9. Morgan Housel: The Psychology of Money & How to Become A Better Investor
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English - September 16, 2020 18:05 - 48 minutes - ★★★★ - 12 ratingsBusiness Technology listen notes listen later dailypod Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Episode: 9. Morgan Housel: The Psychology of Money & How to Become A Better Investor
Pub date: 2020-09-01
Podcast Notes Key Takeaways Money may not necessarily buy you happiness, but it can buy you freedom‘It’s using money to control your time and just waking up every day and being able to say, I can do whatever I want today.” – Morgan HouselIf you’re buying expensive things, like a Ferrari, to gain respect or admiration, just know that no one is as impressed with it as much as you are“A lot of people will think that those fancy things will give you respect and admiration but they actually don’t because people want those because they picture themselves sitting in the car” – Morgan Housel “What we see is what people have spent money on, that’s what’s visible in the world. The cars they drive, the homes they have, the things they’ve spent money on…Wealth though, is what you don’t see.” – Morgan Housel“If you’re talking about building wealth, it doesn’t necessarily matter how much money you make, it is the difference between what you make and you spend” – Morgan HouselIt doesn’t matter if you’re making $20,000 or $20 million, if you aren’t saving any of your income you won’t build wealth When Warren Buffett was 65, he had a net worth of about $3 billion. Today, he has a net worth of about $90 billion. That’s the power of compound interest.“The gains in the early years are nothing exciting, and then they get better, and then in the later years they just explode” – Morgan Housel“The reason he’s successful is because of time. Like he’s a great investor but his secret is time.”
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My guest today is Morgan Housel, the author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.
In his book, Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better financial decisions. In this episode, you’ll learn what money can and can’t buy, the difference between being rich and being wealthy, how 50% of your investments can go wrong but you can still make a fortune, what to do to become a better investor, and more helpful advice.
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