The Psychology of Money in 20 minutes

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This video was inspired by Morgan Housel’s amazing book “The Psychology of Money”

I hope this short video inspires you to put down your phone (and social media) for a few hours and go out and grab a copy of this book for yourself.

Check out Morgan Housel’s book here

If you are more into Audiobooks, here is a link to that. You can get two of these books for free if you sign up for a free Audible trial with the link below.

🎧Grab The Psychology of Money audiobook here on an Audible trial with 2 free books

What is The Psychology of Money about?

You may think of money as just numbers, spreadsheets, math or an equation that needs to be solved, but the real financial decisions are made away far from calculators, around dinner tables - with ego, pride, fear and personal history.

The true nature of money is the dance between the cold arithmetic of a spreadsheet and human nature.

When it comes to money we are complicated creatures and financial success is not so much about how much you know but how you behave.

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Mind Trap decks

(TIMESTAMPS)

(00:00) Financial DNA (You aren’t Crazy)
(02:51) Compound Kings (Buffett’s dirty little secret)
(05:56) Pessimism & Money
(07:40) Two Forgotten Elements (A story)
(10:18) The Key to Happiness
(11:21) Tail Events
(15:02) Beyond Bling (True Wealth VS Being Rich)
(16:30) The Real Price
(19:13) Hedonic Treadmills (enough?)

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📽️Rich Dad Poor Dad | (Detailed Summary)

📽️The Laws of Human Nature (Detailed Summary)

📽️The Four Agreements (Detailed Summary)

📽️Limitless by Jim Kwik (Detailed Summary)

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Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?

leondonald
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It's impossible for someone to become wealthy suddenly. A valuable lesson I've picked up from billionaires is to always invest in a diverse range of securities and to put in background effort, even if we usually just see the final product. I intend to profit from the approximately $200k that I want to put in stocks this year.

Sampson-jhyq
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One lesson I've learned from millionaires is to always put your money to work, no matter how small. Even investing $100 per month can compound to tremendous wealth over decades. The key is to keep going!

MizThe
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I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

georginacarolynsussewell
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All you need is pure intention and a bit of practice. The more you focus on what you want to manifest, the more likely it is to happen. Keep your mind open and be willing to receive whatever it is you’ve been dreaming of and it’s possible if you believe in yourself!! Thanks for the words..

ChristienvanLoon
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Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!

smithlenn
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The fact that nobody talks about the book Matrix Golden Cashflow Tactics, speaks volumes why people dont earn a lot of money..

Ziggler-kykv
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I like how you take the effort to inform your audience; after all, we're all trying to live better lives with stable finances. This is simple to do with the correct investment, modest lifestyle, and budgeting. I am grateful that I was taught early in life to strive hard for financial independence.

tonysilke
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Like a forest fire that wipes out the old trees to make room for new growth, bearish periods ultimately establish a new crop of stocks to buy and watch while setting the stage for a robust new uptrend.I have been reading articles of people that grossed profits up to $250k during this crash, what are the best stocks to buy now or put on a watchlist?

Garrett-lopu
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I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

Alvera-ck
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Thanks! never had donated to a channel before but the video quality, editing and content was so good that I felt the need to contribute. cheers man 🙌🏼

DigitalTweezer-vjku
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Psychedelics are just an exceptional mental health breakthrough. It's quite fascinating how effective they are against depression and anxiety. Saved my life.

patriaciasmith
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It's really wonderful to come across people who freely share valuable information online. You never know what kind of knowledge you might stumble upon that could have a lasting impact on your life.

sergio-gwju
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Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market

Hermanjackson
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the only video i've watched without skipping, on normal playback speed, and without breaks. truly interesting and insightful, thank you

bisherelwi
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It's quite shocking how few people know about the forbidden book called scarpure money

bflhoki
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The production quality is simply amazing. Really sets this channel apart from the growing crowd out there... keep it up man...

kaamisama_jabrawala
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Aside from the gold mine of knowledge the book is, I must say this video compared to older ones made a few years ago on this channel it's a true testament of the growth of the channel it's seriously one of the best visual summaries I've ever seen on YouTube. Keep up the good work! Thanks for your contribution. I support it!

KNGWLF
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You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life

bryanwilson
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I agree that I'm a noob in money and overall investing. I was wondering, if i dedicate my time to learning what I can on youtube, can I completely rely on the free investing advice to invest my money? would that be all I will be needing to start my journey?

JacksonMiley-iqmo