Navigating Social Debt and Wealth

This chapter examines the challenges of 'social debt' faced by athletes and individuals who acquire sudden wealth, particularly the pressure to support extended family. Through personal anecdotes and discussions about anonymity and wealth education for children, it highlights the importance of raising self-aware individuals grounded in humility. Additionally, it addresses the complexities of philanthropy, revealing the emotional and practical obstacles in making impactful charitable donations.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

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.).

Their products are third-party tested (Informed-Sport and/or NSF certified), so you can trust that what is on the label is in the bottle and nothing else. If you want to try Momentous for yourself, you can use code Tim for 20% off your one-time purchase at LiveMomentous.com/Tim. And not to worry, my non-US friends, Momentous ships internationally and has you covered.

This episode is also brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.

Using LinkedIn’s active community of more than 900 million professionals worldwide, LinkedIn Jobs can help you find and hire the right person faster. When your business is ready to make that next hire, find the right person with LinkedIn Jobs. And now, you can post a job for free. Just visit LinkedIn.com/Tim.

[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?