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A review by loriluo
The Psychology of Money by Morgan Housel
3.0
There are a number of good points that Morgan Housel covers, but the book as a whole is self-contradictory across some areas.
Housel warns readers not to follow outliers/individuals, but the bulk of this novel focuses on just that - those billionaires, CEOs, executives, etc. who either made or lost their wealth. He states that people shouldn't assume everyone's goals are the same, but also drills in that everyone needs to save more, be more frugal and cognizant of their spending, etc. The sections are not organized in a linear, organized fashion and there are several redundancies across chapters.
Personally as someone who working on getting over my own financial anxieties (repercussions of growing up as a first generation immigrant), this book worsened some of those for me - but I realize that's probably a "me" issue. Otherwise, for the general public there are some good takeaways (slow and steady into the market usually wins, learn to be content/avoid the hedonistic treadmill, income and wealth are two different things, etc.)
Housel warns readers not to follow outliers/individuals, but the bulk of this novel focuses on just that - those billionaires, CEOs, executives, etc. who either made or lost their wealth. He states that people shouldn't assume everyone's goals are the same, but also drills in that everyone needs to save more, be more frugal and cognizant of their spending, etc. The sections are not organized in a linear, organized fashion and there are several redundancies across chapters.
Personally as someone who working on getting over my own financial anxieties (repercussions of growing up as a first generation immigrant), this book worsened some of those for me - but I realize that's probably a "me" issue. Otherwise, for the general public there are some good takeaways (slow and steady into the market usually wins, learn to be content/avoid the hedonistic treadmill, income and wealth are two different things, etc.)