By Alec Hogg
Have been reflecting after recently finishing Morgan Housel’s book The Psychology of Money, which is described by WSJ columnist Jason Zweig as ‘one of the best and most original finance books in years.’ It’s available at Exclusive Books, so not one of those you need to ‘Amazon’ into SA.
Housel divides his manuscript into 20 chapters, each of which carries salient advice about money. The theme throughout is to always spend less than you get in. Because this alone brings happiness, defined as having the financial freedom to do what you want, when you want to with the people you want to do it with.
___STEADY_PAYWALL___Its cover tells us the book has sold over two million copies. And apart from Zweig, has public endorsements from US financial personalities like Howard Marks, James Clear (‘everyone should own a copy’) and Tim Ferris. Indeed, I learnt a lot. But was also left with an uncomfortable feeling that it’s not for everyone.
Housel’s approach to money and life is perfect for salary slaves. But the logic of this ‘keep saving forever for a rainy day’ may discourage entrepreneurship. His ideas are the antithesis of risking the creation of an enterprise, often based purely on a belief that something can be done better.
Worth bearing that in mind when you buy it. Which you should. Even entrepreneurs.
More for you to read:
- Credit Suisse Promises Overhaul in Wake of Rout as Regulators Offer Lifeline. Swiss lender says it will shore up liquidity following a sharp decline in share price. Click here.
- Mark Zuckerberg on how to run a company in 2023 – his memo to Meta staff on its “Year of Efficiency’. Click here.
- Full list of candidates for DA’s April’s leaderhip elections – Phalatse takes on Steenhuisen; Phenyane stands against Zille. Click here.
