The Psychology of Money Book (साइकोलॉजी ऑफ़ मनी पुस्तक): The Voltaire’s observation that “History never repeats itself; man always does.” It applies so well to how we behave with money.
In 2018, the author wrote a report outlining 20 of the most important flaws, biases, and causes of bad behaviour he has seen affect people when dealing with money. It was called The Psychology of Money, and over one million people have read it. The Psychology of Money Book is a deeper dive into the topic. Some short passages from the report appear unaltered in this book.
Some of the excerpts from this The Psychology of Money Book:
I SPENT MY COLLEGE years working as a valet at a nice hotel in Los Angeles. One frequent guest was a technology executive. He was a genius, having designed and patented a key component in Wi-Fi routers in his 20s. Moreover, he had started and sold several companies and he was wildly successful.
He also had a relationship with money I’d describe as a mix of insecurity and childish stupidity. Moreover, he carried a stack of hundred dollar bills several inches thick. He showed it to everyone who wanted to see it and many who didn’t and he bragged openly and loudly about his wealth, often while drunk and always apropos of nothing.
Story:
One day he handed one of my colleagues several thousand dollars of cash and said, “Go to the jewellery store down the street and get me a few $1,000 gold coins.” An hour later, gold coins in hand, the tech executive and his buddies gathered around by a dock overlooking the Pacific Ocean.
They then proceeded to throw the coins into the sea, skipping them like rocks, cackling as they argued whose went furthest. Just for fun. Days later he shattered a lamp in the hotel’s restaurant. A manager told him it was a $500 lamp and he’d have to replace it incredulously, while pulling a brick of cash from his pocket a handing it to the manager.
“Here’s five thousand dollars. Now get and out of my face. And don’t ever insult me like that again.” You may wonder how long this behaviour could last, and the answer was “not long.”
I learned years later that he went broke, the premise of this The Psychology of Money Book is that doing well with money has little to do with how smart you are and a lot to do with how you behave. And behaviour is hard to teach, even to really smart people.
A genius who loses control of their emotions can be a financial disaster. The opposite is also true. Ordinary folks with no financial education can be wealthy if they have a handful of behavioural skills. That have nothing to do with formal measures of intelligence.
The Psychology of Money Book Details:
Book Publisher: Jaico Publishing House
Book Author: Morgan Housel
Language: English
Weight: 213 gm Approx.
Pages: 242 Pages
Size: “21” x “14” x “1.5” cm
Edition: 2022
ISBN No: 978-93-90166-26-8
Shipping: Within 4-5 Days in India
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