Book Club: Psychology of Money
Steve and Tyler discuss Morgan Housel's 2020 book, "The Psychology of Money". It distills a lot of financial wisdom into an easy-to-read anthology of advice and, especially, cogent explanation.
Embrace risk but beware of ruinous risk. Get the goalposts to stop moving. Be wealthy versus rich. Don't let your ego stand in the way of accumulating wealth.
Links:
Embrace risk but beware of ruinous risk. Get the goalposts to stop moving. Be wealthy versus rich. Don't let your ego stand in the way of accumulating wealth.
- (00:00) - Lemonade stands
- (01:19) - Psychology of Money
- (06:03) - Experience vs. perception
- (09:42) - The newness of "retirement"
- (14:35) - Rich vs. wealthy
- (17:58) - Getting the goalposts to stop moving
- (25:47) - Luck, tail events, and risk
- (33:28) - Ego
Links:
- The Psychology of Money, by Morgan Housel https://www.goodreads.com/book/show/41881472-the-psychology-of-money
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Steve Nay:
Tyler Smith:
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