The Morgan Housel Podcast Play Your Own Game
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Apr 6, 2023 Discover how personal experiences shape our financial decisions. Each person's relationship with money is unique, influenced by diverse goals and values. Learn the importance of identifying your own financial game and setting clear objectives. The risks of following crowd mentality in investing are also explored, as well as the advantages of a long-term, passive investment strategy tailored to your individual circumstances. This insightful discussion emphasizes the need for personalized approaches in money management.
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Lottery Ticket Spending
- Americans spend more on lottery tickets than on movies, video games, music, sporting events, and books combined.
- The majority of lottery tickets are purchased by the poorest Americans.
Lottery as Hope
- For someone in financial desperation, buying lottery tickets can be rational.
- It represents a tangible hope of escaping poverty.
Future Thinkers
- Morgan Housel's brother-in-law, a social worker, encountered a poor family who laughed at the idea of saving.
- Their financial vision was limited to hours, focused on immediate needs like dinner.