When Morgan was in college, he worked as a valet at a five-star hotel. He realized that nobody cares about the driver, but they want to be the driver because they think other people will then care about them. It's easy to overestimate how much social credit you're going to get from nice stuff. Low cost ETFs and index funds are just kind of where the bulk of your money should go.
Morgan Housel, a partner at The Collaborative Fund, and author of “The Psychology of Money,” joins Scott to discuss the behaviors to consider when it comes to building wealth and the importance of earning, saving, and investing. Follow Morgan on Twitter, @morganhousel.
Scott opens with his thoughts on Meta’s move to subscription + our society’s problem with ageism and sexism.
Algebra of Happiness: know how to de-escalate a situation.
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