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Why Humans are Wired for Status, Not Happiness | Morgan Housel PT 2

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Feb 28, 2024

Guest

Morgan Housel

Morgan Housel, the bestselling author of "The Psychology of Money", shares his insights on why humans are wired for status rather than happiness. He discusses the enduring power of storytelling and the importance of literature over fleeting news. Housel also explores the psychology behind Ponzi schemes and how personal decisions can trap individuals. The conversation touches on raising resilient children and the surprising paradoxes of ambition and wealth, emphasizing that true freedom lies in mastering one's desires.

01:04:56

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ADVICE

Prioritize Books

Read more books and fewer newspapers.
Books offer timeless wisdom, unlike news focused on fleeting events.

insights

INSIGHT

Books vs. News

Information from books has a longer "half-life" than news due to greater investment of time and money.
You engage more deeply with books, leading to better recall and application of knowledge.

insights

INSIGHT

Timeless Writing

Timeless writing focuses on fundamental human nature.
Writing styles change over time, but classic works endure by addressing universal themes.

Get the Snipd Podcast app to discover more snips from this episode

The Timeless Value of Literature Over News

01:58 • 4min

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Timeless Knowledge vs. Fleeting News

06:08 • 9min

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The Timelessness of Classic Literature in Evolving Writing Styles

15:16 • 5min

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The Art of Translation and Storytelling

19:48 • 21min

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The Psychological Trap of Ponzi Schemes and Personal Decisions

41:06 • 3min

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Survivor's Narratives and the Pursuit of Happiness

44:00 • 18min

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The Emotional Landscape of Parenthood

01:01:54 • 6min

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Raising Adults: The True Goal of Parenting

01:07:44 • 4min

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Good Inside

A Guide to Becoming the Parent You Want to Be

Becky Kennedy

In 'Good Inside,' Dr. Becky Kennedy shares her parenting philosophy, which focuses on building strong relationships with children rather than merely shaping their behavior. The book critiques traditional parenting methods like reward charts and time-outs, which fail to address children's complex emotional needs. Dr. Kennedy provides actionable strategies and troubleshooting for various parenting challenges, such as sibling rivalry, separation anxiety, and tantrums. Her approach helps parents move from uncertainty and self-blame to confidence and sturdy leadership, emphasizing the importance of compassion and understanding in parenting.

Same as Ever

A Guide to What Never Changes

Morgan Housel

In 'Same as Ever,' Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living a fulfilling life by focusing on what remains constant in a changing world. Through engaging stories and examples, Housel shows how understanding permanent truths about human behavior can help readers make better decisions and navigate uncertainties. The book emphasizes the importance of recognizing and adapting to timeless principles in finance, business, and personal life, rather than trying to predict specific future events.

Endurance

Shackleton's Incredible Voyage

Alfred Lansing

This book details the almost two-year struggle for survival of the 28-man crew of the Endurance, which was beset and eventually crushed by ice floes in the Weddell Sea during the Imperial Trans-Antarctic Expedition of 1914-1917. The crew drifted on ice floes, salvaged lifeboats, and eventually reached Elephant Island. Shackleton then led a perilous journey to South Georgia Island to secure rescue, culminating in one of the most remarkable survival stories in history. Lansing's narrative is based on extensive research, including interviews with surviving crew members and access to their diaries and personal accounts.

A Calendar of Wisdom

Daily Thoughts to Nourish the Soul, Written and Selected from the World's Sacred Texts

Leo Tolstoy

This collection is a day-by-day guide that illuminates the path of a life worth living. It features gems of inspiration and wisdom from various historical figures including Epictetus, Marcus Aurelius, Lao-Tzu, Buddha, Pascal, Jesus, Muhammad, Confucius, Emerson, Kant, Ruskin, Seneca, Socrates, and Thoreau. Tolstoy considered this work his most important contribution to humanity, and it was widely read in pre-revolutionary Russia before being banned and forgotten under Communism. Recently rediscovered, it has been praised for its timeless wisdom and inspiration.

Sapiens

A Brief History of Humankind

Yuval Noah Harari

This book surveys the history of humankind from the Stone Age to the 21st century, focusing on Homo sapiens. It divides human history into four major parts: the Cognitive Revolution, the Agricultural Revolution, the Unification of Humankind, and the Scientific Revolution. Harari argues that Homo sapiens dominate the world due to their unique ability to cooperate in large numbers through beliefs in imagined realities such as gods, nations, money, and human rights. The book also examines the impact of human activities on the global ecosystem and speculates on the future of humanity, including the potential for genetic engineering and non-organic life.

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge.

Ryan continues his conversation with Morgan Housel, they discuss the power of storytelling, how humans are wired for status and not happiness, his latest book Same As Ever, and more.

Morgan Housel is the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over 4.5 million copies and have been translated into more than 50 languages. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets.

IG and Twitter: @MorganHousel

Grab a signed copy of Same as Ever and The Psychology of Money from The Painted Porch!

If you want to check out the Q&A with me and Morgan, go to dailystoic.com/wealthy.

If you want to listen to Ryan and Morgan’s first discussion from 2022 click here.

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