Episode
#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
55:36
Published: Thu Feb 13 2020
Description
Morgan Housel is a writer and investor. Understanding the basics of money management is something none of us are taught but all of us need. Today we get a fantastic run down by a guy who's spent most of the last decade thinking about what wealth can do for us, how we can attain it, and more importantly how we can keep it. Expect to learn... What is wealth? Why do rich people go bankrupt? Should I invest in Bitcoin? How can I maximise my wealth? What are the most important rules in trading? And much more. Extra Stuff: Follow Morgan on Twitter - https://twitter.com/morganhousel Check out Morgan's Website - https://www.collaborativefund.com/blog/ Take a break from alcohol and upgrade your life - https://6monthssober.com/podcast Check out everything I recommend from books to products - https://www.amazon.co.uk/shop/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
Taking a break from alcohol for 28 days, 90 days, or six months is the most powerful lifestyle change to save money, according to an expert on managing money.
00:00 - 01:35 (01:35)
Summary
Taking a break from alcohol for 28 days, 90 days, or six months is the most powerful lifestyle change to save money, according to an expert on managing money. In this podcast, he urges listeners to pass on the message and avoid spending money on unnecessary items like alcohol.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Wealth can lead to happiness when it allows for the control of one's time and options, enabling individuals to do what they want, when, with whom, and for as long as they desire, according to wealth expert Brian Portnoy.
01:35 - 05:27 (03:52)
Summary
Wealth can lead to happiness when it allows for the control of one's time and options, enabling individuals to do what they want, when, with whom, and for as long as they desire, according to wealth expert Brian Portnoy.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
A sense of control and ownership over your time can have a long-lasting impact on happiness.
05:27 - 09:22 (03:54)
Summary
A sense of control and ownership over your time can have a long-lasting impact on happiness. Even as a child, FDR recognized that unhappiness can stem from a regimented schedule.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
This podcast explores the anxiety of individuals who have achieved wealth and the fear they face when thinking about losing it.
09:22 - 14:24 (05:02)
Summary
This podcast explores the anxiety of individuals who have achieved wealth and the fear they face when thinking about losing it.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
The concept of the top 1% being only a group far away from the rest of us is flawed.
14:24 - 18:26 (04:02)
Summary
The concept of the top 1% being only a group far away from the rest of us is flawed. In fact, many people making ordinary salaries could be considered wealthy compared to a large part of the world's population.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Many people have distorted beliefs about what wealth is and how it is obtained, leading to misconceptions and misjudgments about individuals' financial statuses.
18:26 - 23:54 (05:28)
Summary
Many people have distorted beliefs about what wealth is and how it is obtained, leading to misconceptions and misjudgments about individuals' financial statuses.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Inherited wealth can open doors and opportunities that could be otherwise closed, regardless of the amount of money inherited.
23:54 - 27:32 (03:37)
Summary
Inherited wealth can open doors and opportunities that could be otherwise closed, regardless of the amount of money inherited. It's not just about the money but also about the access it gives you.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
The desire to keep up with the Joneses and use materials as markers of worth can create a sense of superiority and affect one's ego, leading to a desire for bigger and fancier items.
27:32 - 32:42 (05:09)
Summary
The desire to keep up with the Joneses and use materials as markers of worth can create a sense of superiority and affect one's ego, leading to a desire for bigger and fancier items. However, recognizing this and choosing not to participate in materialism can also lead to ego growth and a sense of self-worth.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
By setting the amount of money you spend, rather than focusing on how much money you make, you can create financial wellbeing and happiness.
32:42 - 38:33 (05:50)
Summary
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.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
The key to successful investing is to love the asset you are investing in.
38:33 - 43:57 (05:24)
Summary
The key to successful investing is to love the asset you are investing in. Investing in something you love makes you more likely to hold onto it for the long run, resulting in better performance over time.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
The ability to accurately predict economic and investing forecasts is historically bad, even among the smartest people with the most information, as evidenced by the current uncertainty surrounding the impact of the coronavirus on the global economy.
43:57 - 48:44 (04:47)
Summary
The ability to accurately predict economic and investing forecasts is historically bad, even among the smartest people with the most information, as evidenced by the current uncertainty surrounding the impact of the coronavirus on the global economy.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Analyst estimates and ratings that are based on industry narratives often do not have a strong relationship with stock performance over the next year, as the stock market as a whole can impact a stock's price more significantly.
48:44 - 53:27 (04:42)
Summary
Analyst estimates and ratings that are based on industry narratives often do not have a strong relationship with stock performance over the next year, as the stock market as a whole can impact a stock's price more significantly.
Episode#142 - Morgan Housel - How To Create & Manage Your Personal Wealth
PodcastModern Wisdom
Don't take cues from investors who are playing different games than you.
53:27 - 55:23 (01:56)
Summary
Don't take cues from investors who are playing different games than you. We often fall prey to investor confusion when we assume that everyone is playing the same game, leading to mistakes and regrets.