99% Of People Listening to This Will Stay Broke - Will You Be The 1% That Builds Wealth? | Morgan Housel PT 1

Tom Bilyeu's Impact Theory

Impact Theory

Education, News, News Commentary, Philosophy, Technology, Society & Culture, Business, Self-improvement

4.7 • 5.1K Ratings

🗓️ 14 November 2023

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Caught in the seemingly endless cycle of the rat race? Feel like your financial future is on shaky ground? If so, part one of our two-part series with Morgan Housel is an absolute must-listen. We kick off our conversation by diving into the depths of the wealth creation process. It's not about outsmarting others; it's about avoiding common financial pitfalls. I'm excited to have Morgan Housel, a renowned author and financial behaviorist, join us for this insightful discussion. Known for his unique perspectives on personal finance and wealth creation, and his bestselling book, "The Psychology of Money," Morgan will share a simple yet potent formula for building wealth and overcoming financial insecurity. This episode is more than just a guide to wealth accumulation; it's about understanding your desires, abilities, and risk tolerance - crucial components of Housel's wealth creation strategy. He simplifies the often complex world of compounding interest with easily understandable principles. We all yearn for financial independence, but often find ourselves seeking step-by-step instructions to achieve it. The path to wealth, although straightforward, is clouded with societal expectations and envy. Tune in now to begin your journey towards financial freedom! Check out Morgan’s latest book, Same As Ever, A Guide to What Never Changes: https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709 Follow Morgan Housel Website: https://www.morganhousel.com/ Twitter: https://twitter.com/morganhousel Instagram:https://www.instagram.com/morganhousel/ Podcast: https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669 Follow Tom Bilyeu: Website: https://impacttheoryuniversity.com/ Twitter: https://twitter.com/TomBilyeu Instagram: https://www.instagram.com/tombilyeu/ SPONSORS: Get $150 OFF your incredible Cold Plunge tub when you use code IMPACT at https://bit.ly/PlungeImpact Sign up today at https://bit.ly/ButcherBoxImpact and use code IMPACT to get a FREE TURKEY plus $20 off your first order. This episode is sponsored by BetterHelp. Give online therapy a try at https://bit.ly/BetterhelpImpact and get on your way to being your best self. Learn a new language and get 55% off at https://bit.ly/BabbelImpact. Are You Ready for EXTRA Impact? If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. Subscription Benefits: Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more New episodes delivered ad-free Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: Legendary Mindset: Mindset & Self-Improvement Money Mindset: Business & Finance Relationship Theory: Relationships Health Theory: Mental & Physical Health Power Ups: Weekly Doses of Short Motivational Quotes Subscribe on Apple Podcasts: https://apple.co/3PCvJaz Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	The odds of you dying broke are extraordinarily high.
0:03.2	Making money is not about being smart. It's about not doing dumb things.
0:08.1	Dumb things that virtually all of you are going to do.
0:11.2	But if you want to beat the odds and all but guarantee you'll die rich,
0:15.4	there is a really simple formula to follow. The question is, will you be able to do it?
0:20.4	I'm joined today by best-selling author, Houseall and we're going to lay out the
0:24.6	formula for wealth creation. The single biggest problem is figuring out what you want,
0:31.8	what you're good at, what your risk tolerances, and that's going to be a very unique
0:35.8	answer for you. And I always cringe whenever there's any kind of financial
0:40.0	content on TV or online or on YouTube where it says you should do this and like who are you
0:46.6	talking to you talking to a 17 year old day trader are you talking to a 95 year old
0:50.7	widow are we gonna pretend like those are the same people with the same
0:53.5	goals? And a big part of this is I feel like a lot of financial debates when people
0:58.4	saying you should do X, no no you should do Y, they're not actually disagree
1:02.0	with each other.
1:03.0	It's people with different goals and different time
1:05.1	horizons talking over each other.
1:07.2	And so so much of the psychology of money
1:08.9	is looking in the mirror and being introspective
1:11.9	into saying,
1:12.9	who am I, what do I want, and what's the best path for me.
1:16.6	And one of the most dangerous things that you can do
	...

Transcript will be available on the free plan in -500 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Impact Theory, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Impact Theory and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.