Attaching Your Identity to Unsustainable could be Dangerous

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#702: Morgan Housel — Contrarian Money and Writing Advice, Three Simple Goals to Guide Your Life, Journaling Prompts, Choosing the Right Game to Play, Must-Read Books, and More

The Tim Ferriss Show

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Attaching Your Identity to Unsustainable could be Dangerous

Attaching your identity to something unsustainable can be dangerous in life, whether it's a career, investing strategy, or relationship. Instead, focus on longevity and sustainability. Maximize for how long you can maintain something, rather than seeking immediate high returns or short-term gains. Live life at 80-90% potential to avoid burnout and ensure long-term success. This approach applies to friendships, careers, investing, and other habits. Strive for sustainability and longevity, rather than constantly pushing for 100% potential.

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Brought to you by Cometeer delicious hyper-fresh, flash-frozen coffee; Momentous high-quality supplements; and LinkedIn Jobs recruitment platform with 900M+ users.

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!

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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?