The Secret Language of Money: How to Make Smarter Financial Decisions and Live a Richer Life, written by David Krueger and John David Mann, is as much a psychology book as it is about personal finance. I found this made for an interesting read, since behavioral finance plays a major role in how we make our money decisions.
Much like what I wrote about the psychological effects of risk, many people will make mistakes similar to others. Because of this, you are likely to find your own money habits reflected in a few of the stories in this book. While you may recognize a familiar trait, I’m not completely sold that most are able to fight their natural tendencies.
For example, Dr. Krueger found that most people would say that they would need to make roughly double their current income to feel financially secure. This would happen whether they were currently making $50,000 and wanted $100,000 or if they were making $500,000 and wanted $1 million. While I find it very interesting to read this result, I can’t see it changing my view about how much income I feel I would need.
The Secret Language of Money is a great psychology book and a nice change of pace from most personal finance books. However, this might not be the book for those looking to change how they deal with their personal finances.
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It sounds like an interesting book, but I think you’re right about who it’s not right for. I find myself explaining to agents things like, “people don’t know they are making a good choice unless they have enough choices,” and the opposite, “if they have too many choices, they may not be able to make a good choice.” The human mind doesn’t always allow us to make optimal choices, even when one is available.
I am in the middle of reading this book myself and I find it fascinating, since I have an interest in both psychology and personal finance. I do, however, agree that the tone is quite academic at times. Although I don’t mind that, it might not be the best choice for a beginner looking for a quick “how to” manual. Still, if you have tried to get control of your finances without much success, this book might give you some insights into why that might be the case. Thanks for the review!
can’t get enough of free books before Xmas
hahaha!
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Sounds like a good read.
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sounds like an interesting read!
Sounds like a very interesting book, definitely interested, and I’ve been a follower for a while now.
I would definitely like to read this book. It sounds like a fascinating read. Thanks for offering a copy.