Odd Lots Morgan Housel on the New Way We Think About Money
9 snips
Sep 21, 2023 
Morgan Housel, a personal finance expert and author of "The Psychology of Money," discusses the lasting impact of major historical events on money mindsets. He explores how the pandemic, alongside events like the Great Financial Crisis and 9/11, shapes today's financial behaviors. The conversation delves into the role of social media in influencing investment decisions and reveals the psychological traps that can arise in a volatile market. Housel emphasizes the importance of understanding individual emotions and historical context in navigating personal finance.
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The Gold Coin Skipper
- Morgan Housel recounts a story about a wealthy hotel guest who, despite his intelligence, had a destructive relationship with money.
- The guest, who made millions from patents, would skip gold coins into the ocean, eventually going bankrupt.
Behavior Over IQ
- Intelligence isn't the sole determinant of financial success; good financial behavior is key.
- Even less intelligent individuals can achieve significant wealth with sound financial habits.
Generational Scars
- Generational experiences, particularly during formative years, shape financial perspectives.
- Repeated economic shocks can lead to increased pessimism and the belief that crises are recurrent.
