The Morgan Housel Podcast The Art of Spending Money
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Mar 2, 2023 Explore the fascinating art of spending money and how it mirrors personal values and character. Delve into the psychological factors driving spending habits, including the impact of childhood experiences and concepts like 'revenge spending.' Discover the tension between social aspirations and financial priorities, and how societal views on wealth shape consumption. Examine the evolution of financial accessibility, the hidden costs of investments, and the perplexing nature of wealth versus happiness. Ultimately, learn how experimenting with spending can reveal what truly brings joy.
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Jack Welch's Regret
- Jack Welch, former CEO of GE, had a near-death experience with a heart attack.
- He regretted not spending enough money, especially on finer things like expensive wine.
Spending Reveals Character
- How you spend money reveals values and priorities more than investing does.
- Spending is visible, reflecting your character, career, and desired social image.
Revenge Spending
- People snubbed for being poor often overspend when they become rich.
- This "revenge spending" heals social wounds and proves they've "made it."
