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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness Audible Audiobook – Unabridged

Morgan Housel (Author), Chris Hill (Narrator), Harriman House (Publisher)

4.6 50,458 ratings

#13 this week

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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.

Listening Length

5 hours and 55 minutes
Author

Morgan Housel
Narrator

Chris Hill
Audible release date

8 Sept. 2020
Language

English
Publisher

Harriman House
ASIN

B08D9TX9SP
Version

Unabridged
Program Type

Audiobook
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Customer reviews

4.6 out of 5

50,458 global ratings

How customer reviews and ratings work

Customers say

Customers find the content insightful, no-nonsense, and practical. They also describe the book as clever, sound, and written in straight-forward language. Opinions differ on the characters, with some finding them relatable and others saying they're superficial.

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Content Readability Value Book length Characters

94 customers mention ‘Content’91 positive3 negative

Customers find the book very insightful, compelling, and concise, citing superb examples. They also say it offers original but reliable advice on financial and other matters. Readers also mention that the book is eye opening and practical.

"This book is a fascinating blend of finance, psychology and philosophy, and all written in a very easy to read form...." Read more

"...Both a primer for understanding the world and a lesson in how to create wealth over time." Read more

"...The book itself is a decent overview of many of the main concepts of investing, finances and a brief insight to some of the human psyche relating to..." Read more

"...It’s a well edited book with short, intriguingly titled chapters and anecdotes adding colour, making it accessible and relatable." Read more

66 customers mention ‘Readability’56 positive10 negative

Customers find the book easy to read, simple, and well edited. They also appreciate the short, intriguing chapters.

"...of finance, psychology and philosophy, and all written in a very easy to read form...." Read more

"...It’s a well edited book with short, intriguingly titled chapters and anecdotes adding colour, making it accessible and relatable." Read more

"...different aspects of investment motivation in a way that is easy to understand. With many illuminating..." Read more

"Excellent book, with sound advice and very easy to read" Read more

32 customers mention ‘Value’32 positive0 negative

Customers find the book clever, entertaining, and informative. They also appreciate the sound advice and psychology around investing.

"This book is a fascinating blend of finance, psychology and philosophy, and all written in a very easy to read form...." Read more

"I highly recommend the purchase of this outstanding financial self help book that offers original but reliable advice on financial and other matters..." Read more

"Excellent book, with sound advice and very easy to read" Read more

"When I can make sense of it, there’s some really sound advice. Unfortunately, it’s littered with printing errors (see attached)...." Read more

10 customers mention ‘Book length’7 positive3 negative

Customers find the book length short. They also say the chapters are vivid and the conclusions simple.

"...It’s a well edited book with short, intriguingly titled chapters and anecdotes adding colour, making it accessible and relatable." Read more

"...The chapters are short, examples are vivid, conclusions are simple and not imposed." Read more

"...Not a particularly long read so worth reading for the amount of information received." Read more

"...Short, snappy chapters with teachable moments throughout...." Read more

12 customers mention ‘Characters’5 positive7 negative

Customers have mixed opinions about the characters in the book. Some find them relatable, while others say they're superficial and platitudinous.

"It's a nice read, but without substance. No new information, no advice, nothing we haven't already seen in older books,..." Read more

"...chapters and anecdotes adding colour, making it accessible and relatable." Read more

"...very superficial, US focussed and only one way of building wealth via investing in stocks." Read more

"...The chapters are short, examples are vivid, conclusions are simple and not imposed." Read more

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Top reviews from United Kingdom

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Robin Blake

Totally changed my view on money

Reviewed in the United Kingdom on 11 June 2024

Verified Purchase

This book is a fascinating blend of finance, psychology and philosophy, and all written in a very easy to read form. If only I'd read this at school, but then so often school doesn't equip us well for the practicalities of life. This book is not about 'how to get rich'. It's about how we view money, what it means to us, and most importantly what is enough for us? There's one fascinating anecdote: Joseph Heller, author of one of the world's biggest best sellers 'Catch 22' was once at a social gathering. Someone said to Heller that a fund manager there had made more money that day than Heller had made from the worldwide sales of his book over decades. Heller replied "But I have something he doesn't. Enough". That fund manager would never be satisfied with what he had. So who was truly the richest? There's lots more to this book. My biggest regret is that I didn't read it years ago. Whenever someone writes a rave review I'm always suspicious they have a vested interest. I don't. I'd never heard of the author until a friend lent me this book. Some books get us thinking in a very different way so that the book stays with us. This book is one of them.

7 people found this helpful

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PeterF

Highly readable and good advice.

Reviewed in the United Kingdom on 1 July 2024

Verified Purchase

This is an excellent book - admittedly written from a US perspective but equally valid in Europe. It explains what everyone should know - the benefits of compounding - the underestimation of luck and risk - how wealth creation really works. Both a primer for understanding the world and a lesson in how to create wealth over time.

Helpful

Thomas Dalton

Decent Refresher Read but nothing revolutionary

Reviewed in the United Kingdom on 11 June 2024

Verified Purchase

I have seen this book advertised everywhere recently, so thought I’d give it a try. Apparently I’m a sucker for an advert. The stories and promotions telling you this book will change your life or it will rethink how you think about money are slightly over cooked.

The book itself is a decent overview of many of the main concepts of investing, finances and a brief insight to some of the human psyche relating to money. There were some useful anecdotes and interesting facts or concepts, but I don’t think I came across anything inherently new. Most of this I’ve picked up elsewhere, or read further previously.

Probably worth a read for beginners or a refresher for the more experienced individual.

3 people found this helpful

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Paul

What is real wealth?

Reviewed in the United Kingdom on 18 February 2024

Verified Purchase

I don’t work in financial services so I bought this to get a different perspective on my own economic situation at a time when I have a few choices in front of me about which path I take next in mid-life. In view of that, it was pretty illuminating, taking a common sense all-round approach to the decisions we take about money. Being ‘financially unbreakable’, playing the percentages and allowing for luck and a margin of safety are a few takeaways, as well as the concept of real wealth - the value of your own time v chasing extra money you don’t need. I hope that those in financial services do read this as it can only help them offer the right kind of advice to their clients. It’s a well edited book with short, intriguingly titled chapters and anecdotes adding colour, making it accessible and relatable.

9 people found this helpful

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Spiros Kagadis

Brilliant financial book!

Reviewed in the United Kingdom on 5 July 2024

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I highly recommend the purchase of this outstanding financial self help book that offers original but reliable advice on financial and other matters of concern!

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Painterman66

Everyone with an interest in wealth creation should read this book.

Reviewed in the United Kingdom on 7 March 2024

Verified Purchase

A really interesting book if you have an interest in wealth creation. The author describes in each chapter
different aspects of investment motivation in a way that is easy to understand. With many illuminating
and entertaining stories and of course a chapter on Warren Buffet. If you want to invest in equities or
save money long term this book offers good advice.

8 people found this helpful

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mike ferris

Very Insightful !

Reviewed in the United Kingdom on 29 January 2024

Verified Purchase

Excellent book, with sound advice and very easy to read

4 people found this helpful

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Touseef

A very good insight into how to think about money

Reviewed in the United Kingdom on 9 July 2024

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A very good insight into how to think about money. Explains that the things are not absolute relevant and you have to realise the gane you are playing

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Top reviews from other countries

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Ariel W

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness 🧠💰

Reviewed in Canada on 11 July 2024

Verified Purchase

"The Psychology of Money" by Morgan Housel is a thought-provoking and insightful book that explores the psychological factors that influence our relationship with money and how they impact our financial decisions. It's not a traditional finance book filled with technical jargon and investment strategies, but rather a philosophical exploration of the human element in money management.

Key Themes and Principles:

The Importance of Behavior: Housel emphasizes that our financial success is largely determined by our behavior, not just our investment strategies. He argues that understanding our own psychology and biases is crucial for making sound financial decisions.

The Power of Time and Patience: The book stresses the importance of time and patience in investing. Housel advocates for a long-term perspective and avoiding impulsive decisions driven by fear or greed.

The Role of Luck and Chance: Housel acknowledges the role of luck and chance in financial success. He cautions against attributing all success to skill and warns against the dangers of overconfidence.

The Importance of Simplicity and Humility: The book emphasizes the value of simplicity and humility in managing money. Housel argues that complex strategies and excessive risk-taking often lead to poor outcomes.

The Pursuit of Happiness: Housel explores the relationship between money and happiness. He suggests that true financial well-being is not just about accumulating wealth but also about achieving financial independence and security.

Practical Applications:

Understanding Behavioral Biases: Housel provides insights into common behavioral biases that can lead to poor financial decisions, such as loss aversion, confirmation bias, and herd mentality.

Developing a Long-Term Perspective: The book encourages readers to adopt a long-term perspective on investing and avoid chasing short-term gains.

Embracing Simplicity and Humility: Housel advocates for a simple and disciplined approach to managing money, avoiding unnecessary complexity and risk.

Overall:

"The Psychology of Money" is a refreshing and insightful book that offers a unique perspective on the relationship between money and human behavior. It's a valuable read for anyone looking to develop a more mindful and effective approach to managing their finances. Housel's engaging writing style and real-world examples make the book both informative and entertaining.

One person found this helpful

Cliente Amazon

Daqueles livros que mudam a nossa vida

Reviewed in Brazil on 20 May 2024

Verified Purchase

Excelente abordagem sobre a nossa relação com o dinheiro mas vai muito além... As reflexões sobre propósito, liberdade e independência são sensacionais. Baita livro que já está no meu top 3.

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Javier MarDom

Excelente libro

Reviewed in Mexico on 16 April 2024

Verified Purchase

Este libro realmente te hace cuestionar tu relación con el dinero y la manera en que nuestro comportamiento influye en nuestras finanzas. De fácil lectura y muy bien explicado

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Larry Frank

Timeless nuggets of wisdom

Reviewed in the United States on 24 August 2021

Verified Purchase

Psycholology of Money: Timeless Lessons on Wealth, Greed and Happiness by Morgan Housel is a timeless work about how our feelings, emotions and interactions with money often results in different outcomes for different people – because people are different. So, insights into how to think and behave about money is instructive.

You may think you don’t have enough money to make a difference for your future. I think this book will show you, how even with those thoughts, that you can.

Others may believe they have more than enough. Those too are risky thoughts and beliefs.

Because people are different, everyone should read this book to see what you uniquely learn about yourself and how you should think about money.

Chocked full of great insights to guide us all.

Quotes that hit home from various chapters are presented below. There are many more quotes possible, but then you’d miss the message between each quote. I strongly suggest getting the book to see how these below snippets string together into a powerful story about how we think and behave towards money matters.

Quote:
• Your personal experiences with money make up maybe 0.00000001% of what’s happened in the world, but maybe 80% of how you think the world works.
• Luck and risk are siblings.
• Yes, but I have something he will never have … enough.
• There is no reason to risk what you have and need for what you don’t have and don’t need.
• The hardest financial skill is getting the goalpost to stop moving.
• $81.5 billion of Warren Buffett’s $84.5 billion net worth came after his 65th birthday.
• Buffett began serious investing when he was 10 years old.
• His skill is investing, but his secret is time. That’s how compounding works.
• But good investing isn’t necessarily about earning the highest returns, because the highest returns tend to be one-off hits that can’t be repeated. It’s about earning pretty good returns that you can stick with and which can be repeated for the longest period of time. That’s when compounding runs wild.
• Getting wealthy vs. staying wealthy.
• Getting money is one thing. Keeping it is another.
• Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.
• No one is impressed with your possessions as much as you are.
• When you see someone driving a nice car, you rarely think, “Wow, the guy driving that car is cool.” Instead, you think, “Wow, if I had that car people would think I’m cool.”
• Humility, kindness, and empathy will bring you more respect than horsepower ever will.
• Spending money to show people how much money you have is the fastest way to have less money.
• Money has many ironies. Here’s an important one: Wealth is what you don’t see.
• Past a certain level of income people fall into three groups: Those who save, those who don’t think they can save, and those who don’t think they need to save.
• Building wealth has little to do with your income or investment returns, and lots to do with your savings rate.
• The value of wealth is relative to what you need.
• Past a certain level of income, what you need is just what sits below your ego.
• People’s ability to save is more in their control than they might think.
• Things that have never happened before happen all the time.
• The thing that makes tail events easy to underappreciate is how easy it is to underestimate how things compound. How, for example, 9/11 prompted the Federal Reserve to cut interest rates, which helped drive the housing bubble, which led to the financial crisis, which led to a poor jobs market, which led to tens of millions to seek a college education, which led to [over a trillion dollars] in student loans with [a high percentage of default rates].
• The correct lesson to learn from surprises is that the world is surprising.
• The most important part of every plan is planning on your plan not going according to plan.
• The purpose of the margin of safety is to render the forecast unnecessary.
• The End of History Illusion is what psychologists call the tendency for people to be keenly aware of how much they’ve changed in the past, but to underestimate how much their personalities, desires and goals are likely to change in the future. [Thus, their history of change won’t change anymore into their future].
• Every job looks easy when you’re not the one doing it.
• Successful investing looks easy when you’re not the one doing it. Hold stocks for the long run … but do you know how hard it is to maintain a long-term outlook when stocks are collapsing?
• Price … not dollars and cents … it’s volatility, fear, doubt, uncertainty … all of which are easy to overlook until you’re dealing with them in real time.
• Beware of taking financial cues from people playing a different game than you are.
• When investors have different goals and time horizons – and they do in every asset class – prices that look ridiculous to one person can make sense to another, because the factors those investors pay attention to are different.
• The interesting thing about [absolutely pessimistic] stories is that their polar opposite – forecasts of outrageous optimism – are rarely taken as seriously as prophets of doom.
• Pessimism just sounds smarter and more plausible than optimism.
• …progress happens too slowly to notice, but setbacks happen too quickly to ignore.
• The more you want something to be true, the more likely you are to believe a story that overestimates the odds of it being true.
• We don’t know what we don’t know.
• Coming to terms with how much you don’t know means coming to terms with how much of what happens in the world is out of your control. And that can be hard to accept.
• Less ego, more wealth.
• If you want to to do better as an investor, the single most powerful thing you can do is increase your time horizon.
Unquote.

There’s a lot of wisdom alone in the various quotes above. There’s even more wisdom reading how they string together to see the larger story line to understand your psychology of money applied in your own life.

Each person reading Housel’s work will get something different out of it than someone else. And each time you read it (I suggest more than once) you too will get yet still something else out of it.

343 people found this helpful

Syed Niaz Ali Shah

Book

Reviewed in Saudi Arabia on 14 July 2024

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The print of the book i received is good 👍

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