The Psychology of Money with Morgan Housel

#128: Renowned financial columnist, Morgan Housel joins for a deep dive into the psychology of money. We discuss the mindset of winning investors, new ways to deal with risk and strategies to achieve financial independence, including tips to build up cash, the most essential financial trick that everyone needs to know and more. (This episode originally aired in June 2021, but I really enjoyed re-listening to it and thought you would too).

Morgan Housel (@morganhousel) is the bestselling author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. He's also a partner at Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.

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Resources Mentioned

Morgan Housel: Twitter | Blog | Website | LinkedIn

• Morgan’s Book: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness

FIRE Movement Documentary: Playing With FIRE

Benjamin Graham's Books: The Intelligent Investor | Security Analysis

Eric Johnson's Book on Nazi Germany: What We Knew

Jason Zweig’s Column on WSJ

Full Show Notes

(03:21) What Drove Morgan to Write ‘The Psychology of Money’

(04:28) Finance on Paper vs. Finance in the Real World

(07:35) The Ultimate Goal of Learning and Mastering Money

(09:55) Financial Independence as a Spectrum

(15:07) Building Up Cash: To Save More or to Earn More

(18:11) Tactics to Stop Wanting More

(21:56) The Extremities of the FIRE Movement

(24:07) Why People Become Irrational with Money

(30:23) The Impact of the 29-Year Recession Gap in Australia

(33:45) The Best Way to Learn from History for Risk Tolerance

(43:43) An Analysis of the Best Performing Mutual Funds

(48:52) How Overconfidence Can Lead to Trouble

(51:39) Ways to Educate People about the Basics of Finance

(55:18) The Volatility of Cryptocurrency

(56:20) The Most Overlooked Aspect of Behavioral Finance

(57:42) The Only Financial Trick You Need in Your Life

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