The Diary Of A CEO with Steven Bartlett Moment 208: The Dumbest Financial Advice Everyone Weirdly Follows That’s Keeping Them Poor!
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Apr 11, 2025 
Morgan Housel, a bestselling author and savings expert, dives into the unpredictable world of finance. He shares a personal story that shaped his view on risk and humility. Housel discusses the myth of forecasting, urging preparedness for the unknown. He emphasizes simple, long-term investment strategies like cash and index funds, and highlights the power of patience, drawing from examples like Warren Buffett. Finally, he explores the delicate balance between earning and retaining money, especially for young professionals.
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Avalanche Experience
- Morgan Housel recounts a life-altering experience of a near-fatal avalanche while skiing with friends.
- This tragedy profoundly impacted his perspective on risk and decision-making.
Unpredictable Impact
- Seemingly small, unconscious decisions can have the biggest impact on life.
- This makes predicting the future, including financial outcomes, incredibly difficult.
The Illusion of Prediction
- Most people lose money by trying to predict the future in investing.
- Major economic risks, like COVID or 9/11, are rarely foreseen and cause immediate damage.