“True wealth is the ability to underwrite a meaningful life.”
My guest today is Brian Portnoy, CFA, PhD — the Founder of Shaping Wealth.
Brian is one of the world’s leading experts on the psychology of money. He has written multiple bestselling books, including The Geometry of Wealth, and has 20+ years of experience as an investor and educator in the hedge fund and mutual fund industries. He is a CFA Charterholder and earned a PhD at the University of Chicago.
Brian Portnoy discusses the emotional and psychological aspects of money and the pursuit of a meaningful life. He emphasizes the importance of understanding the connection between money and happiness, and how money triggers and amplifies various emotions.
Portnoy introduces the concept of funded contentment, which is the ability to underwrite a meaningful life, and highlights the significance of adaptive simplicity in navigating the overwhelming amount of information and choices. He also explores the four Cs (connection, control, competence, and context) that form the nexus of money and meaning, and how they contribute to a sense of contentment and fulfillment.
The conversation explores the concept of funded contentment and its two-step process: determining what is meaningful and then figuring out how to afford it. It emphasizes that contentment can come from experiences and possessions, but experiences tend to have a longer-lasting impact.
The discussion also touches on the importance of playing your own game in terms of wealth and investing, rather than trying to beat the market. Time is highlighted as a valuable asset, and the need to set priorities that align with the life you want to live. The conversation concludes with the idea that success is a life that is meaningful and aligned with your own definition of success.
Chapters:
06:30 Introduction and Early Life10:42 The Emotional Aspect of Money17:46 Funded Contentment and Underwriting a Meaningful Life30:31 The Four Cs: Connection, Control, Competence, and Context37:04 The Two-Step Process of Funded Contentment43:20 Experiences vs Possessions: The Impact on Contentment49:18 Playing Your Own Game in Wealth and Investing57:50 Time and Money: Setting Priorities1:00:05 Defining Success: A Meaningful Life
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