THE PSYCHOLOGY OF MONEY by MORGAN HOUSEL

 

 
BOOK REVIEW: 4.5 stars out of 5.

If you want to know how to be clever with your money management, you must read this book. You will learn some important lessons regarding so many factors that influence the world around us. The writing is simple with a straightforward approach which makes it easy for everyone to understand this book. I request everyone to read this book and gain some insightful knowledge about money and life.

The author makes an important claim that finance is different from other subjects like physics or chemistry. Finance has a lot to do with human emotions and cannot be quantified into a set of fixed rules. He also talks about the importance of luck in one's success. Luck and risk are two sides of the same coin. There is an equal chance of getting lucky or facing risk whenever you do something in all aspects of life. I loved how the author urges his readers to consider a margin of error so that when things don't work according to plan, you don't lose much. His words: PLAN FOR THE PLAN NOT GOING ACCORDING TO THE PLAN make a lot of sense. 

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