In this episode, my guest is Morgan Housel), an expert in private wealth generation and management and author of the bestselling book The Psychology of Money). We discuss how desiring, pursuing, saving, and spending money impact our psychology and perception of wealth. We explore why people tend to either overspend or oversave and examine the most common mistakes made in the pursuit of financial freedom. Additionally, we discuss how to best use money — and one’s relationship with it — as a tool to create psychological security, freedom, and a deeper sense of life purpose.
We also delve into the impact of purchases, social media, and wealth signaling on our internal reward circuits, the dangers of using money as a gauge of career progress or self-worth, and the healthiest psychological stances to adopt while building wealth at any level. By the end of the episode, listeners will have gained numerous practical tools for making smarter financial decisions and should have a clearer understanding of the role money plays in their psychology, happiness, and life.
Access the full show notes for this episode at hubermanlab.com).
Pre-order Andrew's new book, Protocols: protocolsbook.com)
Thank you to our sponsors
AG1: https://drinkag1.com/huberman)
Wealthfront**: https://wealthfront.com/huberman)
BetterHelp: https://betterhelp.com/huberman)
ROKA: https://roka.com/huberman)
Function: https://functionhealth.com/huberman)
**This experience may not be representative of the experience of other clients of Wealthfront, and there is no guarantee that all clients will have similar experiences. Cash Account is offered by Wealthfront Brokerage LLC, Member Finra/SIPC. Promo terms and FDIC coverage conditions apply. Same-day withdrawal or instant payment transfers may be limited by destination institutions, daily transaction caps, and by participating entities such as Wells Fargo, the RTP® Network, and FedNow® Service. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer.
Timestamps
00:00:00 Morgan Housel
00:02:13 Sponsors: Wealthfront & BetterHelp
00:05:11 Spending Habits & Cynicism
00:08:44 Tool: Money & Future Regrets
00:16:07 Money Management Extremes; Credit & Hope
00:23:17 Money as a Tool, Happiness, Independence & Purpose
00:27:30 Sponsors: AG1 & ROKA
00:30:11 Unstructured Time; Independence, Identify & Money; Addiction
00:39:04 Longevity, Health & Money
00:47:42 Ambition, Social Media, Fame & Social Debt
00:53:37 Sponsor: Function
00:55:24 Resume Virtues vs. Eulogy Virtues
00:57:52 Compound Interest, Math vs. Behavior
01:01:42 Dopamine & Time, Marshmallow Test & Distraction
01:09:58 Motivation, Pleasure; Relationships
01:14:38 Freedom, Tool: Savings & Independence
01:19:06 Peak-End Rule, Autonomy & Independence; Elder vs. Elderly
01:24:07 Familial Wealth & Identity; Entrepreneurs
01:31:53 Life Purpose; Dogs; Social & Historical Comparison
01:39:58 Social Comparison & Geography, Angst
01:46:07 Carrot vs. Stick, Identity, Tool: Verb States & Energy
01:56:43 Envy & Spending Money; Wealth & Birth Rates
02:01:27 Tools: Parent Modeling; Resentment, Individual Goals
02:07:15 Purpose, Happiness & Money
02:13:05 Zero-Cost Support, YouTube, Spotify & Apple Follow & Reviews, Sponsors, YouTube Feedback, Protocols Book, Social Media, Neural Network Newsletter
Disclaimer & Disclosures)
