Has anyone else read this book? I saw a review of it a few weeks ago in the Wall Street Journal and decided to pick it up. It is a terrific read - I knocked it out in a couple of days.
I think most people here will align with the stories and lessons. I am always fascinated by human behavior and this book does not disappoint on that front.
Some of the topics that are covered are things we all talk about (being frugal, spend less than you make, living below your means, etc.). But also covers topics like - personal finance really is personal, having enough, the folly of market timing and thinking you are smart enough to buy the right stock at the right time.
The author writes in a very compelling and easy to read manner. There is no heavy math or investing strategies here.
I am even considering picking up a few copies as gifts.
I have a Ph.D. in Applied Social Psychology with a concentration in Health Psychology. My niche is social-cognitive "decision making" applied toward environmental behaviors and health behaviors. To get even deeper, I mostly focused on social influence (peer pressure). I never studied anything specific to financial behavior, but Social Psychology is the foundation of Behavioral Economics.
I have not read the book, but I have listened to 2-3 podcasts of him being interviewed. Morgan is very honest and open that he has zero formal training in Psychology.
The interviews were entertaining and seemed to provide value. However, I don't think it provided any additional "Psychology" beyond a normal interview. His interview seemed to include about the same amount of Psychology as a regular Affording Anything podcast in which Paula Pant often talks about sunk-cost fallacy, opportunity cost, loss aversion and risk aversion in humans. I think she has the correct application of psychology theory about 90% to 95% of the time.
The books below are written by academics in Psychology and provide Psychology beyond a normal interview
Influence by Robert Cialdini
Thinking Fast and Slow by Daniel Kahneman
Thinking in Bets by Annie Duke
Predictably Irrational by Dan Ariely