Trends with Benefits #26: Morgan Housel on Behavioral Finance and the Psychology of Money
15 September 2020
Award-winning author Morgan Housel joins me on this episode of Trends with Benefits to talk about the importance of understanding one’s own psychology when it comes to investing and achieving independence.
Your Right Frame of Mind
Behavioral finance is a fascinating topic. It’s kind of the soft art of investing whereas much of what the people focus on is the science or the hard numbers. Morgan’s new book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, is a collection of stories to help people understand different human behaviors that may impede one’s investment success.
To me, the stories help support one overriding goal and aspiration of many, independence. Many people save for retirement or to buy a house or take a once in a lifetime vacation. These goals are predicated on having some level of financial freedom and control. Everyone’s level of independence may be different, but we save and invest so that we have the security to live the way we want, on our own terms. What gets in the way of that? You do.
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