Morgan Housel, a New York Times bestselling author and partner at Collaborative Fund, shares his deep insights on wealth and happiness. He discusses the real motivations behind chasing riches and how financial success often complicates personal joy. The conversation reveals the psychological challenges of stock market investing and the effects of social media on our perceptions of wealth. Housel emphasizes the importance of lasting relationships over money and addresses the vital lessons in teaching children about financial responsibility in a materialistic world.
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insights INSIGHT
Wealth as Status
Humans prioritize status over happiness, and wealth is a tangible status symbol.
People compare their wealth to others, creating anxiety even when things improve objectively.
question_answer ANECDOTE
Money Changes People
Morgan Housel discusses how money and fame changed Elon Musk and Donald Trump.
He uses their examples to illustrate how wealth can alter personality.
insights INSIGHT
Dopamine of Wealth
Gaining wealth is euphoric, having it is okay, and losing it is devastating.
This dopamine-driven cycle explains why people take excessive investment risks.
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Tesla, SpaceX, and the Quest for a Fantastic Future
Ashlee Vance
This book is an authorized biography that delves into the life of Elon Musk, from his tumultuous childhood in South Africa to his rise as a visionary entrepreneur in Silicon Valley. Ashlee Vance captures Musk's journey through his various ventures, including PayPal, SpaceX, Tesla, and SolarCity. The book examines Musk's unique personality, his insatiable drive, and his ability to thrive through hardship. It also explores the broader context of American innovation and the challenges of global competition, positioning Musk as a contemporary amalgam of legendary inventors and industrialists like Thomas Edison, Henry Ford, and Steve Jobs.
The snowball
Warren Buffett and the Business of Life
Alice Schroeder
This book provides an unprecedented look into the life and investment philosophy of Warren Buffett. Written by Alice Schroeder, who gained unparalleled access to Buffett and his inner circle, it delves into the complexities and paradoxes of Buffett's life. The book covers his work, opinions, struggles, and triumphs, and highlights key principles such as intrinsic value, margin of safety, and long-term perspective. Buffett’s legacy is not just his wealth, but the principles and ideas that have enriched people’s lives.
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].
Will Smith
Will Smith
In 'Will', Will Smith shares his epic tale of transformation from a young rapper to a Hollywood superstar. The memoir delves into his childhood trauma, his relentless pursuit of success, and his journey towards self-awareness and inner happiness. Co-authored with Mark Manson, the book offers insights into Smith's life, highlighting both his achievements and personal struggles.
Everybody wants to get rich. But is the pursuit of wealth really about the money, or are we actually chasing something much deeper?
These are just a couple of the fun ideas I toss around in this episode with Morgan Housel, New York Times Bestselling author of the smash hit, The Psychology of Money, which has sold more than four million copies worldwide.
We’ll dig deep to uncover our relationship with money, answer the timeless question “Will getting rich make me happy?” and share some of Morgan’s best investing tips.
So put away your spreadsheets, step away from the credit card, and for god’s sake stop trading crypto for five seconds, and settle in for this one. We might just make you filthy fucking rich.
SOLVED with Mark Manson 
