My First Million cover image

My First Million

The Investment Strategy To Build Generational Wealth (ft. Morgan Housel)

Dec 20, 2023

Morgan Housel, acclaimed author of 'The Psychology of Money,' discusses the importance of sustainable financial strategies over rapid gains. He emphasizes 'strategic mediocrity' as a pathway to long-term wealth, blending personal fulfillment with financial goals. The conversation delves into the psychological traps of money management, contrasting the balance of saving and spending through anecdotes, including insights into Warren Buffett's philosophy. Housel also explores the implications of declining birth rates on economic growth, underscoring timeless human behaviors in finance.

39:38

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Quick takeaways

Focus on sustained returns instead of short-term gains for long-term generational wealth.

Study history and understand timeless human behaviors to approach economic uncertainties with humility in finance.

Deep dives

The importance of sustainable returns

The podcast episode emphasizes the significance of focusing on sustained returns rather than short-term gains. It highlights that what truly matters is the longevity of returns, not just the immediate performance. The speaker discusses the importance of ruling out impulsive financial decisions and striving for returns that can be maintained over an extended period of time.

Aim for average Returns for an above average period of time

The Importance of Humility in Economic Forecasting

Insights on Success, Competition, and Financial Decision-Making

1.

Intro

3min

2.

The Power of Moderation in Success

4min

3.

The Balance of Wealth Building and Enjoying Life

6min

4.

Wealth, Happiness, and Personal Growth

13min

5.

Shifts in Economic Growth and the Art of Copywriting

1min

6.

Economic Growth and Declining Birth Rates

9min

7.

Exploring Emotions and Politics Through War Literature

2min

Episode 533: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) talk to Morgan Housel about the psychology of building generational wealth and the one strategy that works better than any 20% return.

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd

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Show Notes:

(0:00) Intro

(2:30) Strive for averageness

(12:00) Financial anti-goals

(14:30) Sam and Morgan argue about money and anxiety

(17:30) Biggest psychological trap with money

(22:00) The biggest risk no one is talking about

(26:00) Worry about what doesn't change

(29:00) How to action sameness

(32:00) Morgan's history book diet

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Links:

• Same as Ever - https://tinyurl.com/2zd2u9mt

• Psychology of Money - https://tinyurl.com/yc423xct

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Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

Check Out Shaan's Stuff:

• Try Shepherd Out - https://www.supportshepherd.com/

• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant

• Power Writing Course - https://maven.com/generalist/writing

• Small Boy Newsletter - https://smallboy.co/

• Daily Newsletter - https://www.shaanpuri.com/

Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

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• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• #218 - Why You Should Take a Think Week Like Bill Gates

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