿ‘๐Ÿพ๐Ÿ‘๐Ÿพ๐Ÿ‘๐Ÿพ

Author โ€” SHEN

Author

Interesting book. Congrats on the 300k by the way ๐Ÿ’ช

Author โ€” The Icelandic Investor

Author

I would argue that this is one of your most valuable videos. Thank you for sharing it with us!

Author โ€” Valentin Stoyanov

Author

I've just found this guy... That's a big subscribe from me! great quality videos :-)

Author โ€” Lee Davies

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Fantastic presentation.A lot of fascinating points about wealth creation and protection .Cheers from India ๐Ÿ‡ฎ๐Ÿ‡ณ.

Author โ€” K

Author

Why don't you make videos on warren buffet letters from 1970 to 2021 . Only you can do it . I wish you will do . It will be great help teacher . Thank you

Author โ€” Invest in Yourself

Author

Great content! Love the examples for being greedy . It's not just investing advice, it's a great life lesson.
Instagram is full of lies and you have to be careful not to do sth stupid to reach their level.

Author โ€” emre Bozkurt

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Really nice takeaways !! I see compound effect magic is at you now ! More and more subscribers. It is well deserved ! People starts realizing eductation starts after school ! ๐Ÿ’ช๐Ÿฟ๐Ÿ’ช๐Ÿฟ Take care โญ

Author โ€” Jean Police

Author

Great videoโ€”the first 2 points alone are profound and essential guidance.

Author โ€” Hurricaneplays

Author

Thank you very much for the nice lesson!

Author โ€” ็„กๅžขัั”ฮนฮทะฝั”ฮนั‚

Author

This is wonderful! Thank you so much ๐Ÿ˜๐Ÿ™

Author โ€” scott corney