Episode
#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
1:16:07
Published: Mon Sep 21 2020
Description
Morgan Housel is a writer and investor. It doesn't matter if you earn £10m a year, if you spend £11m then you're not creating any wealth. How can people who are so rich be so stupid with money? Cue Morgan, the no-BS finance guy. Expect to learn Morgan's golden rule of becoming wealthy, why luck & risk are the same thing, why buying a Ferrari is often a terrible idea, what the stock market was thinking in 2020, whether we'll have a mud wrestling match and much more... Sponsor: Get 20% discount on Reebok’s entire range including the amazing Nano X at https://www.reebok.co.uk (use code MW20) Extra Stuff: Buy The Psychology Of Money - https://amzn.to/2xAHWXD Follow Morgan on Twitter - https://twitter.com/morganhousel Get my free Ultimate Life Hacks List to 10x your daily productivity → https://chriswillx.com/lifehacks/ To support me on Patreon (thank you): https://www.patreon.com/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
The speaker emphasizes the importance of investing in a pair of gym shoes that offer proper stability, support, and heel drop to assist in lifting and foot positioning, and recommends a specific brand that they have personally been using for three years which can be purchased with a discount code.
00:00 - 04:42 (04:42)
Summary
The speaker emphasizes the importance of investing in a pair of gym shoes that offer proper stability, support, and heel drop to assist in lifting and foot positioning, and recommends a specific brand that they have personally been using for three years which can be purchased with a discount code.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The author focuses on the history of money and how we can think about finances in a more productive way, merging it with stories unrelated to investing but with important takeaways for managing money.
04:42 - 10:17 (05:34)
Summary
The author focuses on the history of money and how we can think about finances in a more productive way, merging it with stories unrelated to investing but with important takeaways for managing money.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The ability to wake up every morning and do whatever you want is the highest dividend that money can pay.
10:17 - 14:43 (04:25)
Summary
The ability to wake up every morning and do whatever you want is the highest dividend that money can pay. Building enough wealth and savings to have control over your future brings true happiness and satisfaction.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The speaker explains how working on their own terms with a company they want to work for has made a significant difference in their productivity and well-being.
14:43 - 19:04 (04:21)
Summary
The speaker explains how working on their own terms with a company they want to work for has made a significant difference in their productivity and well-being.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The speaker highlights how the people we typically admire for their extreme success or failure can lead us to derive overly specific lessons from their experience.
19:05 - 27:11 (08:05)
Summary
The speaker highlights how the people we typically admire for their extreme success or failure can lead us to derive overly specific lessons from their experience. He shares the view that managing risk is paramount for investors.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The secret to Warren Buffet's investing success is actually very simple: he invested for a very long time and earned the same average annual returns.
27:11 - 32:39 (05:28)
Summary
The secret to Warren Buffet's investing success is actually very simple: he invested for a very long time and earned the same average annual returns. It's not some complex algorithm or secret sauce.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
Building wealth requires a long-term mindset, but it's important to balance it with a sense of short-term paranoia for financial security.
32:39 - 37:53 (05:13)
Summary
Building wealth requires a long-term mindset, but it's important to balance it with a sense of short-term paranoia for financial security. While taking calculated risks can lead to getting rich, it's crucial to also focus on staying rich by maintaining a high savings rate, no debt, and lots of cash.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
Living below your means at any income level is the key to building wealth over time.
37:53 - 44:56 (07:03)
Summary
Living below your means at any income level is the key to building wealth over time. Focusing on short-term gains can lead to relying on luck, risk, and noise, which can be dangerous for your finances.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
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.
44:56 - 53:10 (08:13)
Summary
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.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
Index fund investing has higher odds of success and compounding returns over a long period of time, unlike the 90% of people who try to beat the stock market and fail.
53:10 - 56:56 (03:46)
Summary
Index fund investing has higher odds of success and compounding returns over a long period of time, unlike the 90% of people who try to beat the stock market and fail.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The speaker argues that investing in index funds is a safer and more sustainable strategy than high-risk investments or scalping, particularly in the long term.
56:56 - 1:02:36 (05:39)
Summary
The speaker argues that investing in index funds is a safer and more sustainable strategy than high-risk investments or scalping, particularly in the long term. By setting achievable financial goals and avoiding unnecessary risks, investors can achieve their targets without the stress of constant market monitoring and speculation.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The importance of learning how to invest properly rather than chasing unsustainable gains, as exemplified by a story of someone who turned $1,000 into $50,000 and eventually half a million.
1:02:36 - 1:08:33 (05:56)
Summary
The importance of learning how to invest properly rather than chasing unsustainable gains, as exemplified by a story of someone who turned $1,000 into $50,000 and eventually half a million.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
The personality traits that drive Elon Musk to work towards colonizing Mars are the same ones that make him not care about the opinions of others, lawyers or regulators.
1:08:33 - 1:13:39 (05:06)
Summary
The personality traits that drive Elon Musk to work towards colonizing Mars are the same ones that make him not care about the opinions of others, lawyers or regulators. Despite his controversial tweets, people admire his fearless attitude.
Episode#222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
PodcastModern Wisdom
In this podcast episode, the guest speaker, Howard Marks, discusses risk and psychology with the host.
1:13:39 - 1:16:06 (02:27)
Summary
In this podcast episode, the guest speaker, Howard Marks, discusses risk and psychology with the host. They also touch on the topics of history and investment strategies.