The Psychology of Money

“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.” Subconscious or not, this is how people think.”

Morgan Housel summarizes it so well in this one sentence. Our financial decisions many time are based on our expectations of societal approval. It is important to weigh our wants with the actual need. This book emphasizes using rational thinking and avoiding chasing tips and tricks on making a quick buck.

A good read that makes you think twice before you make a financial decision.

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