Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)

chevron_right

Morgan Housel: How Smart Entrepreneurs and Investors Grow Wealth on Autopilot | Finance | E336

whatshot 6 snips

Feb 10, 2025

Guest

Morgan Housel

Morgan Housel, a partner at The Collaborative Fund and bestselling author, delves into the complexities of wealth and investment. He reflects on how nostalgia can mislead investors about past market success. The conversation uncovers why doubt is essential for entrepreneurs and the importance of balancing confidence with humility. Housel shares practical strategies for sustainable financial planning and emphasizes the necessity of embracing failure as part of the entrepreneurial journey. He also discusses the influence of AI on future work and wealth distribution.

01:11:12

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

menu_book

Books

auto_awesome

Transcript

info_circle

Episode notes

volunteer_activism

ADVICE

New Year's Financial Planning

Create financial systems instead of goals to build lasting habits.
Focus on what you might regret in the future, like missed experiences or over-saving.

insights

INSIGHT

Shifting Financial Priorities

Good financial habits, like saving diligently, can become liabilities later in life.
Use money as a tool for happiness, not just as a scorecard for social comparison.

volunteer_activism

ADVICE

Net Worth Monitoring

Monitor your net worth regularly but avoid obsession.
Don't let daily market fluctuations dictate your investment decisions.

Get the Snipd Podcast app to discover more snips from this episode

Reflections on Wealth, Confidence, and Co-Hosting

02:27 • 2min

chevron_right

New Year, New Finances

04:48 • 5min

chevron_right

The Importance of Tracking Net Worth and Maintaining Perspective

09:31 • 2min

chevron_right

Investment Psychology and Entrepreneurial Biases

11:51 • 13min

chevron_right

Balancing Confidence and Humility

25:13 • 6min

chevron_right

Nostalgia and Investment Insights

31:24 • 22min

chevron_right

The Future of Work and Wealth in the Age of AI

53:17 • 6min

chevron_right

The Psychology of Risk and Success

59:10 • 11min

chevron_right

Embracing Independence and Long-Term Investment Strategies

01:10:15 • 4min

chevron_right

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].

Same as Ever

A Guide to What Never Changes

Morgan Housel

In 'Same as Ever,' Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living a fulfilling life by focusing on what remains constant in a changing world. Through engaging stories and examples, Housel shows how understanding permanent truths about human behavior can help readers make better decisions and navigate uncertainties. The book emphasizes the importance of recognizing and adapting to timeless principles in finance, business, and personal life, rather than trying to predict specific future events[2][4][5].

Morgan Housel once looked back at his twenties as a carefree, simple time, living in a beautiful apartment with his wife. But she quickly reminded him how anxious he truly was. His nostalgia had erased the uncertainty he once felt, just like how investors look back at past market growth and assume success was inevitable. In this episode, Morgan explains why the past is never as clear as we remember and why the future won’t be either. He also shares how entrepreneurs can build wealth despite uncertainty, the key to long-term success in the stock market, and practical strategies for sustainable financial planning.

In this episode, Hala and Morgan will discuss:

(00:00) Introduction

(02:14) Why Most Financial Resolutions Fail

(04:06) Balancing Saving and Spending Habits

(09:15) The Power of Long-Term Investing

(13:30) Navigating Startup Risks Wisely

(15:49) What Sets Genius Entrepreneurs Apart

(18:50) Why Doubt Is Necessary for Entrepreneurs

(22:23) How Hindsight Can Misguide Investors

(29:22) Wealth Inequality in the Social Media Era

(34:36) Turning Anxiety About the Future into Action

(40:23) The Financial Mistakes We Keep Repeating

(48:38) Elon Musk’s Extreme Risk-Taking Strategy

(50:42) Embracing Failure for Lasting Success

(53:55) How Rumors Shape Financial Markets

Morgan Housel is an investor, partner at The Collaborative Fund, and author of the New York Times bestsellers The Psychology of Money and Same As Ever. A former columnist for The Motley Fool and The Wall Street Journal, he simplifies complex financial ideas, emphasizing long-term thinking, compounding, and decision-making over market predictions. He is also a two-time Best in Business Award winner from the Society of American Business Editors and Writers.

Connect with Morgan:

Website: morganhousel.com

Linkedin: linkedin.com/in/morgan-housel-5b473821

Instagram: instagram.com/morganhousel

Twitter: x.com/morganhousel

Facebook: facebook.com/morgan.housel.5

Sponsored By:

Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify

Airbnb - Your home might be worth more than you think. Find out how much at airbnb.com/host

Rocket Money - Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to rocketmoney.com/profiting

Indeed - Get a $75 job credit at indeed.com/profiting

RobinHood - Receive your 3% boost on annual IRA contributions, sign up at robinhood.com/gold

Factor - Get 50% off your first box plus free shipping when you use code FACTORPODCAST at factormeals.com/profiting50off

Active Deals - youngandprofiting.com/deals

Resources Mentioned:

Morgan Housel: How to ACTUALLY Build Wealth, Investing to Gain Financial Independence | E266: youngandprofiting.co/4147SpO

Morgan’s Book, The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness: amzn.to/3EoljZ0

Morgan’s Book, Same as Ever: A Guide to What Never Changes: amzn.to/4aOX7uV

Morgan’s Podcast, The Morgan Housel Podcast: bit.ly/3EljBre

Key YAP Links

Reviews - ratethispodcast.com/yap

Youtube - youtube.com/c/YoungandProfiting

LinkedIn - linkedin.com/in/htaha/

Instagram - instagram.com/yapwithhala/

Social + Podcast Services: yapmedia.com

Transcripts - youngandprofiting.com/episodes-new

All Show Keywords: Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset.

Finance, Financial, Personal Finance, Wealth, Stock Market, Scalability, Investment, Financial Freedom, Risk Management, Financial Planning, Business Coaching, Finance Podcast, Investing, Saving.

Home Top podcasts Popular guests