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| Writer | Morgan Housel |
| Category | Psychology |
| Language | English |
| Publisher | Harriman House |
| Publish Date | 2000 |
| Pages | 202 |
| File Size | 3 MB |
| File Type |
I spent my college years working as a valet at a nice hotel in Los Angeles. One frequent guest was a technology executive. He was a genius, having designed and patented a key component in Wi-Fi routers in his 20s. He had started and sold several companies. And he was wildly successful.
The Psychology of Money PDF – Morgan Housel
He also had a relationship with money I’d describe as a mix of insecurity and childish stupidity. He carried a stack of hundred-dollar bills several inches thick. And he showed it to everyone who wanted to see it and many who didn’t. He bragged openly and loudly about his wealth, often while drunk and always apropos of nothing.
One day, he handed one of my colleagues several thousand dollars of cash and said, “Go to the jewelry store down the street and get me a few $1,000 gold coins.” An hour later, gold coins in hand, the tech executive and his buddies gathered around a dock overlooking the Pacific Ocean. They then threw the coins into the sea, skipping them like rocks, cackling as they argued over whose went furthest.
Just for fun. Days later, he shattered a lamp in the hotel’s restaurant. A manager told him it was a $500 lamp and he’d have to replace it. “You want five hundred dollars?” the executive asked incredulously while pulling a brick of cash from his pocket and handing it to the manager.
“Here’s five thousand dollars. Now get out of my face. And don’t ever insult me like that again.” You may wonder how long this behavior could last, and the answer is “not long.” I learned years later that he went broke.
The Psychology of Money PDF
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