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The Psychology of Money Explained: 18 Money Traps That Keep Smart People Poor

Why do smart, educated people still make terrible money decisions?
Because money is never just math — it’s psychology.
In this deep-dive breakdown of The Psychology of Money by Morgan Housel, we expose the 18 money traps that silently keep smart people stuck, stressed, and financially stagnant.
These traps are emotional, behavioral, and deeply human — and until you see them clearly, you will repeat them for life.
🔍 In this video, you’ll learn:
Why logical people still make emotional money choices
How your personal history shapes your financial blind spots
Why luck and risk control more wealth than skill
Why chasing “more” guarantees financial disaster
Why looking rich is the fastest way to stay poor
Why people copy money strategies that were never meant for them
Why time in the market beats intelligence
Why real wealth is invisible
Whether you're investing, saving, or aiming for financial freedom, these insights will upgrade your money mindset and help you avoid the psychological traps that hold millions back.
📘 About Read Smart
Read Smart helps you build wealth, clarity, and financial independence through world-class book insights. If you're committed to upgrading your financial thinking, you’re in the right place.

Welcome to ReadSmart, the channel where books become blueprints for a better financial life.
Here, we transform world-class ideas into clear, practical insights you can apply immediately — helping everyday people build wealth, upgrade their mindset, and gain control over their future.
📘 In this episode, you’ll learn:
• Key ideas distilled into actionable lessons
• Mindset frameworks that improve decisions
• Financial wisdom for working adults
• Strategies to redesign your life with intention
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Let’s read smart. Let’s live smarter.
— David Lin | ReadSmart