Modern Wisdom #222 - Morgan Housel - How To Become Wealthy, Stay Wealthy & Be Happy
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Sep 21, 2020 
Morgan Housel, a renowned writer and investor, shares his no-nonsense approach to wealth management and the psychology of money. He emphasizes that earning a lot means nothing if spending exceeds income. Housel distills the notion that luck and risk are intertwined in financial success. He hilariously critiques purchasing high-ticket items like Ferraris and discusses strategies for balancing wealth with happiness. Delving into behavioral insights, he highlights the importance of long-term thinking and personal fulfillment over material possessions.
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Finance Is Behavioral
- Financial success isn't about knowledge or credentials.
- It's about behavior, managing greed and fear, and long-term thinking.
The True Value of Money
- Money buys stuff, but more importantly, options and control over time.
- The best thing money buys is independence and freedom to choose your activities.
Camping vs. Homelessness
- Morgan Housel's mother-in-law compared camping to homelessness.
- Both involve sleeping outside, but control makes the difference: one is chosen, the other forced.
