Get notified of any new episodes of the pod!
Morgan Housel’s fantastic book “The Psychology of Money” is a collection of stories on how we interact with our own money. I really enjoyed reading Housel’s book (for the second time!) because it contains many fundamental lessons on investing psychology. He emphasizes that the true wealth lies not in material possessions or lavish lifestyles, but in the freedom it affords us. The best thing money can buy us is freedom. Housel also describes that while we often fixate on high-flying investment strategies, the key to long-term wealth accumulation is actually prioritizing financial survival. By optimizing for survival and using a “how well you sleep at night” barometer, we’ll allow compounding to work its magic over time. I'm thrilled to share the memorable stories and lessons from The Psychology of Money!
----
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness - Morgan Housel
---- Please share with a friend or rate 5 stars if you enjoyed this episode! | Find me on Twitter @ReadnRepeatPod
----
Show Notes:
3:01 - History never repeats itself but man always does
7:25 - What seems crazy to you might make sense to me
12:08 - Never enough mentalities
16:44 - The best thing money can buy you is freedom
24:20 - Compounding is the 8th wonder of the world
29:01 - Survival is priority #1
32:51 - Optimize for how well you'll sleep at night
37:43 - Volatility is the price we pay for market-level returns
40:39 - Stories sell stocks
48:45 - Tails drive everything
54:05 - Morgan Housel's personal money management strategy: independence & simplicity above all else
