The Highest Form of Wealth

Housel talks all about freedom, which is a recurring theme he hits throughout the book. Wealth is built by saving and investing over long periods of time. The way to create savings is to spend less than you make. Every time you save money, you're giving future you more options.

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Episode notes

IN THIS EPISODE, YOU’LL LEARN:

01:19 - Clay’s biggest takeaways from reading The Psychology of Money by Morgan Housel.
04:55 - Why it’s better to study broad trends and patterns rather than specific individuals.
08:44 - Warren Buffett’s secret weapon to becoming one of the richest people on the planet.
09:30 - The story of how Jesse Livermore built a fortune trading stocks, only to eventually lose it all.
14:39 - What Morgan Housel’s definition of wealth is.
17:25 - Why trying to make market predictions is a fool’s game.
24:50 - How Morgan Housel thinks about and handles his own finances.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Morgan Housel’s book The Psychology of Money.
Housel's concept of the man in the car paradox.
JL Collin’s book The Simple Path to Wealth.
Ramit Sethi’s book I Will Teach You To Be Rich.
Robert and Clay’s tool for picking stock winners and managing our portfolios: TIP Finance.
Follow Clay on Twitter.
Get a FREE audiobook from Audible.
Check out our Investing Starter Packs about business and finance.

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