The Psychology of Money Timeless lessons on wealth, greed, and happiness by Morgan Housel. He explains that doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to brilliant people.
Money investing, personal finance, and business decisions rely heavily on math-based analysis using data and formulas to guide us. In the real world, financial decisions are not solely on a spreadsheet. They are most common in personal settings, such as the dinner table or in a meeting room, where unique personal histories, individual perspectives, ego, pride, marketing, and unusual incentives are all intertwined. Therefore, it is essential to understand that financial decisions involve more than just rational thinking and that personal biases and emotions can play a crucial role in the decision-making process.
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