Hello readers,
I am doing a No Buy Year, and as part of my No Buy Year, I have tasked myself with reading a number of personal finance books specifically to improve my money management skills. I would describe myself as a learner, still on training wheels when it comes to personal finance. To be honest, I am really enjoying reading all these different personal finance books. It’s been quite eye-opening and interesting.
My favourite quote from this book (“The Psychology of Money”) is: “Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, and with who you want, for as long as you want to, pays the highest dividend that exists in finance.”
This is my second favourite finance book that I have read this year. The first is “The Total Money Makeover” by Dave Ramsey. I loved how Dave’s book was so simple.
“The Psychology of Money” by Morgan Housel explores the behavioural and psychological aspects of personal finance and investing. Through anecdotes, research, and real-life examples, Housel delves into the complex relationship between money and human behaviour. He emphasises that financial success isn’t solely determined by intelligence or knowledge of markets, but by understanding one’s own emotions, biases, and values. (When reading through this book, I took the time to think through some of my root causes and challenged some of my behaviours. Very interesting!)
The book serves as a guide for readers to develop a healthier and more rational approach to money management. It has sold over 5 million copies.
Some of my takeaways for myself:
- Manage your money in a way that helps you sleep at night.
- Less ego, more wealth.
- Go out of your way to find humility when things are going right and forgiveness/compassion when they go wrong.
- Be nicer and less flashy.
- Use money to gain control of your time.
- Save. Just save. You don’t need a specific reason to save.
This book was actually really hard to summarise because it is like a tapestry of information. If you get a chance, the book is worth a read.
Stay up to date with my blog by following Finding My Simple Life on Facebook or Instagram.
