Morgan Housel – The Psychology of Money (EP.06)

Podcast Notes Key Takeaways The psychological element of money is the reason it’s taboo, emotions like embarrassment and ego are involved with what people do with their moneyOne exception is wealth fund managers who don’t invest personal money in the fund they manage – This is mostly a red flagMoney and sports are non-violent forms of figuring out where you stand in societyThe best value money can provide to you is the freedom to control your time and do whatever you like, this brings lasting happinessAs you get more successful, the goal post keeps moving, and you keep chasing itThe most important financial skill: Getting the goal post to stop movingWhen choosing your life’s partner, it’s important to be in sync about your expectations and style of livingThe behavioral side of investing is the most important: learning about your emotions, your endurance and how you deal with volatilityPut simply: It doesn’t matter if you are the best stock picker in the world if you panic in an economic crisisAdvice for fresh college graduates – Learn about 2 topics: health and money – here is why:They will have big influence on your life whether you are interested in them or not

Read the full notes @ podcastnotes.org

In this episode of Infinite Loops we spoke with Morgan Housel, a Partner at the Collaborative Fund. Our conversation covered:

The content of Morgan’s upcoming book Whether money is the ‘last taboo’ Money as a hierarchal system What shapes the role of money in different societies Investor psychology and self-inflicted problems

If you’d like to pre-order Morgan’s book, you can find more information here: https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681