Ep.620: Why You Should Follow Morgan Housel
Manage episode 363569804 series 3254850
Things we talk about in this episode. Congrats to Katelyn for getting assigned the 2023 Women's World Cup in New Zealand & Australia. Why I follow Morgan Housel & why I think you should too. And a Big Thank You to my wife Deanne for co-hosting a number of episodes in Season 6.
SAVING
The most valuable personal finance asset is not needing to impress anyone.
Less Ego, more wealth. The lower ego you can have to signal how successful you are with fancy stuff, the more savings you will have. The more savings, the more freedom over your time.
Savings can be created by spending less. You can spend less if you desire less. And you will desire less if you care less about what others think of you.
Saving money is the gap between your ego and your income.
You can save for savings sake. Everyone should. Only saving for a specific goal makes sense in a predictable world. Saving is a hedge against life’s inevitable ability to surprise the hell out of you at the worst possible moment.
WEALTH
The fastest way to get rich is to go slow.
Three legal investment strategies: Be smarter than others, be luckier than others, be more patient than others. That’s the whole list.
The best measure of wealth is what you have minus what you want. (By this measure, some billionaires are broke.)
Compounding doesn’t rely on earning big returns. Merely good returns sustained uninterrupted for the longest period of time will always win.
Net worth goes from $0 to $1 million: Ecstasy. Net worth goes from $10 million to $1 million: Despondency. Can we agree that all wealth is relative?
LEARNING
Every five to seven years people forget that recessions occur every five to seven years.
Warren Buffett didn’t panic and sell through 14 recessions he has lived through.There are two types of people: Those who want to know more and those who want to defend what they already know.
Few traits are as attractive as humility, but few are as common as vanity.
Schools are good at measuring intelligence but not great at measuring passion, endurance, and character, which tend to be more important than intelligence in the long run.
A good bet in economics: the past wasn’t as good as you remember, the present isn’t as bad as you think, and the future will be better than you anticipate.
Where to Find Morgan Housel
Morgan’s Book The Psychology of Money- Came out in March of 2021
Morgan’s Blog https://collabfund.com/blog/
Morgan’s Podcast https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669
Morgan on You Tube. You can easily find 20 plus interviews with Morgan, Here is one I really enjoyed.
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