The Psychology of Money

Timeless lesson on Wealth, Greed and Happiness

In this book, timeless lessons on wealth, greed, and happiness doing well with money isn’t necessarily about what you know. Its about how you behave and behavior is hard to teach, even to really smart people. How to manage money, invest it, and make business decisions are typically considered to involve a lot of mathematical calculations, where data and formulae tell us exactly what to do. But in the real world, people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In the psychology of money, the author shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important matters.

Review of the book

This book is for those who have had a lot of Thier skin in the game of stock market and thought of creating wealth from it.

First level of investor is the one who knows money can be made in the market, but doesn't know how and starts to trade without any knowledge.

Second level investor have made profit or loss on his capital and starts to find out where did he was wrong and starts learning about some basic concepts such as PE ratio.

Third level of investor starts finding value in whatever the scrip he has been following and starts finding justification that it is costly or cheap and buy or sell them.

Fourth level investor follows and checks if the price have gone up or not very often and loses faith if it doesn't go up after he bought it, and if price doesn't go up he sells it and looks for another one.in a short span of months. Again goes back to drawing board and finds what went wrong.

 

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