Chapter
The Materialism Set Point
44:56 - 53:10 (08:13)
The idea of a materialism set point suggests that people have an internal level of material possessions and wealth that they aspire to, beyond which their expectations will not exceed. It is important to understand this set point and control expectations to achieve financial well-being.
Clips
A technology entrepreneur with a penchant for alcohol and a lot of money, was seen skipping newly-purchased gold coins like rocks by the edge of the Pacific Ocean with his amused friends, leading to bankruptcy later on.
44:56 - 46:08 (01:11)
Summary
A technology entrepreneur with a penchant for alcohol and a lot of money, was seen skipping newly-purchased gold coins like rocks by the edge of the Pacific Ocean with his amused friends, leading to bankruptcy later on.
ChapterThe Materialism Set Point
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The concept of a materialism set point is proposed, suggesting that individuals have an inbuilt level of materialism similar to their hedonic and happiness set points.
46:08 - 48:26 (02:18)
Summary
The concept of a materialism set point is proposed, suggesting that individuals have an inbuilt level of materialism similar to their hedonic and happiness set points. The correlation between career success and the fulfillment of one's materialism set point is also discussed.
ChapterThe Materialism Set Point
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
Keeping your expectations at a realistic level is important when it comes to managing wealth.
48:26 - 51:53 (03:27)
Summary
Keeping your expectations at a realistic level is important when it comes to managing wealth. Not knowing where that level is can result in disappointment, regardless of how successful you may be.
ChapterThe Materialism Set Point
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
Chuck Feeney, the founder of duty-free stores in airports, has given away his entire fortune of $8 billion, keeping only $2 million for himself and his wife.
51:53 - 53:10 (01:16)
Summary
Chuck Feeney, the founder of duty-free stores in airports, has given away his entire fortune of $8 billion, keeping only $2 million for himself and his wife.