The Psychology of Money with Morgan Housel

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A Few Laws of Getting Rich Oct 12, 2023

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Measuring wealth is easy. You just count it up. Measuring some of the downsides of wealth is so much harder and more nuanced. They can be so nuanced and hard to measure that many people won’t even believe they exist. A downside to wealth? How could that possibly be?

Let me propose that the absurdity of talking about the downside of wealth is part of why wealth doesn’t tend to make people as happy as they thought it would.

When the benefits of money are so obvious but the downsides are so subtle, the downsides you didn’t anticipate can be more jarring than the benefits you expected.

I want more money, of course. Almost everyone does, albeit for different reasons.

This is not an anti-wealth list -- just a collection of subtle downsides that are easy to ignore, and so common you may as well call them the only true laws of getting rich.

Death, Taxes, and a Few Other Things Oct 06, 2023

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My new book, Same As Ever, comes out in a month.
It's about things that never change -- what's always happened in the world, and will keep repeating again and again?
This episode shares five examples.

Respect and Admiration Sep 27, 2023

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Just after my son was born I wrote a few things I thought he’d find helpful as an adult. One of them was:
"You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you think having expensive stuff will bring it. It almost never does – especially from the people you want to respect and admire you."

Eight years later I still believe this to be true, and I might even double down.

Trying Too Hard Sep 18, 2023

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A truth that applies to almost every field is that it’s possible to try too hard, and when doing so you can get worse results than those who knew less, cared less, and put in less effort than you did.
There are mistakes that only an expert can make. Errors – often catastrophic – that novices aren’t smart enough to make because they lack the information and experience needed to try to exploit an opportunity that doesn’t exist.

Intelligence vs. Smarts Aug 22, 2023

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This episode is about the difference between intelligence and smarts, and why one is valued more than the other despite being less useful in the world.
The core here is realizing that people are not spreadsheets. They are emotional, hormonal, misinformed, status-seeking, insecure creatures trying their best to make it through the day. So if you have to choose between understanding how the world should work in theory vs. how it actually works in practice, lean towards the latter. It’s like historian Will Durant once said: “Logic is an invention of man and may be ignored by the universe.” That is so smart.

Fluke -- A Story About How Fragile The World Can Be Aug 10, 2023

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This is a short personal story about a fluke event 16 years ago that changed everything in my life. You probably have a similar story, and there is so much to learn about how everything can change from an event you never saw coming.

A Few Ideas That Changed My Life Aug 04, 2023

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You spend years trying to learn tons of new stuff, but then look back and realize that just a few big ideas truly changed how you think and influenced most of what you believe.
Let me share a couple that had a big impact on me.

The Spectrum of Wealth Jun 29, 2023

Show notes

Chris Rock joked that Bill Gates would jump out the window if he woke up with Oprah’s money. Like most comedy, it’s funny because it contains a nugget of truth.
There is no objective level of wealth -- everything is just relative to something, or someone, else. That means a billionaire can feel poorer than someone with infinitely less money.
This episode tries to create a spectrum of wealth based on the quality of your life, feelings, and social circles, versus measuring it on money alone.

Low Expectations Jun 14, 2023

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The knee-jerk way to set expectations is to anchor to what everyone else has right now. But imagine the tragedy of there being unbelievable progress throughout your life and you enjoy none of it because you expected all of it.
This episode is all about expectations, and how the key to happiness in so many things in life is to aim low.

A Few Short Stories Jun 05, 2023

Show notes

Sometimes the best you can do when learning about any topic is to memorize a few short stories -- quick, direct, and to the point, that you're likely to remember forever.
This episode shares 15 short stories that have stuck with me, and helped me contextualize so many things in life, work, and investing.
One other note: I have a new book coming out this November. It's called Same as Ever, and you can pre-order it here: http://amzn.to/41CHgKM

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