The Interplay of Wealth and Happiness

This chapter explores the intricate dynamics between wealth, happiness, and the decision-making processes surrounding charitable donations versus tax obligations. It emphasizes how affluent individuals often delay philanthropic decisions in pursuit of ideal information, while underscoring that financial wealth does not guarantee emotional well-being.

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Brought to you by Cometeer delicious hyper-fresh, flash-frozen coffee; Momentous high-quality supplements; and LinkedIn Jobs recruitment platform with 900M+ users.

Morgan Housel (@morganhousel) is a partner at The Collaborative Fund. His book The Psychology of Money has sold more than three million copies and has been translated into 53 languages.

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.

Morgan’s new book is Same As Ever: A Guide to What Never Changes. You can find my first, widely popular interview with Morgan at tim.blog/morganhousel.

Please enjoy!

This episode is brought to you by Cometeer! Cometeer is hyper-fresh, expertly brewed, flash-frozen coffee that produces an incredibly delicious cup. Cometeer lets you prepare your coffee with no mess, no machines, no burning, and no bitterness. Cometeer sources high-quality beans from the country’s top roasters. The coffee is brewed using proprietary technology to pull out more flavor compounds and antioxidants. It’s then flash-frozen at minus 321 degrees Fahrenheit to lock in that incredible flavor and freshness of the specialty brew. Simply add hot water and you’ve got a game-changing cup of coffee. It’s easily customizable in seconds for iced coffees, lattes, espresso martinis, and more.

Order today at Cometeer.com/Tim, and listeners of this podcast will also receive a FREE 8-pack of Barista’s Choice, a rotating selection of limited-edition specialty roasts from world-class roaster partners like George Howell, Onyx, and Intelligentsia—names many of you will recognize.

This episode is also brought to you by Momentous high-quality supplements! Momentous offers high-quality supplements and products across a broad spectrum of categories, and I’ve been testing their products for months now. I’ve been using their magnesium threonate, apigenin, and L-theanine daily, all of which have helped me improve the onset, quality, and duration of my sleep. I’ve also been using Momentous creatine, and while it certainly helps physical performance, including poundage or wattage in sports, I use it primarily for mental performance (short-term memory, etc.).

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[07:20] Buffett’s Snickers.

[12:21] What prompted Morgan to write Same As Ever?

[17:44] Morgan’s worst advice for aspiring writers is what works for him.

[21:48] The upsides of being rich and anonymous.

[26:35] Tips for raising unspoiled kids.

[33:19] Should families avoid passing along dynastic wealth?

[35:45] Finding worthy charities and causes.

[41:02] Money and happiness.

[48:37] Avalanches and other random, life-changing flukes.

[54:32] We can prepare for the future, but we can’t predict it.

[1:00:58] What current unknowns will seem shockingly obvious in a year?

[1:03:22] Which of our current views would change if our incentives were different?