All economic movement is cyclical and every boom is planted in the bust. There's no such thing as average economic growth or average stock market growth. It's always just a swing from one extreme to the next. I find luck over the long term is perfectly symmetrical. People can understand that concept, but when they're killing it and everything's lucky, they don't see it as luck. They see it as skills. And then when the markets way down, they see it, you know, they then say it's bad luck. You start believing your own press.
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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