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THE PSYCHOLOGY OF MONEY (BY MORGAN HOUSEL)

Have you heard the story about Ronald Read, the janitor that had 8 million dollars in savings when he died in 2014? Yes, you heard that right. Janitor. $8 millions. And he didn´t win the lottery or inherit the money either. He just saved consistently throughout his life, while letting the wonders of compounding do its thing. The morale is that your behaviour with money is oftentimes more important than how intelligent you are. Even if you don´t have a diploma from Harvard, or work on Wall Street, you can become rich by just behaving in a sound way. As Morgan Housel puts it: “financial success is not a hard science. It’s a soft skill, where how you behave is more important than what you know.” Spend your next ten or fifteen minutes on this video, and you might excel on the soft skill of investing! This is a top 5 takeaways summary of The Psychology of Money, by Morgan Housel.

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