The author is Morgan Housel .

The book published on 8th September 2020.

The Psychology of Money is the study of human behaviour with money . With this book Morgan Housel tries to explain the nature of an human behaviour towards money . There are two types of people in this society .

1: who spen their all money on luxuries items .

2: who do savings .

Psychology of money explains rich and poor have different mindset towards money . This book will explain you how can u be financially free. How to become rich. And so on .Morgan Housel explains poor person can also be rich if he dares to do savings of his every income . If we started savings . Every person should be financially independent.

True wealth is what you don't see

What we see is social media life

This is a social media life having luxuries cars spending a lot of mone

y on your style for what that people are watching you and you have to show that you are a rich person . You will buy everything to show-off if you are willing to buy that item or not you will buy because you have to show that you are very rich person and continuously buying luxurious items what it leads to afcourse it leads to unhappiness in your life . What we don't see is the other side of social media is.

Unhappiness , loans, office burden,stress . This all is what we don't see the reality behind the luxurious life style . You have to be happy what you have got if you start being jealous of people and becoming greedy leads to destruction in your life. We are having a lot of things in our life that we don't see we see what we have not got .

1: pay Rs 10 lakhs

2: A cheaper model .

3: Robbery 90% of people will not choose third option it is having more risk compare to other options .

MORGAN HOUSEL

1:Growth is driven by compounding and takes time only destruction happens suddenly.

2: Spending money to show people how much money you have is the fastest way to have less money .

Getting wealthy Vs staying wealthy

Getting money requires taking risks being optimistic and putting yourself out there But keeping money requires the opposite of taking risks . It requires humility and fear that what you have made can be taken away from you just as fast .

1: Aim to be financially independent.

2: Be optimistic about the future but paranoid about obstacles to success .

Two examples :

Ronald he was a watchman .

When he died he was having $8 million . Because he have done savings his entire life . And he have collected $8 million .

2: Richard Fuscone he used to spends a lot of money and takes loan for every item he purchase . But he have not payed the loans long time ago. Then he got bankrupt.

From this both stories we understood be happy what you have and do savings .

1: savings the people who do savings everytime .

2: can't save the people who want to start savings but are unable to start .

3: not require for savings the rich people they have a lot of money and they are not required to savings .

YOU CAN GET RICH WITH SMALL SALARY BUT NO CHANCE WITHOUT SAVINGS .

Time less advice on money

1: Independent Decision.

2: live below your means .

3:Seek pleasure from low cost adjectives.

4: maintain 20% of wealth in liquid funds .

5: First rule of compound is to not intercept .

6: Every investor for should pick startegy that the highest odds of success fully meeting their goals .

The key Element To Financial Success

1: high savings rate

2: patience

3: long term optimism

Conclusion

It's a short and simple book yet explores massive ideas that require significant through and consideration . When you will complete this book you will think before spending money on useless items and you will start savings for your future . You will get to know many interesting facts on human psychology related to money you will also get to know about on financial aspects related to savings , investment,forecasts etc

I personally suggest you if you are interested to read this book go for it .