Most Finance books suck but
“The Psychology of Money” book changed my mind. It’s a must-read imo
#The Book Club 📚

The Book Club 📚

Most Finance books suck but “The Psychology of Money” book changed my mind. It’s a must-read imo #The Book Club 📚

Nate

I’ve read almost every popular money book you can name. Most of them suck but there are a few gems.  This is a good list! #The Book Club 📚 

https://medium.com/swlh/read-these-personal-finance-books-to-increase-your-net-worth-without-get-rich-quick-schemes-281c2d4de6d0

I’ve read almost every popular money book you can name. Most of them suck but there are a few gems.  This is a good list! #The Book Club 📚   https://medium.com/swlh/read-these-personal-finance-books-to-increase-your-net-worth-without-get-rich-quick-schemes-281c2d4de6d0

Read These Personal Finance Books to Increase Your Net Worth (Without Get-Rich-Quick Schemes)

Jerome Cody

I never read any Taleb books bc he seems like an arrogant jerk.  This ome sounds like the better choice than reading 5 of his.

Finished the book recently. It might not have any novel ideas, but I still enjoyed it. Most of the points author is trying to get across you should read more than once anyway, for them to stick 😆

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💯 https://baos.pub/the-psychology-of-money-took-almost-everything-from-nassim-taleb-a2ec5d8270e0

Halfway through the book, I realized that while the Psychology of Money was good, it wasn’t anything new.

The author simply summarized money tips taken from the best authors on the topic (Nassim Taleb, Ben Graham, Warren Buffett, Daniel Kahneman, etc).

#1. Everyone’s Experience Is Valid - Our experiences make us see things differently, so it’s normal we all do different stuff with our money.

#2 Fooled by Luck - This idea comes straight from Nassim Taleb’s Fooled by Randomness. More specifically, it stems from the bias called the silent evidence.

#3 On the Difficulty of “Enough” - The lesson is: don't be greedy, and never gamble the farm.

#4 Don’t Be a Loser - In the long term, winners win simply because they don’t lose.

#5 and #6 On Antifragility - Since people often lose everything in Black Swans (plane crash, market crash, wars, etc), being paranoid and doing all you can to protect yourself against such crashes is mandatory to avoid losing all your money.

#7 Asymmetry in Markets -  returns in markets are asymmetric. It means that you’ll make most of your money only thanks to a few investments.

#8 Time Billionaire - True wealth isn’t money, it’s time!

#9 Emotion - humans can’t be rational when it comes to money due to several biases. A good night of sleep and lower returns is better than constant worry and higher returns.

#10 The Black Swan - History is random. Whatever happened could have happened in a totally different way.

Halfway through the book, I realized that while the Psychology of Money was good, it wasn’t anything new.  The author simply summarized money tips taken from the best authors on the topic (Nassim Taleb, Ben Graham, Warren Buffett, Daniel Kahneman, etc).  #1. Everyone’s Experience Is Valid - Our experiences make us see things differently, so it’s normal we all do different stuff with our money.  #2 Fooled by Luck - This idea comes straight from Nassim Taleb’s Fooled by Randomness. More specifically, it stems from the bias called the silent evidence.  #3 On the Difficulty of “Enough” - The lesson is: don't be greedy, and never gamble the farm.  #4 Don’t Be a Loser - In the long term, winners win simply because they don’t lose.  #5 and #6 On Antifragility - Since people often lose everything in Black Swans (plane crash, market crash, wars, etc), being paranoid and doing all you can to protect yourself against such crashes is mandatory to avoid losing all your money.  #7 Asymmetry in Markets -  returns in markets are asymmetric. It means that you’ll make most of your money only thanks to a few investments.  #8 Time Billionaire - True wealth isn’t money, it’s time!  #9 Emotion - humans can’t be rational when it comes to money due to several biases. A good night of sleep and lower returns is better than constant worry and higher returns.  #10 The Black Swan - History is random. Whatever happened could have happened in a totally different way.

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The Psychology of Money Took (Almost) Everything from Nassim Taleb

https://baos.pub/this-is-by-far-the-best-book-about-money-i-ever-read-b4015fe52abb

5 timeless lessons from “How to Worry Less About Money” by John Armstrong.

Nate

A group of likeminded people in The Book Club 📚 are talking about this.