Chapter
Controlling Your Wealth
32:42 - 38:33 (05:50)
By setting the amount of money you spend, rather than focusing on how much money you make, you can create financial wellbeing and happiness. Having a gap between your current spending and possible future scenarios of decreased income can set you up for life.
Clips
The speaker emphasizes the importance of individual context in regard to wealth and materialism, and encourages the development of personal goals and aspirations.
32:42 - 35:18 (02:35)
Summary
The speaker emphasizes the importance of individual context in regard to wealth and materialism, and encourages the development of personal goals and aspirations. Additionally, he discusses the role of formative years in shaping perspective and habits around money and consumerism.
ChapterControlling Your Wealth
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Having a wide gap between your income and spending is critical to achieving financial happiness and being set for life.
35:18 - 38:33 (03:15)
Summary
Having a wide gap between your income and spending is critical to achieving financial happiness and being set for life. By creating a buffer between your current spending habits and potential future scenarios, you can avoid the need to drastically cut back in case of an unexpected income reduction.