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The Psycology of Money [English] by Morgan Housel
Publisher: Jaico Books
The Role of Luck and Risk: Housel emphasizes that financial success is often a mix of luck and risk. He uses examples from the lives of wealthy individuals to show how unpredictable outcomes can affect wealth.
Understanding Human Behavior: The book delves into how human psychology like overconfidence, fear, and impatience can impact long-term wealth-building strategies.
Simplicity over Complexity: Housel advocates for a simpler, more intuitive approach to managing money. He argues that understanding one's own behavior and adopting a sensible, long-term strategy is more effective than chasing complex financial schemes.
The Power of Time: The book underscores the importance of time in building wealth. Small, consistent actions over long periods often result in much greater financial success than chasing quick gains.
Wealth vs. Rich: Housel draws a distinction between being wealthy and being rich, noting that wealth is what you don’t see savings and investments that create freedom, whereas being rich is more about visible consumption
