The Morgan Housel Podcast A Few Laws of Getting Rich
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Oct 12, 2023 Wealth isn't just about numbers; it's filled with hidden challenges and often doesn't lead to happiness. The obsession with financial success can create anxiety and distort identity. Families face dilemmas when wealth affects ambition, raising questions about motivation. Quick financial gains come with reputational risks, pressuring individuals and businesses. Lastly, happiness often hinges on societal comparisons, urging us to seek contentment in the present instead of chasing unattainable wealth.
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Wealth and Divorce
- High divorce rates among the wealthiest men suggest wealth doesn't guarantee happiness.
- 70% of the top 10 richest men have been divorced at least once.
Happiness vs. Wealth
- Many things contributing to happiness are unrelated to money.
- Realizing this after becoming rich can be disappointing.
Smith and Rubin on Wealth
- Will Smith, after getting rich, realized money didn't solve his problems.
- Rick Rubin noted that achieving dreams doesn't always bring happiness.