Book quiz
The Psychology of Money Quiz
The Psychology of MoneyMorgan HouselWhy do people with economics degrees go broke, while ordinary workers without a single formula in their heads quietly get rich? Morgan Housel shows that money isn't a science of interest rates. It's a story about behavior: patience, humility, and the ability not to panic in a storm. Short stories with a lesson in…
Question 1 of 5
Why do people make such different decisions about money?
Show the answer
Right answer: Everyone acts sensibly based on their own experience
It's not about intelligence or math. Everyone has their own experience with money, and almost everyone acts sensibly based on it.
Question 2 of 5
According to the book, what does it take to stay wealthy, not just get wealthy?
Show the answer
Right answer: Caution, humility and a cushion for hard times
Courage and risk help you get rich, but staying rich takes almost the opposite: caution, humility and a cushion for hard times.
Question 3 of 5
What does the book call the most valuable thing money gives you?
Show the answer
Right answer: Control over your own time
Things and other people's admiration give less than it seems. The most valuable thing money gives is control over your own time.
Question 4 of 5
Why can't you judge someone's wealth by a pricey car and watch?
Show the answer
Right answer: You see money spent; wealth is money not spent
A car and a watch only show money spent. Real wealth is in money not spent: savings and assets no one sees.
Question 5 of 5
The market has dropped, and your investments are worth less. How does the book suggest seeing this?
Show the answer
Right answer: As the fee for returns, worth waiting out
Good returns have a price that isn't on the tag: swings and fear. Whoever accepts them as the entry fee makes it to the goal.
Want all of the book's key ideas? Read or listen to its retelling in Livria.