THE ED MYLETT SHOW The Psychology of Money | Simple Money Rules That Will Make You Rich with Morgan Housel
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Mar 25, 2025 
In this insightful discussion, Morgan Housel, author of "The Psychology of Money," shares his expertise on the differences between being rich and truly wealthy. He debunks common financial misconceptions, emphasizing that it’s often not about how much you earn but how you manage what you have. The conversation touches on the perils of chasing status, the virtues of living debt-free, and the importance of simple investment strategies. Housel encourages a mindset shift that values personal relationships over material wealth, offering a refreshing perspective on financial success.
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Manage Expectations and Build Wealth
- Prioritize managing expectations alongside improving circumstances.
- Focus on building wealth (saved money) rather than just being rich (high income).
Internal Benchmark of Success
- Wealthy individuals benchmark success internally, focusing on loved ones' happiness.
- They avoid comparing themselves to others, which leads to an unwinnable game.
Psychological Wealth
- Morgan Housel's grandmother-in-law lived contentedly on social security.
- She demonstrated psychological wealth despite limited financial resources.
