The Psychology of Money by Morgan Housel

The Psychology of Money by Morgan Housel | Book Review | Top 5 Tips

📉 Markets are wobbling, headlines are panicking, and your investment app may be asking “Are you sure you want to look?” Before you sell everything and move into a yurt, take a breath.

This week, I’m diving into The Psychology of Money by Morgan Housel—a book that couldn’t be more relevant right now. Because when it comes to money, it’s not just about numbers... it’s about how we feel about those numbers. From panic selling to comparison spirals, this book gives us permission to pause, zoom out, and stop letting the market mess with our mental health. (Also: turns out patience is more profitable than panic. Who knew?)

Check out this podcast for a little perspective, a few laughs, and maybe even a reason not to check your portfolio for the 5th time today.

🎙️ Top 5 Takeaways from The Psychology of Money (Or: Why Your Brain Might Be the Worst Financial Advisor You've Ever Hired)

5. Wealth is what you don’t see. The fancy car, the designer shoes, the Instagram vacations? Those are signs someone spent money, not that they have it. Real wealth is often invisible—like savings, investments, or a healthy relationship with Costco bulk items. So next time you're tempted to keep up with the Joneses, remember: the Joneses might be broke. And in credit card debt.

4. Luck and risk are twins in disguise. Morgan Housel reminds us that financial success isn’t always just about hard work—it’s also about timing, privilege, and sometimes dumb luck. Likewise, failure isn’t always due to laziness or bad choices. Before you judge someone’s bank balance (including your own), remember: sometimes it’s not about effort—it’s about a weird roll of the dice.

3. Saving & Spending Smarts. You don’t need a finance degree or a crystal ball to win with money. You just need to save consistently and not panic when the market dips. Think tortoise, not Bitcoin cowboy. Even small savings add up—kind of like emotional baggage, but with better interest.

2. You are not your neighbor. We all have different financial goals, backgrounds, and tolerance for risk. So comparing your investments to your cousin’s crypto portfolio is a waste of energy. They might be playing poker, while you’re trying to build a nice, safe Monopoly board. Stick to your own game.

1. Freedom is the best kind of wealth. The ultimate goal of money isn’t to impress people—it’s to buy time, flexibility, and peace of mind. That’s the jackpot. Not the yacht, not the gold-plated espresso machine.

Time. Time to do work you love, nap without guilt, or say no to things that drain you. That’s the real flex.

⭐ Final Thought: The Psychology of Money isn’t a how-to manual—it’s a mindset shift. It’s about making peace with the emotions behind our bank accounts, especially when the markets are throwing a full-blown financial tantrum. If your portfolio has you sweating or doom-scrolling, this book is your reminder that patience is often more powerful than panic. And yes—if you’ve ever made a questionable 11pm online purchase (hi, weighted blanket), you’re still doing better than you think.

Read this one. Breathe. The market will be back. So will your sense of humor.

UntIL next time, Laugh Long and Prosper. I’m Judy Croon.

Judy Croon is Canada’s Keynote Humorist, Tedx motivational speaker, comedian and stand-up coach at Second City. She has worked with many celebrities including; John Cleese, Jon Stewart, and Joan Rivers.

Her specials have appeared on NBC, CBS, CTV and The Comedy Network. She is a co-author of ‘From the Stage to the Page: Life Lessons from Four Funny Ladies!”

Judy draws from her standup performance and coaching experience to entertain, inform and inspire in her dynamic keynote entitled, ‘Relieving Work Related Stress with Humour’. Judy is the creator/host of ‘Laughlines’ and ‘Stand Up For The Girls’ which have both helped raise over $650,000 for breast cancer research.

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