The Next Big Idea PSYCHOLOGY OF MONEY: Timeless Lessons from Morgan Housel
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Dec 14, 2023 
In this podcast, Rufus Griscom interviews Morgan Housel, author of "Same as Ever." They discuss the timeless lessons from his new book, as well as his previous book, "The Psychology of Money." They explore the nostalgia surrounding the 1950s, the connection between status and money, and the enduring behaviors and patterns in human behavior. They also emphasize the importance of integrating optimism and pessimism, accepting life's challenges, and understanding incentives and self-interest. Overall, this podcast offers insightful wisdom on how to navigate the psychology of money and make better decisions in life.
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1950s Nostalgia
- Many Americans long for the 1950s due to two factors.
- These are the perceived monumental improvements after hardship and smaller expectation gaps.
Lower Expectations
- Material possessions do not guarantee happiness.
- Try lowering your expectations for a more fulfilling life.
Money Doesn't Buy Happiness
- Increased wealth often does not significantly increase happiness.
- Many factors contributing to happiness, like relationships and health, remain unchanged by money.