111. Morgan Housel – The Psychology of Money: Building Wealth by Minding the Ego

Morgan Housel is a Partner at the Collaborative Fund and author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. He is a former columnist for The Motley Fool and The Wall Street Journal and has received several accolades, including the New York Times Sidney Award. In addition to his authorship, Morgan has presented at over 100 conferences in different countries, using storytelling to explore behavioral finance and history, how investors deal with risk, and how we can think about risk in a more productive way. Morgan joins me today to explore the highest form of wealth and the psychology that drives how we spend our money. He defines what a savings rate means and explains how one can build wealth without having a high income. He differentiates making reasonable financial decisions from making rational ones and describes our emotional relationship with money. He also illustrates the economic and social dynamics that occur underneath challenging events in the United States and reveals some surprising facts about money and financial trends in the country. “Your savings rate is the gap between your income and your ego: how much you’re making and how much you’re able to suppress your desire to impress other people.” – Morgan Housel This week on The School for Good Living Podcast: The “end of history” illusion and how the things we consider as meaningful change over timeThe definition of savings rate and creating wealth by being mindful of the egoThe highest form of wealth and what the FIRE movement missesHow independence and freedom exist on a spectrumThe power of writing for yourself instead of writing for an audienceUnderestimating the role of luck in life and the importance of introspecting about greedHow our economic and social standing in life affects our notions of money and spending habitsThe psychology behind Americans’ massive spending on lottery ticketsWhy people can’t be totally rational with their money and what it means to be reasonable with our financesThe secrets of Warren Buffet and the impact of time on investments and building wealthHow 2020 exacerbated the widening income inequality in the United StatesThe worst and best money decision Morgan and his wife ever madeResources Mentioned: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan HouselThe Big Change by Frederick Lewis AllenConnect with Morgan Housel: Collaborative FundMorgan Housel WebsiteMorgan Housel on TwitterMorgan Housel on LinkedInSubscribe, Rate & Share! Thanks for tuning into this week’s episode of the School for Good Living Podcast, with your host, Brilliant Miller. If you enjoyed this episode, please head over to Apple Podcasts to subscribe and leave us a rating and review. Don’t forget to visit our website, like us on Facebook, and follow us on Twitter, Instagram, and LinkedIn. And be sure to share your favorite episodes with your friends and colleagues on social media to inspire others to improve their lives and reach their full potential.The post 111. Morgan Housel – The Psychology of Money: Building Wealth by Minding the Ego first appeared on School for Good Living Podcasts.