I love Morgan Housel’s blog (at collabfund). Housel tells engaging stories with sharp writing. And this book reads like a collection of his lean, insightful blog posts—which I enjoyed.

But it had a dearth of actionable tips on spending, investing, and saving.

Although, what little advice it does offer aligns with all my biases, which is always a nice feeling.

I think for most investors, dollar-cost averaging into a low-cost index fund will provide the highest odds of long-term success.

– Morgan Housel, The Psychology of Money

The title refers to how individuals differ in their approach to money. Housel insists that judging people for their relationship to money is unfair. It’s individualistic, based on their goals and timelines—and, sometimes, their unique blind spots.

The author cites studies showing that people are forever traumatized by the market early in life. If the stock market was crummy in your 20s, you tend to avoid stocks forever.

I found the insight that history is the study of outlier events novel. And that the most crucial part of a plan is what happens when the plan fails.

This was a short, lively read filled with fascinating anecdotes and some modest financial advice. Of course, all advice appears alongside caveats to everything.