Morgan Housel is a partner at The Collaborative Fund, author of “The Psychology of Money,” and a former columnist at The Motley Fool and The Wall Street Journal. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of The New York Times Sidney Award and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.

                By                    Gabrielle Olya

What’s the one piece of money advice you wish everyone would follow?

Equally smart and informed people can manage their money differently. There is no one-size-fits-all answer. A lot of money problems come from people not knowing what they want out of life, or following advice that fits someone else’s dreams.

Jaime Catmull contributed to the reporting for this article.

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