The Influence of Status and Treatments in Social Interactions

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Status and treatments in social interactions can significantly affect how people treat us. When someone has a higher status or power, others may laugh at their jokes, treat them with respect, and agree with their ideas. This can cause people to act differently and cater to their needs. However, this behavior is not necessarily positive. It can create a power dynamic where others are afraid to challenge the person's actions or provide honest feedback. This can be seen in various contexts, such as an eight-year-old dominating a soccer game because the other players don't want to confront them, or in professional settings where entrepreneurs receive unwarranted praise and agreement simply because they are seeking funding. Recognizing this influence of status and treatment is crucial in maintaining genuine interactions and avoiding skewed perceptions based solely on someone's reputation.

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Morgan Housel (@morganhousel) is a partner at The Collaborative Fund. His book The Psychology of Money has sold more than three million copies and has been translated into 53 languages.

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.

Morgan’s new book is Same As Ever: A Guide to What Never Changes. You can find my first, widely popular interview with Morgan at tim.blog/morganhousel.

Please enjoy!

This episode is brought to you by Cometeer! Cometeer is hyper-fresh, expertly brewed, flash-frozen coffee that produces an incredibly delicious cup. Cometeer lets you prepare your coffee with no mess, no machines, no burning, and no bitterness. Cometeer sources high-quality beans from the country’s top roasters. The coffee is brewed using proprietary technology to pull out more flavor compounds and antioxidants. It’s then flash-frozen at minus 321 degrees Fahrenheit to lock in that incredible flavor and freshness of the specialty brew. Simply add hot water and you’ve got a game-changing cup of coffee. It’s easily customizable in seconds for iced coffees, lattes, espresso martinis, and more.

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This episode is also brought to you by LinkedIn Jobs. Whether you are looking to hire now for a critical role or thinking about needs that you may have in the future, LinkedIn Jobs can help. LinkedIn screens candidates for the hard and soft skills you’re looking for and puts your job in front of candidates looking for job opportunities that match what you have to offer.

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[07:20] Buffett’s Snickers.

[12:21] What prompted Morgan to write Same As Ever?

[17:44] Morgan’s worst advice for aspiring writers is what works for him.

[21:48] The upsides of being rich and anonymous.

[26:35] Tips for raising unspoiled kids.

[33:19] Should families avoid passing along dynastic wealth?

[35:45] Finding worthy charities and causes.

[41:02] Money and happiness.

[48:37] Avalanches and other random, life-changing flukes.

[54:32] We can prepare for the future, but we can’t predict it.

[1:00:58] What current unknowns will seem shockingly obvious in a year?

[1:03:22] Which of our current views would change if our incentives were different?