Prof G Markets How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel
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Jun 13, 2024 
Morgan Housel, a partner at Collaborative Fund and bestselling author of "The Psychology of Money," dives into the pitfalls every investor faces. He examines the crucial distinction between being wealthy and simply rich, emphasizing that true wealth is about independence. Housel tackles the psychological influences on investing, like FOMO and ego, and shares insights on teaching children financial responsibility. The conversation also touches on navigating uncertainty in the markets and the significance of making mindful financial choices.
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Wealth vs. Richness
- Focus on building wealth, which is financial independence, rather than just being rich, which is having a high income.
- Wealth allows you to control your time and choices, while richness is often visible and fleeting.
Discipline vs. Suppression
- Building wealth often involves prioritizing saving and investing over immediate gratification.
- However, don't suppress your desires entirely; align your spending with your values.
Social Media's Impact
- Social media exacerbates financial anxieties by showcasing curated, unrealistic portrayals of wealth.
- This constant exposure can make it harder for young people to develop healthy financial habits.
