How his world changed because of one book

Recently I saw a video, in that video Mark Cuban, the billionaire entrepreneur, and Shark tank investor, has highly recommended the book and praised for its practical and insightful lessons on wealth and happiness.

He appreciates how the book emphasizes the importance of behavior over knowledge when it comes to financial success.

After seeing that video , I thought Why he is praising this book,

Not only him, I also saw many other readers, including other wealthy individuals and financial experts, have shared their admiration for the book on platforms like Goodreads and social media like YouTube , Instagram.

Why They are Praising the book

When i got this doubt, i want to find out how this book helps people ,i went to Amazon, read few reviews , and i asked some people about the book,

here is what they said

1. Some readers have mentioned that the book inspired them to significantly increase their savings rate, aiming for 50-70% of their income instead of the standard 10%. This shift has helped them build a more secure financial future.

2.Some others have successfully paid off their debts by adopting the book's principles, such as focusing on frugality and avoiding unnecessary expenses.

3. Many readers have reported a change in their mindset towards money, prioritizing long-term wealth and financial freedom over short-term gratification and appearances.

4.The book's insights on compounding and the importance of reasonable financial decisions have led some readers to adopt more effective investment strategies, resulting in better financial outcomes.

What to learn in this book?

After knowing about the book Book -"The Psychology of Money" by Morgan Housel, i ask friends on social media , to give 10 Positive points about the book.

1. No One's Crazy: People's financial decisions are influenced by their unique experiences and perspectives.

2. Luck & Risk: Success often involves a mix of luck and risk, beyond just hard work.

3. Never Enough: The desire for more money can be insatiable.

4. Confounding Compounding: The power of compounding is often underestimated.

5. Getting Wealthy vs. Staying Wealthy: Building wealth is different from maintaining it.

Psychology of money

6. Tails, You Win: Outliers and extreme events have a significant impact on financial outcomes.

7. Freedom: True wealth is about having the freedom to make choices.

I believe financial freedom is real freedom in life ,

8. Save Money: Saving is crucial for financial stability.

9. Reasonable > Rational: Being reasonable with money is more important than being completely rational.

10. Room for Error: Always plan for unexpected events and have a margin of safety.

"The Psychology of Money" by Morgan Housel,

Available on Amazon, for Indians Amazon.in

Review of the Book

"The Psychology of Money" by Morgan Housel has received widespread acclaim for its insightful and practical approach to personal finance.

Inside ;- The book explores the unique ways people think about money and how these thoughts drive critical financial decisions. Housel uses 19 short stories to illustrate his points, making the content engaging and relatable.

Key Points of the book

Housel emphasizes that doing well with money is more about behavior than intelligence.

Success often involves a mix of luck and risk, and it's important to recognize this.

Building wealth often requires a frugal lifestyle and humility.

The power of compounding is a key factor in building wealth over time.

Flexibility: Having savings provides flexibility and control over your time, which is a significant form of wealth

Overall, the book is praised for its practical wisdom and easy-to-understand advice. It's a great read for anyone looking to improve their financial mindset and make better money decisions.

Quotes -

"Money’s greatest intrinsic value—and this can’t be overstated—is its ability to give you control over your time."

Finally i understand why billionaires and successful individuals suggests reading "The Psychology of Money" by Morgan Housel , this book not only give knowledge about the money, but also make you smart in making financial decisions in future.