Save like a pessimist, invest like an optimist! Morgan Housel explores how people think about money and why amateur investors can do just as well or even better than financial experts. If you are worried about the pandemic’s impact on your personal economy, he reminds us that setbacks happen quickly so they’re always in the news, but powerful long-term growth is still in the backdrop. He also explains that if you understand that big setbacks will occur, it becomes much less scary when they happen.

What you will learn:

• Save like a pessimist, invest like an optimist
• The world is full of surprises
• Don’t ignore the broader lessons
• The best marketing is a good product
• To do well with money, keep your head on straight
• Your unique experiences impact how you think about risk
• Why you should focus on wealth, not riches

Quotes:

• “Save like bad things are going to happen in the future but invest like an optimist.” – Morgan Housel
• “Compounding only works if you can give an asset or a career, or anything else in life, the time that it needs to grow and build over time.” – Morgan Housel
• “Progress happens too slowly for people to notice, but setbacks happen too quickly for people to ignore.” – Morgan Housel
• “When you realize that the world is just a continuous chain of surprises, you are more likely to favor and appreciate endurance in your own finances.” – Morgan Housel
• “When you realize that the only thing that’s not a surprise is that the world is full of surprises, you can make much better decisions in the long run.” – Derrick Kinney
• “The best marketing by far that works, where people’s energy should be going into for companies, is make a good product that people need.” – Morgan Housel
• “What is important for doing well with money over time is not necessarily how smart you are or how educated you are or how sophisticated you are. It is just whether you can keep your head on straight.” – Morgan Housel
• “That experience they get early on will impact how they think about risk and reward and opportunity for the rest of their life.” – Morgan Housel
• “I think what people want is wealth, but what we see in the world and what influences our decisions is riches. It’s money that people have spent.” – Morgan Housel
• “It’s earning money and then suppressing your desire to spend it afterwards that builds wealth.” – Morgan Housel

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Recommended Resources:

• The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel (https://amzn.to/3nS6kcM)
• Morganhousel.com
• twitter.com/morganhousel