The Psychology of Money with Morgan Housel

Partner Deals Long Angle: Join a free private community for high net worth investorsBilt Rewards: ⁠Earn the most valuable points when you pay rentQuince: Affordable luxury essentials with free shipping + 365 day returnsFabric: ⁠Affordable term life insurance for you and your familyMasterClass: ⁠Learn from the world's best with up to 15% offFor all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals#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/ Partner DealsFor all the deals, discounts and promo codes from our partners, go to: allthehacks.com/dealsResources MentionedConnect with Morgan: Twitter | Website | LinkedInMorgan’s book: The Psychology of Money: Timeless Lessons on Wealth, Greed, and HappinessBenjamin Graham's Books: The Intelligent Investor | Security AnalysisEric 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 HacksAll the Hacks: Newsletter | Website | Membership | EmailChris Hutchins: Twitter | Instagram | Website | LinkedInEditor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.