Morgan Housel, distinguished partner at The Collaborative Fund and a New York Times best-selling author, discusses his book 'Same As Ever' that challenges the norm by focusing on what remains constant in business and life. Topics include the importance of timeless components in successful businesses and enduring human lessons, the impact of social media on communication and mental health, performing and sharing emotions during times of crisis, the significance of reserves in personal finance and conservative approaches, and exploring different approaches to book promotion.
Identify timeless elements of human behavior to navigate the future amidst uncertainty.
Focus on enduring efforts and implementing sustainable systems for long-term success.
Crises provide opportunities for innovation and breakthroughs; be prepared to seize them.
Deep dives
Focus on the timeless aspects in the face of uncertainty
In uncertain times, rather than trying to predict the future, it is beneficial to focus on the aspects that remain constant. By identifying the timeless elements of human behavior, such as greed, risk, fear, and opportunity, one can better navigate the future, regardless of the unexpected events that may occur.
Long-term success comes from endurance and sustainability
Long-term success is not dependent on achieving specific goals, but on the ability to endure and sustain efforts over time. It is about implementing systems that can be consistently maintained rather than pursuing short-term, unsustainable goals. This applies to various aspects of life, including relationships, investments, and personal growth.
Innovation often arises in the midst of crises
History has shown that significant innovations often arise during challenging times. Crises provide incentives for creativity and problem-solving, leading to breakthroughs that benefit society as a whole. By focusing on preparedness rather than prediction, businesses and individuals can be ready to seize opportunities that arise during turbulent periods.
Avoid the trap of short-term thinking
Short-term goals and a focus on immediate results can lead to cutting corners and sacrificing long-term success. It is important to maintain a long-term perspective and prioritize sustainable strategies over quick wins. By investing in preparedness and endurance, one can navigate uncertainties and increase their chances of long-term success.
Personalize your financial and life decisions
Rather than seeking a one-size-fits-all solution, it is crucial to personalize financial and life decisions. Recognize that everyone's goals, risk tolerance, and aspirations are unique, and tailor strategies accordingly. Embrace introspection and understand what truly matters to you, even if it differs from what others may consider the 'right' answer.
Today's episode features none other than Morgan Housel, a distinguished partner at The Collaborative Fund and a New York Times best-selling author. Morgan's insightful works, including 'The Psychology of Money' and 'Same As Ever,' have captivated millions globally, selling over 4.5 million copies and translated into more than 50 languages. His expertise and eloquence have earned him multiple accolades, including the prestigious Best in Business Award and the New York Times Sydney Award. In 2022, MarketWatch recognized him as one of the 50 most influential people in markets.
In our conversation, we delve deep into Morgan's unique perspective that merges finance with life lessons. His writing isn't just about finance; it's a guide to becoming a better human, a happier parent, and a more fulfilled individual. With short, engaging chapters filled with relatable stories, Morgan's books offer timeless wisdom that's easily applicable to our lives.
In this episode, we discuss his latest work, 'Same As Ever,' a book that challenges the norm by focusing on what remains constant in business and life, rather than the ever-changing future. This approach is a game-changer, offering a fresh perspective on long-term success and the power of consistency.
Don't miss out on this incredible discussion with Morgan Housel. Tune in now and discover how to achieve greatness by focusing on what truly matters and remains constant in life.
To learn more, and for the complete show notes, visit: the1thing.com/pods.
We talk about:
Knowing what we can predict and what stays the same