In this chapter, the speaker explores the psychology of money and the importance of accumulating wealth for independence and autonomy. They discuss the difference between being rich and being wealthy, and share a personal story about their parents' frugality. The chapter also delves into the concept of freedom and how it relates to happiness, emphasizing the significance of setting boundaries and prioritizing self-care.
Will money make you happy? How much is really enough? And how much should you save? Too often people don’t have the answers for the biggest financial questions in life, until now.
In this new episode Steven sits down with world-renowned financial expert and best-selling author, Morgan Housel.
Morgan Housel is a partner at the Collaborative Fund, a leading venture capital firm with a focus on technological companies. He is also the author of the book, ‘The Psychology of Money’, which has sold over 4 million copies. MarketWatch named him as one of 2022’s 50 most influential people in financial markets.
In this conversation Morgan and Steven discuss topics, such as:
- How happiness is being in control and having freedom
- Why a lack of control can make your life crumble
- Why nobody actually cares about your material possessions
- The money games being played in society
- Why you should rent your home until you have kids
- His mission behind writing about money
- Why your relationship with money defines you
- How to gain introspection about your life and finances
- The randomness of financial crises
- Why you should have a deathbed perspective on work and savings
- How embrace failure can lead to huge successes
- The double life of billionaires: wealth and pressure
- The cost of a stressful job on health
- Why bad news travels faster
- Why growth comes from challenges and disasters
- How growth comes with stress and uncertainty
- Slow habits and their long term effects
- How personal tragedies shape life goals
- Why you should balance wealth with wellbeing
- Staying patient despite market upheavals
- The need for big, terrifying goals in business.
- The difference between being rich and feeling wealthy.
- Why a rising income doesn’t lead to happiness
- The meaning of authentic success
You can purchase Morgan’s most recent book, ‘Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life’, here: https://amzn.to/467d77x
Follow Morgan:
Instagram: https://bit.ly/3spU4HK
Twitter: https://bit.ly/40mE6uF
Flightfund:
https://flightfund.com/
If you enjoy hearing about how to master the world of finance, I recommend you check out my conversation with Ramit Sethi, which you can find here: https://www.youtube.com/watch?v=ORqd9QAC8OY
Follow me:
https://beacons.ai/diaryofaceo
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