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#6: Renowned financial columnist, Morgan Housel talks with Chris about the psychology of money. They discuss the mindset of winning investors, new ways to think about risk, when to hold cash vs. invest, and how you can stop wanting more and focus on your own financial independence.
Morgan Housel (@morganhousel)) is a partner at Collaborative Fund) and a former columnist at The Motley Fool and The Wall Street Journal. He is also the author of the bestselling book The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness).
Full show notes available at: https://www.allthehacks.com/psychology-of-money-morgan-housel/)
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Resources Mentioned
Connect with Morgan: Twitter) | Website) | LinkedIn)
Morgan’s book: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness)
Benjamin Graham's Books: The Intelligent Investor) | Security Analysis)
Eric Johnson's Book on Nazi Germany: What We Knew)
Full Show Notes
(01:22) What Drove Morgan to Write the Book?
(03:58) Contrasting Finance Education with Real-World Application
(05:44) Unveiling the Highest Form of Wealth
(07:18) Exploring Financial Independence as a Spectrum
(10:28) Building Wealth: Balancing Saving and Earning
(12:30) The Paradox: Why People Dislike Saving Money
(13:36) Curbing Desires: A Strategy for Specific Individuals
(17:20) Extremes of FIRE: Striking a Social Balance
(19:34) Unraveling the Mysteries of Irrational Money Behavior
(22:16) Active vs. Passive Investing: Can You Embrace Both?
(26:52) Understanding Your True Risk Tolerance
(32:34) Embracing Fallibility and Liberating Yourself from Perfection
(36:25) Staying the Course: Making Multiple Calculated Bets
(38:51) Framework for Learning from Financial Mistakes
(39:30) Multidimensional History: Acknowledging Different Perspectives
(41:26) Learning from History: The Best Approach
(44:41) Reimagining Education: Shifting Curriculum Focus
(46:54) Parental Role: Nurturing Financial Education in Kids
(49:04) Delving into the Overlooked Aspects of Behavioral Finance
(50:47) The Singular Financial Hack You Need
Connect with All the Hacks
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Chris Hutchins: Twitter) | Instagram) | Website) | LinkedIn)
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