RACHEL RICHARDS | Retired At 27 With These Insanely Valuable Money Lessons
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Today’s interview for the Millionaire Secrets podcast, "Retired At 27 With These Insanely Valuable Money Lessons ", is with Rachel Richards.
Rachel went from working for $7.25 per hour at American Eagle by day, and hustling to sell Cutco knives at night…
...to completely retired by age 28.
She’s an author of 2 bestselling books, a public speaker, and a digital course creator.
But, ultimately…
Rachel’s financial freedom comes from her 40 unit real estate portfolio.
How she achieved such an impressive portfolio at such a young age is impressive yet…
...simple.
Rachel was both frugal and driven from a very early age. She was determined to live a life of total freedom.
I know that’s something that many of us can relate to here at ENTRE. The desperate thirst for a life lived on our own terms.
So why is it that Rachel succeeded - while so many others fail?
Graduating from college, she landed a job for $36,000 per year as a financial advisor. And this is where the rubber meets the road in her exceptional story.
How Rachel used her humble $36,000…
...is the difference between retiring at 28 - and working for decades longer.
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📖 Rachel's Books 👉
📒 Money Honey: A Simple 7-Step Guide For Getting Your Financial $hit Together 👉 https://www.amazon.com/-/es/Rachel-Ri...
📘 Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence (& how to get started!) 👉 https://www.amazon.com/-/es/dp/B083C5...
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I love this. Rachel is amazing. All of the things she discussed about when she was young, I also thought about when I was young, but I had no idea how to implement. Also there was nothing like today's internet to help. I was taught by my parents to 'do the things'. In other words, to stay inside the lines. All of my ideas of life were outside the lines. I have literally spent 30+ years trying to fit into those lines. Her comments about working a job and being told her way created a 'perception' that wasn't good hit home for me really hard. This has been the case for me, for years! I am so glad to see that for her, no one told her that she couldn't, back when she first started. Thank you for bringing this amazing lady to us. Such great takeaways! Lastly, service to others and community is where my calling is, so love that you included that as well!
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last comment, I promise. The isolation she described, as family and friends who support you, don't get you, is a real thing. Mental health, involves being able to be ok with the 'outside the lines' way of thinking, and understanding that because others don't agree, doesn't meant they're right.
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Thanks for sharing your wisdom with us!
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I’m happy for you and your husband 💪🏾
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And... congrats to you on your success and 40 unit portfolio. I had 40 units, all in one apartment complex, at age 28, and that led to my first big failure, as there was more to it than numbers on paper and positive cash flow. But, you have to recover and keep on going until you make it!
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Remarkable ambitious, goal-oriented, doer = woman. Jeff please bring on more women to talk about money, never enough!
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Excellent interview! Watched and liked, thanks! Just wish you would have followed up after she mentioned having other income streams. What other streams other than real estate does she have?
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25:09 - 25:15 "why is it so easy to say but so hard to do?" - Discipline!
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The ironic twist is that you can be self educated in this day and age of online learning, but you better be prepared to go into business for yourself, because normal businesses that would potentially hire you, still want to see that 4 year degree piece of paper. You can't change the world overnight.
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QUEEN at 28 ruling her world!
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Great video!
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I wish I had Rachel’s drive when I was that young!
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Its' obvious.....but I'll say it anyways: She's very articulate and very intelligent. Thank you.
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Went to the millionaire secrets website link mentioned and a long video but no free download unless I order the course
Is this an old link?
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View 2 replies from Jeff Lerner and others
Does she remind anyone of Rebecca Gayheart?
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Can you turn on Comments?
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RACHEL RICHARDS
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
Audible Audiobook – Unabridged
Morgan Housel (Author), Chris Hill (Narrator), Harriman House (Publisher)
4.7 out of 5 stars
Being successful with money isn't just dependent on what you've learned. It's all about how you conduct yourself. Behavior is difficult to teach, even for highly intelligent people.
Investment or personal financial decisions, as well as business decisions are usually learned as an arithmetic-oriented discipline with formulas and data that provide the exact instructions on what to do. However, in real life the majority of people do not make financial decisions using an Excel spreadsheet. They take them at the table at dinner or in a room where your personal story and your personal view of reality, egos pride, marketing and a variety of other incentives are put together.
The Psychology of Money the book The Psychology of Money, award-winning writer Morgan Housel shares 19 short stories that explore the bizarre ways that people view money. She also teaches you how to better understand one of the most crucial subjects.
Reviewed in the United States on September 9, 2020
The Psychology of Money is an important book. Housel's easy writing style might give some the impression that this is a casual take on the intersection of psychology and finance, but what's really going on here is a master class in storytelling. Through the lens of history and personal tales, the author teaches us the most profound insights on the psychology of money - what it means to us, how we spend and save and invest, how we connect who we are today to who we might be tomorrow. In the tradition of Charlie Munger, Howard Marks, and Richard Thaler, Housel forces us to think about the word "risk" from many perspectives, revealing that the tinny and narrow treatments of risk by traditional economists are insufficient to informing how we make decisions about money. On top of it all, the book is short, in the best possible way. It's a quick read with a big payoff.
119 people found this helpful
Fun to Read and Very Interesting
Reviewed in the United States on September 9, 2020
It's no exaggeration to say that this is the most anticipated book in finance in 2020. People who've read Morgan Housel's work through the years know that he is probably the most lucid and insightful writer in finance today. His writing has influenced anyone and everyone who's paying attention in the world of finance.
This book shows why.
Each chapter is filled with stories about why we do silly things with money. They're funny, thought provoking, and told in the pure, minimalist style that Housel has helped to pioneer in financial literature. You learn a lot from this book AND enjoy reading it. Another reviewer called it an instant classic. I agree. It's shelved in my library next to Peter Lynch's books.
This book isn't only written for investors; it's also written for readers. It will entertain and, over time, enrich you.
100 people found this helpful
This book shows EQ is as important as IQ for investors
Reviewed in the United States on September 10, 2020
I’m in my mid-50s and just retired. While I have been a very successful investor over my 35 years of savings, I probably pushed a little too hard for gains I didn’t need, with the money that I did need. Reading this book will help me change a few of my overly aggressive investment strategies. It helped me recognize the most important lesson during your accumulation years. Knowing when you have “enough”.
85 people found this helpful
Drew Dickson, CIO Albert Bridge Capital
An important story about the stories we tell
Reviewed in the United States on September 9, 2020
Morgan has crafted an incredibly relevant, enjoyable, and helpful book about the interplay between money and emotion, and how we all are affected by both. He tells an important story about the stories we tell; offering Kipling-esque advice about imposters like luck and skill, winning and losing, and of course, triumph and disaster.
There is just no way you can finish this quick read and not be a better spouse, parent, or provider for it.
If you are 20, read this and embrace every bit of it. When you are over 50, you will be so glad you did.
If you are 30, read this and markedly improve your perspective on the what and why of success and failure, and how you can minimize regret.
If you are 40, read this and make the tweaks that you can, there is still plenty of time.
Even if you are over 50 (which I now am) read this, learn what you could have done better, what you still can do better, and then buy a copy for your 20 year-old (as I am doing right now).
74 people found this helpful
Insightful and a pleasure to read
Reviewed in the United States on September 14, 2020
Most books about money and investing are dry and boring. Housel on the other hand tells stories that are engrossing and that teach lessons. Many of his observations are counterintuitive but make perfect sense once he explains them. Morgan has the gift of cutting through complex topics with a remarkable clarity. He also has the gift of writing in a compelling fashion that makes the book as enjoyable to read as it is educational.
What are some examples? "If you want to do better as an investor, the single most powerful thing that you can do is increase your time horizon". The statistics that he shares about how this is true with Warren Buffett will amaze you.
Housel also points out that the accumulation of money gives you the remarkable gift of control over your time. And control over your time is perhaps the best path to happiness.
This book would be great for anyone from a college student to a retiree, but the earlier in your career that you read it the more that you can use the concepts to improve your happiness.
Highly recommended.
Improve Your Behavior Around Money
Reviewed in the United States on October 11, 2020
If you are wondering if you should read this book, let me share a sentence from the Introduction. “Two topics impact everyone, whether you are interested in them or not: health and money.”
Morgan Housel, author of The Psychology of Money, takes the reader on an interesting and insightful discussion on the second topic: money.
The overarching theme of this book is that finance and money are taught as a hard skill, with rules and formulas but in the real world, how we interact with money is a soft skill, more influenced by your behavior than your knowledge. If we want to be more successful with money, we need to focus more on how we think about money rather than trying to increase our financial knowledge.
Mr. Housel has selected 20 topics which he explores with interesting real-world stories to provide insight on how to better manage your money and finances.
He draws on the experiences of legendary billionaires Warren Buffet and Charlie Munger as well as the intellectual insights of Nobel prize winner Daniel Kahneman and Harvard psychologist Dan Gilbert and many others. The book is filled with interesting tidbits – such as “Warren Buffet has owned 400 to 500 stocks during his lifetime and made most of his money on 10 of them.”
One of the more important themes of the book is that we tend to spend money on things such as expensive cars, big houses and fancy clothes that we think will give us a lot of satisfaction by signaling our success to others. These rarely provide the results we want. What we want is respect and admiration for others. We can’t buy those with material possessions.
Much of the book is devoted to the stock market and investing. For those looking for more basic foundational money hacks, this is probably not the book you are looking for.
After the 20 lessons, Mr. Housel lays out his philosophy of money. This is an excellent template for anyone wanting to master their finances. It is easy to understand but would require a significant mindset shift for most people.
The book closes with a recap on how we got where we are as a nation. This section simply traces the path we took as a nation, it does not offer solutions.
The book is a quick and interesting read. It does not offer any magical solutions or quick fixes to your finances. Mr. Housel addresses a lot of the thinking which has led most people to a rather unsteady financial position.
Changing your finances does not require you master a ton of financial/investment skills. It requires you to change your behaviors.
7 people found this helpful
Reviewed in the United States on August 24, 2021
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.
5 people found this helpful
Reviewed in the United States on September 15, 2020
I have been reading Morgan Housel’s work on The Collaborative Fund blog for a few years, so I knew I would enjoy it. It still exceeded my expectations. This book is a distillation of many of his ideas on our species’ complicated relationship with money. This covers investing, spending and saving, but it is far more a story about greed, fear, jealousy, egotism and humility. Housel is an absolute master of storytelling. He synthesizes information from a variety of disciplines to create a beautifully simple narrative. His true genius lies in his ability to alter your perspective. Many of his principles and positions are not groundbreaking. However, he communicates them in a way that is more illuminating than anything I have ever heard. The book is easy to digest and will leave you wanting to give it to your loved ones so they can receive this book’s wisdom.
8 people found this helpful
Should be required reading to get a driver's license or bus pass
Reviewed in the United States on November 12, 2020
Yes, everyone needs to read this book about saving, investing, and life. The post script on the financial system post WWII was outstanding. This is an easy to read book with wonderful stories, facts, and anecdotes throughout; backed up with a source. I plan to have all three of my children read this book before getting a driver's license. I also think the chapters are a perfect length. Plan to read it again only this time I'll highlight and dog-ear the pages. I'm a finance nerd, but you don't need to know a lot about finance to get the big messages from this book.
Accept the fact that you’re going to be irrational with money
Reviewed in the United States on October 11, 2020
Rules for becoming wealthy are simple: save money and invest early. However, human beings are fickle and much about our treatment of money comes from psychology.
This book explores the psychological traps when it comes to dealing with your assets. I like how the book is relatively short in terms of being of the self help genre. The writer purposely kept the book short and he is straightforward with his message. It shows you don’t have to understand the market to be financially successful; instead, it’s knowing about these human foibles that will help you make wiser decisions.
The last chapter of the book neatly summarizes the US economy from post World War II to the present. If you grasp our economic history, then you’ll understand that we’re never going back to the 1950s-1960s boom and why getting control of our psychology will prepare us for the unknown economic future.
4 people found this helpful
a completely different angle of looking at money, how to make them and how to keep them
Reviewed in the United States on September 8, 2020
It's the 1st time in my life when I take a day off from work so I can read a book on the 1st day it is available on Amazon.
I will come back in 10 years to finish this review. Only then we can draw a conclusion regarding if this was a good decision.
10 people found this helpful
I... read it, applied it, live and breath it, and now I reap the benefits
Reviewed in the United States on August 28, 2021
Like I said above, this is my new Holy Bible of Investing. Where Rich Dad Poor Dad is the Holy Bible of Entrepreneurship, this book is the Holy Bible of everything investing.
After reading this book multiple times, I can say hands down Chapters 4 and 5 are the MOST IMPORTANT. If you choose to skim through the book rather than take the time to actually learn the lessons, just DO NOT skip over those chapters.
Those chapters recently saved me in some trades to eventually ending this year with an additional 6-figures in my pocket. Without completely spoiling those chapters, the author emphasizes how Warren Buffet and Charlie Munger MAINTAINED their level of wealth and the compounding effects of it BECAUSE they were able to stay around long enough for their wealth to compound.
At no time were they leveraged with debt that they were rushing to pay off. They never HAD TO sell any of their positions despite the many recesssions they lived through. They didn't NEED TO borrow any money to maintain their positions. They played it safe and weren't concerned with BIG gains, just good and decent gains they KNEW could be maintained over sustained periods of time.
THAT's what makes them great.
That alone kept me from making a dumb mistake this year in crypto trading and allowed me to have my biggest year yet.
I was borrowing money because I just knew certain cryptocurrencies were going to blow up. I was tempted to borrow a WHOLE LOT more than I did, but I only borrowed an amount I knew I could sustain whether or not I head steady income this year, instead of the MASSIVE amount i really wanted to borrow.
Next thing you know I lost my job this year, but because I was able to sustain the payments... I DID NOT have to sell any of my crypto. And because I listened to Chapters 4 and 5, I was able to stick around long enough to reap the benefits of the compounding effects of holding onto my crypto rather than selling for being over leveraged.
I made a FAT 6-figure capital gains by simply holding onto my crypto. Had I taken the MASSIVE loan, I would have been bankrupt by Fall of 2021, but now rather than being bankrupt I have MORE THAN ENOUGH of a balance to not only pay off all my debt, but continue to enjoy the compounding effects that Warren and Charlie have been able to sustain for over 70 years!!! This book really works!!!
From big world concepts to actually reality. Learn from the greatest! 5 stars
2 people found this helpful
Reviewed in the United States on January 1, 2021
My education and background is in finance. This may sound crazy but I enjoy reading financial books especially those that focus on human behavior versus numbers and charts. Congratulations to the author Morgan Housel on a well written book that is full of valuable information. It's written in a way that you don't need an MBA to understand money and finance. Chapter 5 is worth its weight in gold. Understanding how to manage risk regardless if markets are going up or down is something I preach to people all the time. The stories about various individuals are both interesting and valuable. Well worth the time to read.
2 people found this helpful
So far one my favorite books on Finances ever!!!!
Reviewed in the United States on May 14, 2021
Speechless. This book puts a ton of things into perspective, and helps you see things from various points of views. Which is great, not bias.
Gives you the knowledge and let’s you make your own conclusions, while still giving you vital information to help you understand the thoughts of people.
Money is the subject but the book touches beyond that.
More on how we as humans rationalize w/ money and why, which is far more imperative than the money itself..
But there’s huge correlation that exist between the two.
I know, I sound confusing.. just please read the book.
Awesome read, well done Morgan Housel.. I thank you
2 people found this helpful
Non Technical explanation of how money works
Reviewed in the United States on May 19, 2021
I think the stories told in the book help explain most Of the concepts Needed to think rationally about money and how it grows. Time IS so important to growing wealth. I wish hs had used the rule of72 and explained how it Is The third and fourth doubling Of money that makes you wealthy. 30-40 years If you get Good returns. The Life span of Warren Buffet Does The same thing. I was born in 1952 so The last chapter gives a great explanation of wealth And inequality in my lifetime. I think hs focuses on the right issue. It Is how you want to live and can afford to live that Is important not what other people are doing in their lives.
One person found this helpful
Good refresher with some interesting new takes - worth a read!
Reviewed in the United States on November 27, 2020
There are other reviews that talk about "cliche'(s)" and how this is not new information, but the reason this book was so valuable to me is it gathered information from a variety of sources and in ONE PLACE provides great insights into how to think about money. Some of the tidbits I have read elsewhere, but cannot remember where, so to have the author gather some of these themes, such has having "enough" and saving principles, with his own unique takes make this book a must have for anyone who is looking for insights into money. After having read dozens of personal finance and investing books, this one really hit home for me in a good way.
One person found this helpful
Brilliant Insight - a Must Read for any investor
Reviewed in the United States on October 23, 2021
The financial press (and most investors) spend WAY too much time on technical analysis, performance, and the various personalities in the world of finance. This book addresses the most difficult obstacle for investors - the mental game - the inner discipline it takes to manage investable assets.
You are your own worst enemy when it comes to returns.
Very well written, easy to read, to the point - these are not adjectives most of us use when describing investment books. To boot, Housel is a master of foraging for the great quotes from the heavy hitters in finance. I will have a highlighter handy when I read this again.
If you're considering investing time in an investment book, read this one first! You can breeze through this and get a tailwind before you tackle "A Random Walk Down Wall Street."
Best book on personal finance I've ever read
Reviewed in the United States on September 23, 2020
I have read a lot of books on personal finance and felt like I’d heard or learned everything under the sun on this subject. But from the moment I picked up this book I saw things approached in ways I’d not expected. I've never read a more rich book on personal finance. This is an instant classic and something I've already passed along to everyone I know.
The book is easy to read and approachable for everyone, but also deep. I find that it presents the principles in way that anyone can understand and resonate deep and to the core. I have a finance background but found myself rereading parts because of the way Morgan approached it was novel and fundamentally changed the way I thought on the issue.
This is an instant classic and will be the first book I recommend on personal finance when engaging with others on the topic.
Reviewed in the United States on September 13, 2020
That was then: 9/7/2020 Oh, no! They shipped that stupid money book. I forgot to cancel the pre-order. I'm an idiot. I deserve to lose my money.
This is now: 9/8/2020 I must be some kinda genius to have had the vision to pre-ordered this book.
If you think you've read and heard everything that can be written and said on the topics of money and investing, then, like me, you'd be dead wrong. I don't know if Mr. Housel is a genius, but he has taken a look at what's there for everyone to see and thought something(s) fresh and different.
This book should be required reading for high school graduation. It should be trotting off to college in many, many backpacks this fall. This is a teaching book that anyone of any age can enjoy and benefit from. The subtitle sums it up well: "Timeless lessons on wealth, greed, and happiness."
I do have a bone to pick with someone though. Why, oh why no hardcover edition? You've taken a prince of a book and dressed it in rags. The price is great, but a lot of folks will wish they had the choice of paying up for a quality format. And while you're at it, maybe nix all the white space. This book doesn't need to be puffed up. Part of its beauty is that it is pithy and succinct. Ok, that's two bones. Anyway, it's the content that counts and that is superb.
Great read and an excellent book, but not revolutionary information
Reviewed in the United States on January 3, 2021
I started reading Morgan Housel’s Motley Fool articles in the early 2000s just after graduating grad school and when I was starting out investing. The man is amazing at laying out complicated concepts while making them interesting, insightful and, probably most importantly, motivating. Many of the macroeconomic concepts I use to construct my portfolio today are based on his simple teachings.
This book isn’t going to be revolutionary for any seasoned investor, but definitely reaffirmed my investment methods and gave me motivation to keep doing what I’m doing.
He brings up short stories about people who have an exceptional ability or talent (sometimes that talent is just being consistent or “boring,” you might say) and relating their story to the overall psychology of investing.
Overall it’s a great book — possibly an investment classic in due time — and one I’m happy to include in my investment library. But not earth shattering, so don’t expect to be wowed with new investment information; rather, plan on it motivating you to keep doing what you’re doing to succeed in investing while tuning out some of the destructive noise out there.
Reviewed in the United States on January 7, 2022
There were many great points made throughout this book as they relate to personal finance, greed, the economy and the human propensity to strive. What stood out to me was the correlation made between freedom and happiness. Morgan states that although many wealth indicators have risen since post WW2, our overall happiness has declined. The reason given in the book is that we now have less control of our time, resulting in a decline in our ability to feel happy about our situation. What a powerful and actionable correlation!
One person found this helpful
It's A Very Fascinating Book On Money Matters & Dynamics.
Reviewed in the United States on December 1, 2021
This books has been really great & trendous in acknowledging that Money Matters are really a big topic , however could be managed and well dealt with in a very easy way if it gets well understood in the long run .
Certainly it's not be necessarily about what we possess or have but rather how we behave .
This has been A Great Book that Has instilled Me with lot's of concepts to look at and technically informed me about the many things that drive people's Investments or savings patterns .
Truly the two things that relate with us on a regular and daily basis are Money and Health ; - this is such a true Factor and worth of thought Always .
All should consider reading this book ; it's very informative & great guide in many matters and it should equally be a mandatory/guide book for schools & even tertiary institutions too as it indeed has alot to teach & offer in a very easy & well elaborated manner ...
Regards 😇
Reviewed in the United States on October 27, 2020
Simply fantastic book! Tipped off by my cousin, I downloaded and read this book pretty spontaneously. When I finished, I read it again. I can't recall ever reading a book twice, back-to-back with nothing in between. To me, it is of the quality of The Millionaire Next Door, which I read some 15 years ago, and thoroughly enjoyed. It is for sure my favorite money book since. Admittedly, I found a lot of confirmation bias in this book. But it enabled me to reflect a lot on my values and approach to life. I like Housel's ideas, and his writing is easy to read, understandable and enjoyable. Highly recommend it.
One person found this helpful
Great book for those interested in money and how to deal with it. Non technical.
Reviewed in the United States on December 11, 2021
This book is amazing! Not only it's written with a good prose and easy to read language, but it also delivers many insights about managing money. Specifically, it places the focus on the psychological aspects of investing, saving and spending, showing how the "hard science" of finance is insufficient in understanding how investors (and us, specifically) operate. It goes beyond describing and offers advice -- not in the sense of providing specific investment hypothesis, but rather in how to be more intentional about our investment hypotheses and how to stick to them, which is usually the hard part.
The author dispenses money lessons with humility and humanity as well, interspersing historical and personal anecdotes. I thoroughly enjoyed reading this book.
Fun Stories, Stats and History
Reviewed in the United States on December 31, 2021
I had read a few reviews before purchasing this book that “we had heard all this before.” This could be true for some but I had found all the information very interesting. Good takes on how the economy became what it is today, what I can do personally for finance and what the author does personally.
Building wealth, understanding what it takes to come up with a plan and stories of where others have had failure/success.
One person found this helpful
Well worth the time. I look forward to when I pick it up again.
Reviewed in the United States on May 9, 2021
I was pleased that the subject matter stretched my understanding of the topic, and that when appropriate, the examples were current.
3 people found this helpful
Reviewed in the United States on September 15, 2020
When I found out Morgan was writing a book I was immediately excited; I've read everything he has written on The Collaborative Fund blog. I also extremely high expectations for his first book and he exceeded them. As a financial advisor, I understand how personal the subject of money can be and appreciate the way Morgan is able to communicate complex financial and behavioral topics in a simple, concise, and entertaining way.
POM is an easy read and took me only two evenings to finish--it's an enjoyable read!
Morgan is a masterful storyteller and The Psychology Of Money is a book I will give away to those interested in better understanding their money for years.
One person found this helpful
Great Book to Read and Pass On to Your Younger Loved Ones
Reviewed in the United States on October 18, 2020
Great book! If you enjoy reading Warren Buffett and Howard Marks investor letters, I fairly confident you will enjoy reading each and every of the 20 chapters and 238 pages of this book. I know I did and I have found myself recommending it to most people I have spoken to since reading it. I tell those I recommend it to, to highlight the parts that they may or may not have known about, but wished they learned earlier in life, and then give that highlighted version of the book to the younger loved ones in their life so they have the opportunity to know about them sooner. I am a CFO in the asset management industry and previously practiced as a CPA at one of the Big 4 firms, but what I enjoyed most about this book is that Housel has an art to simplifying the essentials decisions most everyone will face in the world of finance that any person both inside and outside the finance industry could easily understand and benefit from - even if they might not have an interest in reading letters penned by Warren Buffett or Howard Marks, like their older loved ones do:)
Great book and one every American should read.
Reviewed in the United States on September 12, 2020
He simplifies and explains a complex subject. He presents a lot of history and examples without judgement and without a political slant which is rare today.
2 people found this helpful
Fun, Relatable, and gets to the point
Reviewed in the United States on August 3, 2021
In a world of tryhards on social media platforms always telling us to Subscribe (I won’t, and neither will they so shut up and provide content. The watchers will follow when you’ve become mostly good over mostly cringe/bad.) this book is soooo refreshingly quick and drives home it point(s) fast.
And the best part of all… when I finished reading it, I felt empowered and knew that even after a decade of pretending to be rich by living in unaffordable elegance, I knew I could reach true wealth independence.
Just like in fitness and health, it’s your behaviors that will ultimately dictate your outcome in the loooong run. You didn’t get fat overnight, you didn’t lose your money overnight (stop buying all the new iPads and cars! I’m guilty of this), and you certainly cannot turn these behaviors around over night. But if you can take a breath, and begin to control who you are with your money and health…. The long term victory is a superior quality of life well above your neighbors when entering retirement.
Reviewed in the United States on November 18, 2020
I don't think that anything in this book is new. Maybe it just reinforces the story of how we got here economically that I've already told myself. Yet, this fun read of economics, which can be a bore, is a fantastic look at how people's viewpoints skew what they think they know about the last 50 years of economics. I'm a history buff and even I didn't know some of the facts and statistics that the authored brought up over the course of the book. This book might be my gift to give for Christmas.
It is a quick read, and despite the brevity might be one of my most highlighted books
One person found this helpful
Something finally new in the world of finance literature
Reviewed in the United States on November 11, 2020
After reading a bunch of finance books over the years, they start to get boring and repetitive. This was the first book that I read in a while that kept my interest and provided new perspective on finances that I hadn't read before. It's an easy read, and each chapter offers further advice and doesn't talk about the same thing over and over again, like a lot of finance books. I'm a millennial, and I'm going to give this book to my dad next to read since I think it provides meaningful explanations to many of the differences the two of us have between money and how we feel about the world.
Reviewed in the United States on June 18, 2021
Clean and crisp filled with good learnings. Best finance book I have read In a while. Reading the part of the 1930's mirrors a little of today. History is repeating
2 people found this helpful
Reviewed in the United States on September 30, 2020
I read this book in less than a day. As the author noted, most people don't finish books they start, and I'm no exception to that result. This book was different. The story and writing flowed extremely well. I was getting new insights into understand my psychology and thinking behind money. I found myself making liberal use of highlights. I like his line "no one is impressed with your possessions as much as you are", before charging off to buy the latest Apple gadget or new car.
Reviewed in the United States on January 30, 2021
An engaging discourse that provides insight into some of the puzzles and mysteries of money’s power over us. I liked the format of the twenty brief chapters for each point and its flow of continuity from one idea to the other. In many instances I learned more about myself than money’s psychology, and it has helped me to stay grounded as I continue to develop my financial plans for the coming years.
great information on money, wealth and how to get there
Reviewed in the United States on February 28, 2021
This is really great book, easy to read and full of great insight. It talks about how you achieve wealth AND keep it. You would think that this would be obvious but the book addresses several points that I never considered.
One person found this helpful
The best investment book I have read
Reviewed in the United States on November 2, 2021
I have read a lot of investment books, and this book is the best. Although I'm an experienced investor and this book is primarily aimed at newbies, I still enjoyed it from understanding Morgan Housel's perspective on investments and life in general. Some of his insights are applicable to other areas. Emphasizes what most would call emotional intelligence for better planning and judgement. I wish I had read this book when I graduated college at 22, I could have avoided some mistakes made the first 10 years of investing.
Reviewed in the United States on February 3, 2021
The book was a joy to read. I’ve been interested in money and investing for quite a while. Although, this is a how to invest book, the author emphasizes financial prudence and setting a goal for financial independence by living a frugal life and investing. What I found really interesting is how the author used historic economic data to illustrate the ebbs and flows of economic activity that led to the fortunes and misfortunes of some the richest investors in history.
If it's one book you should read this year. It's this one.
Reviewed in the United States on November 28, 2020
Fantastic book. For a long time, I kept thinking to myself, that maybe I should take a risk and buy a home with little down payment. Then, I woke up and I realised that I rather invest in my 401k and my index funds. Why join the rat race?
This book further proved my thinking correct. It's a great read. You don't need to understand financial jargon. The book flows and it's engaging. The book hits the nail on the head in regards to how individuals think about money, but also how the country as a whole as well which ties into our current political and economical problems.
Reviewed in the United States on January 3, 2021
Shut up and wait! I can’t get these words out of my head. We may appear to be living in a fast paced world forcing us to make decisions that are influenced by others, it doesn’t have to be that way. Choose what works for you! Another thought from this book I don’t want to forget. You will find great deal of takeaway points from this book. I found my spent reading this book really worthy!
Reviewed in the United States on January 27, 2022
Do the simple things, like saving, & investing in low cost index funds, isn’t easy when everyone around you is making Mickey Mouse gains. That’s the premise of this book. Just do the simple things & stop trying to out smart the market. This goes for the traditional markets & the new digital asset markets. Stick to buying low cost indexes, and or, just saving in BTC (bitcoin).
An Absolute Must Read For Any Type Of Investor
Reviewed in the United States on September 13, 2020
I loved the book! Everything Morgan writes is gospel. Some of my favorite quotes from the book include:
"To make money they didn’t have and didn’t need, they risked what they did have and did need. And that’s foolish. It is just plain foolish. If you risk something that is important to you for something that is unimportant to you, it just does not make any sense."
"There is the old pilot quip that their jobs are “hours and hours of boredom punctuated by moments of sheer terror.” It’s the same in investing. Your success as an investor will be determined by how you respond to punctuated moments of terror, not the years spent on cruise control."
"The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays."
Reviewed in the United States on November 11, 2020
Brilliant. The only book on finance anyone needs to read. Ignore any negative reviews because those reviewers have brain damage. Should be required reading in order to graduate from high school and then again to graduate from college.
One person found this helpful
How your brain thinks about money.
Reviewed in the United States on December 30, 2021
This is an excellent book, as much about psychology as it is about investing. The ice age and malaria treatment are fascinating anecdotes relating to a changing world. Great insights about Warren Buffet too.
I gave this book to several people who would benefit from the timeless lessons.
One person found this helpful
Reviewed in the United States on December 30, 2020
I really liked this book! It is NOT about valuations, asset allocations, market timing, or any other technical aspects of investing. It's about how we THINK about money and how that affects how we BEHAVE with money. If you are looking for formulas or ways to "beat the market", this is not the book for you. However, if you would like an enjoyable read which examines people's money behaviors, you will like the book. I especially enjoyed the last chapter which gives Housel's view of how we got to where we are now.
Wish I read this book as a teen
Reviewed in the United States on June 13, 2021
Really well written book that seems like a college level Finance textbook with pertinent and interesting stories mixed in along the way.
I really do wish I'd read this as a teenager.
One person found this helpful
Great book to reflect and learn from
Reviewed in the United States on October 13, 2020
Morgan is a fantastic writer. Nothing in this book is "new", but that does not mean it is not valuable. He packages the information in a clean and easy to understand manner. He shares behavioral finance facts with personal experiences that allows the reader to ponder their own experiences and how they think/feel about various situations. I really enjoyed what I learned about myself and what I can do better going forward.
Definitely Changed my Outlook on the Market
Reviewed in the United States on August 2, 2021
I feel like I'm pretty knowledgeable about the stock market (and I am). But, this book helped change the way I look at stocks and anyone telling me that I should DEFINITELY purchase this next SUPER stock. It also confirmed my methodology of picking and purchasing stocks I like. This is a great book. I really enjoyed reading it.
Reviewed in the United States on December 31, 2021
"There are two topics that will affect your life whether you are interested in them or not: money and health." Housel provides a way to think about money decisions, not a way to make them. His stories are fun and advice is practical and applicable to every income and walk of life.
One person found this helpful
Reviewed in the United States on September 29, 2021
I've been a fan of Housel's writing on the Collaborative Fund blog. This has some familiar stories if you read the blog, but there is enough new stuff to keep you reading. I think it has some good rules of thumb to follow and interesting insight into how we think about money. I also appreciate the brevity of this book. I'm sure he could have written 500 pages on the topic, but It probably didn't need it.
OS upgrade for your financial mindset
Reviewed in the United States on May 17, 2021
This felt like an overdue OS upgrade for my financial mindset. Well written and packed full of useful and interesting info. This might be an annual reread, and an easy recommendation going forward.
One person found this helpful
Read it, practice it and you will benefit
Reviewed in the United States on September 14, 2020
Excellent read. It literally changed my perspective in a number of profound ways and I have no doubt my financial future will be influenced by this book!
2 people found this helpful
Reviewed in the United States on October 15, 2021
One of the best books out there. It delivers exactly what the title promises, something rare in books, especially economics and finance books genre. Long enough to drive a few points home yet short enough to avoid unnecessary lengthy stories.
Highly recommended in anyone interested in the subject.
Reviewed in the United States on October 3, 2020
This book covers all the things you probably have thought about when it comes to money, but never really had the time to go deep on why your thinking those things. I really enjoyed how Morgan takes complex topics and breaks them into manageable mental models for the reader to ruminate on. All in all this is a great book with something for everyone.
Morgan has done a great service to society with this book!
Reviewed in the United States on October 18, 2020
I would rate this book at 6 stars if Amazon would let me. I’m not sure how such a young person could write a book on finance with this much wisdom, and distill it so effectively, but it appears that he has succeeded. Morgan has done a great service to society with this book. It should be required reading in high school, maybe even before the humanities. I write this as a former English-literature and philosophy major in college. Human nature is such that people think in a linear way. Exponentials and the power of compounding is truly counterintuitive to the human mind, where high-time preference is the norm. Low-time preference and an understanding of Behavior is KEY to becoming financially independent.
Surprisingly obvious but overlooked things brought to spotlight
Reviewed in the United States on February 27, 2021
This was a great read. It often talks about principles that are so obvious but so overlooked that they become a bit shocking. A lot of encouraging ideas for those seeking financial independence.
One person found this helpful
Finding peace in financial planning
Reviewed in the United States on February 1, 2022
So much of what consumes the American life and mind is money. Spending money, keeping up with the Joneses, trying to weave through the correct way to budget, save, and invest. This book provides peace on tried and true ways of handling personal finances. From realizing that much of wealth is unseen to allowing time to do the work, the advice and insight here is of managing money for individual and psychological health.
One person found this helpful
Reviewed in the United States on November 24, 2021
Housel has distilled in one well-written book the wisdom you’ll acquire from many years of saving, investing, reading much on finance and history, and experiencing the effect of chance and economic cycles on a portfolio and plan. I bought a copy for each of our young adult children. Wish I could send it to my much younger self.
Reviewed in the United States on October 10, 2020
I have read most of Morgan's articles on his blog CollaborativeFund and this book adds on to what he writes on his blog. He's one of the few writers that I find easy to read and he distills complex ideas in easy to understand way.
Being a trader and reading works of Nassim and Daniel K this book was a great summary of their ideas.
Highly recommended.
Reviewed in the United States on October 23, 2021
A lot of the book is analyzing the past of many people with financial success & failures, but through the book brings out perspectives and approaches they took as well. It describes those successful now, those who are broke and the difference between the two. It refers to personal ideals and habits that relate or are goals for oneself. The book for me also brought relation to my personal life outside of money and allowed me to piece together ideas as well as problems and reflect from both. Overall it was a great book with short chapters to keep you invested into the book and continually turning the pages. I myself read the book in a day and enjoyed it very much.