The Morgan Housel Podcast The Best Financial Advice I Know (What I Want My Kids To Learn)
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May 6, 2024 A parent shares heartfelt letters written for their children about vital money lessons. They discuss the intertwining of luck and family values in achieving success. The conversation highlights the importance of financial independence and personal growth. Essential costs of life decisions are explored, emphasizing love and respect over financial success. The insights stress that character and empathy are more valuable indicators of fulfillment than wealth alone.
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Role of Chance
- Wealth and poverty are often attributed to choices, but chance plays a significant role.
- Factors like family, country, and chance encounters impact outcomes more than we admit.
Time Over Stuff
- Prioritize controlling your time over material possessions.
- Financial independence offers greater happiness than luxury items.
Value of Scarcity
- Don't spoil your kids; let them experience scarcity.
- Learning to value a dollar comes from understanding needs versus desires.