Morgan Housel: Wealth is What You Have Minus What You Want
The Knowledge Project
Money's role: fewer bad days not constant happiness
Morgan distinguishes money's ability to reduce misery from delivering perpetual happiness and explains contentment.
Morgan Housel breaks down the exact framework he uses to build wealth, minimize financial stress, and buy freedom.
While most financial advice focuses on how to get rich, Morgan explains why the skills needed to stay rich are completely different.
You will learn why "boring" investing beats complex strategies, how to avoid the social traps that destroy wealth, and the specific equation for finding contentment.
Morgan Housel is a partner at Collaborative Fund and the bestselling author of The Psychology of Money.
Enjoy!
-----
Approximate Timestamps:
(00:00) Trailer/Introduction
(00:58) What Drives You?
(04:50) What Can Money Do For Us?
(07:22) Happiness vs. Satisfaction
(11:45) Becoming Financially Independent
(14:40) Survival and Contrast
(20:16) Ad Break
(21:05) Investing: Can You Beat the Market?
(22:32) When Is The Right Time To Buy a House?
(26:45) Housing Affordability and Equity
(28:39) Step by Step Investing
(35:08) Eras of Life and Spending In Those Eras
(43:50) Raising Kids With Money
(48:46) Social Media: Expectations and Comparison
(55:46) Lessons From the Vanderbilts
(01:01:21) Learning From Others Spending Habits
(01:07:51) Lessons From History: Depressions, Panics, Downturns
(01:11:40) Net Worth in Cash
(01:14:20) Passive Income and Financial Independence
(01:25:58) Massive Success: Doing It All Again
(01:32:27) What Should You Optimize For?
(01:38:24) What Do You Splurge On?
(01:40:38) What Can History Teach Us About Inflation?
(01:47:46) Index Funds Allocation
(01:53:36) What Is Success For You?
-----
This episode of the Knowledge Project is for informational purposes only. The views and opinions expressed by Shane Parrish or our guests are solely their own. Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security. Always do your own due diligence or consult with a qualified financial advisor before making investment decisions. It's time to listen and learn.
-----
Psychology of Money: https://geni.us/my3K
Morgan Housel X: https://x.com/morganhousel Website: https://www.morganhousel.com/
-----
Upgrade: Get a hand edited transcripts and ad free experiences along with my thoughts and reflections at the end of every conversation. Learn more @ fs.blog/membership
------
Newsletter: The Brain Food newsletter delivers actionable insights and thoughtful ideas every Sunday. It takes 5 minutes to read, and it’s completely free. Learn more and sign up at fs.blog/newsletter------
Follow Shane Parrish:
X: https://x.com/shaneparrish
Insta: https://www.instagram.com/farnamstreet/
LinkedIn: https://www.linkedin.com/in/shane-parrish-050a2183/
------
Thank you to the sponsors for this episode:
Granola AI, The AI notepad for people in back-to-back meetings: https://www.granola.ai/shane
Check out the Granola Notes here.
Learn more about your ad choices. Visit megaphone.fm/adchoices
The AI-powered Podcast Player
