Standard Deviations with Dr. Daniel Crosby cover image

Morgan Housel - The Psychology of Money

Standard Deviations with Dr. Daniel Crosby

00:00

The Earned Success and Deserved Failure Fallacy

There is a bias in the psychology of money piece that you call the earned success and deserved failure fallacy, which i have also heard referred to as the just world fallacy. This is the belief that poor people got to where they are because they didn't work enough for they weren't bright enough. Yoar challenging that assumption. And i want to read just a quote that you wrote to your new born son that i found very poignant. I want you to be successful, and i want you to earn it, but realize that not all success is due to hard work,. Not all poverty is due to laziness. Keep this in mind when judging people, including yourself.

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app