The Psychology of Money w/ Morgan Housel

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 9 August 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

#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 hack 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. Link to Full Show Notes: https://www.allthehacks.com/psychology-of-money-replay Partner Deals Pacaso: Free early access to listings and $2,500+ in closing credits DeleteMe: 20% off removing your personal info from the web Notion: Try Notion AI free to automate tedious tasks and streamline your work Vuori: 20% off the most comfortable performance apparel I've ever worn LMNT: Free sample pack of my favorite electrolyte drink mix For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals 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 Hack You Need in Your Life Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor’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.

Transcript

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0:00.0	Hello, and welcome to another episode of All the Hacks, a show about upgrading your
0:05.7	life, money, and travel.
0:07.4	I'm Chris Hutchins, and as some of you know, I'm working on an idea for a book right now
0:11.0	about the principles of an optimized life, and it'll be no surprise that money fits into
0:16.0	the book a bit.
0:17.3	And one of the things I was doing as I was brainstorming that topic was going back
0:21.0	and listening to some older episodes I did on money, investing, personal finance, and
0:25.8	one of those episodes really stood out to me.
0:28.0	It was episode number six, with bestselling author Morgan Housel on the psychology of
0:32.4	money.
0:33.4	For those not familiar with Morgan, he's a notable blogger, former columnist at the
0:37.2	Motley Fool in the Wall Street Journal, and a partner at Collaborative Fund.
0:40.8	Now what stood out to me about that episode was that even though I did the original interview,
0:45.2	and then I edited the entire interview, and then I listened to the final version before
0:50.2	I released it.
0:51.7	When I listened to it again last week, it was so good, I picked up on things that I either
0:56.2	missed the first few times or have forgotten since then.
0:59.6	And in that conversation, we talked about behavioral finance, investing, dealing with risk,
1:04.0	and approaches you can take to be more productive with your money.
1:06.8	In fact, I enjoyed re-listening the episode so much, I suggested my wife Amy listened
1:11.2	again, and she had the exact same reaction.
1:14.2	So since it's been two years, I know many of you have never even heard that episode,
	...

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