Introduction

Exploring the importance of humility and kindness in managing wealth, discussing insights from 'The Psychology of Money,' and reflecting on shared learning experiences with a friend. The conversation covers universal money truths, life compounding, luck appreciation, financial resilience, and the role of narratives in building wealth.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Kyle Grieve chats with TIP Mastermind Community member David Fagan about the universal truths about money, hidden areas of life where compounding happens, why we should welcome doses of luck to help us succeed, how to be financially unbreakable, why asymmetric investments are so powerful, why we all must pay a fee to earn our wealth (and why it’s worth it), the power of narratives in building wealth, and a whole lot more!

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

04:29 - Why we disagree with others on money and why that’s ok.

12:07 - Why we should all strive to compound knowledge.

14:04 - What shapes our willingness to bear risk.

14:04 - The role of luck in success and failure.

14:52 - Why we should understand how luck impacts our outcomes.

16:53 - Why saving can increase happiness.

16:53 - Why building wealth has little to do with your income and everything to do with your savings rate.

22:51 - How you can be wrong 50% of the time and still generate life-changing wealth.

22:51 - The power of concentrated bursts of activity while defaulting to inactivity.

23:41 - Why it’s so difficult to understand the effects of compounding.

25:13 - Why it can be hard to “see” wealth, but not the rich.

25:13 - Why the stock market offers asymmetric upside.

29:43 - How to use history to help guide us into the future.

30:22 - Why we should expect to be surprised regularly.

41:07 - The hidden costs of success.

41:26 - Why we should be willing to pay the fees to benefit from investing.

41:26 - What those fees are and why they can be perceived as being difficult to pay.

44:41 - Why you should be financially flexible.

49:22 - How Kyle and David think about saving and investing.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Buy a copy of The Psychology Of Money here.
Check out the books mentioned in the podcast here.

NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

⁠CFI Education⁠
⁠Airbnb⁠

Connect with Kyle: Twitter | LinkedIn | Website

Connect with David: LinkedIn | Website

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!

Get the app

Home Top podcasts Popular guests