#287 - Why Wealth Matters

Only the first 50 minutes of this episode are available on the paywalled podcast version (the BLACK podcast logo). If you’d like to hear the full 2 hours and 7 minutes of this episode and gain access to all full-length episodes of the podcast, you’ll need to SUBSCRIBE here. If you’re already subscribed and on the private RSS feed, the podcast logo should appear RED. Sam Harris speaks with Morgan Housel about the psychology of money and investing. They discuss how personal history shapes one’s view of economic risk, the implications of not understanding the future, being rich vs being wealthy, how we measure success, the problem of social comparison, happiness vs life satisfaction, saving and investing, Warren Buffett and the power of compounding, rational vs reasonable decisions, the role of luck, optimism vs pessimism, dollar-cost averaging, and other topics. Morgan Housel is a partner at The Collaborative Fund. His book The Psychology of Money has sold over 1.9 million copies and has been translated into 46 languages. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He serves on the board of directors at Markel and has presented at more than 100 conferences in a dozen countries. Website: morganhousel.com Twitter: @morganhousel   Learning how to train your mind is the single greatest investment you can make in life. That’s why Sam Harris created the Waking Up app. From rational mindfulness practice to lessons on some of life’s most important topics, join Sam as he demystifies the practice of meditation and explores the theory behind it. If the Making Sense podcast logo in your player is BLACK, you can SUBSCRIBE to gain access to all full-length episodes at samharris.org/subscribe.