Morgan Housel and Gretchen Housel Part 1: How they use simple financial experiments to improve their relationship with money and each other
Feb 28, 2024
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Morgan Housel and Gretchen prioritize time together over material possessions in their financial goals. They discuss using intentional spending experiments and share insights on maintaining financial independence. The couple reflects on adapting financial goals as income and responsibilities change, emphasizing the balance between frugality and enjoying life experiences. They explore finding joy in simpler activities over extravagant spending and reflect on childhood experiences with money.
Prioritizing time together as a family enabled by money
Financial responsibility instilled by disciplined saving habits from childhood
Reflecting on childhood money lessons and aligning expenses with personal values
Deep dives
Gretchen's Value of Money and Time Together
Gretchen shares that what is important about money to her is being able to spend time together as a family. With two young children and now having regular time during school hours, they can enjoy activities like walking the dog together. Money has allowed them the freedom to enjoy time as a family and prioritize experiences over material possessions.
Morgan's Family's Frugality and Approach to Money
Morgan reflects on his family's financial journey from college days to his father's retirement. Growing up in frugality where 'we can't afford that' was a common phrase, Morgan's parents unknowingly instilled financial responsibility in him. Through their disciplined saving, they were able to retire early, showcasing how their money habits shaped their future.
Family Conversations About Money
Both Gretchen and Morgan recall childhood memories related to money discussions in their families. Gretchen recounts moments of understanding budgets and credit cards during her parents' separation, highlighting her realization of financial responsibility. Morgan reflects on the journey of his parents from poverty to financial stability, recognizing their intentional saving habits.
Personal Reflections on Money and Experimenting with Spending
The podcast delves into personal reflections on money experiences, such as Gretchen's deliberate 'no spend' experiment after the chaos of Christmas. Morgan discusses intentional spending experiments like renting luxury cars to test their true value. The episode encourages intentional spending practices and aligning expenses with personal values.
Promoting Conversations About Money
The podcast aims to spark discussions about money experiences and values. It prompts listeners to reflect on childhood money lessons and consider how these shape their current financial behaviors. By sharing personal stories and reflections on money habits, the episode encourages introspection and open conversations about financial attitudes and decisions.
If you’ve spent any time in finance, you’ll know that Morgan Housel is The New York Times Bestselling Author of The Psychology of Money and the newly released Same As Ever: Timeless Lessons on Risk, Opportunity, and Living a Good Life. But today, you’ll get to hear him like you never have before…in conversation with his wife Gretchen.
In Part One of this two-week episode, host Carl Richards asks Gretchen and Morgan what’s most important in their relationship, and it’s something that we all need more of: time together. But for Gretchen and Morgan, money has actually enabled them to spend more time together, because it has been one of their top priorities as a couple from the beginning.
They also discuss the role of using simple experiments in spending habits, such as intentionally spending spending less over a specific period of time, and how their family backgrounds have shaped their perspectives on money, both as individuals, and together.
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