Book recommendation: The Psychology of Money

Financial Chat
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Do we do books on here? Let’s find out.

Just finished the completely superb The Psychology of Money https://g.co/kgs/pQe3Bh and I cannot recommend it enough.

Short and to the point.

Related note, I also recommend following https://www.collaborativefund.com/blog/ (the author of the book) and https://ofdollarsanddata.com/

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Is it as simple to presume from the title or do you have a specific reason for recommending this?

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Hmm, some reasons:

  • it focuses on people’s behaviour and attitudes to money, and how they are really important things when it comes wealth, not necessarily the technical details of funds and amounts. E.g., “most people say they want to be a millionaire, when what they really mean is they want to spend a million dollars, which is literally the opposite of being a millionaire.”
  • it’s very short and easy - thrilling - to read
  • it offers insightful commentary of global history and affairs, though US-centric
  • it provides alternative points of view to common topics, e.g. Warren Buffet
  • it’s a positive and energising message

The nuts and bolts of a healthy personal finance aren’t very complicated: live beneath your means, save up several months of cash savings, then invest and hold.

The book just offers funny and fresh commentary on why that’s so hard.

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OK, now that sounds like something I might read… it’ll book 923 on the pile but why not (ohh wait, save up months of cash… not months of BOOKS, dammit!)

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