Chapter
The Psychology of Wanting Expensive Things
18:38 - 23:29 (04:51)
The desire for expensive possessions often comes from the desire to be respected and admired by others, rather than the practical use of the items. People tend to overestimate how much others think about them and prioritize their own desires for social validation over practicality.
Clips
Citigroup had a product on its balance sheet in the mid 2000s that offered to buy back collateralized debt obligations at full price which was later impacted by the financial crisis.
18:38 - 20:04 (01:25)
Summary
Citigroup had a product on its balance sheet in the mid 2000s that offered to buy back collateralized debt obligations at full price which was later impacted by the financial crisis. Robert Rubin, former treasury secretary and partner at Goldman Sachs, was on the Citigroup board of directors at the time.
ChapterThe Psychology of Wanting Expensive Things
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
The speaker discusses the importance of seeking respect and admiration rather than material possessions as a measurement of personal success and highlights the lack of transparency within the banking industry.
20:04 - 21:43 (01:39)
Summary
The speaker discusses the importance of seeking respect and admiration rather than material possessions as a measurement of personal success and highlights the lack of transparency within the banking industry.
ChapterThe Psychology of Wanting Expensive Things
Episode#576: Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor
PodcastThe Tim Ferriss Show
People think about themselves more than others, but still worry about how they are perceived by others.
21:43 - 23:29 (01:45)
Summary
People think about themselves more than others, but still worry about how they are perceived by others. The idea that having an expensive car or material objects will make people think a certain way about you is flawed because people rarely think about others in that way.