What Nobody Tells You About Getting Rich (ft. Morgan Housel)
HTML-код
- Опубликовано: 5 июн 2024
- Everybody wants to get rich. But is the pursuit of wealth really about the money, or are we actually chasing something much deeper?
These are just a couple of the fun ideas I toss around in this episode with Morgan Housel, New York Times Bestselling author of the smash hit, The Psychology of Money, which has sold more than four million copies worldwide.
We’ll dig deep to uncover our relationship with money, answer the timeless question “Will getting rich make me happy?” and share some of Morgan’s best investing tips.
So put away your spreadsheets, step away from the credit card, and for god’s sake stop trading crypto for five seconds, and settle in for this one. We might just make you filthy rich.
---
"Morgan Housel is a partner at The Collaborative Fund.
He's the author of The Psychology of Money, which has sold over four million copies, and The New York Times Bestseller Same As Ever: A Guide to What Never Changes
He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel."
00:00 Introduction
01:34 Why we attach so much moral value to wealth
9:10 Does earning or losing a lot of money change a person?
18:21 How social media has changed our understanding of investing
25:04 How the success of Morgan’s book changed his life
31:56 Does having more money make you happier?
36:40 How money changed Morgan's politics
37:17 What to teach your children about money
44:52 The beginning of Mark's and Morgan’s writing career
49:30 “Same as Ever”
55:39 The best and worst thing about you
58:48 Fuck, Marry, Kill
Theme Song: "Throne" by Bring Me The Horizon
License ID: RoLn69jnLpm
lickd.lnk.to/rg0NtqID!Mark+Ma...
/ markmanson
/ iammarkmanson
/ markmansonnet
/ markmanson
/ iammarkmanson
![Eminem - Houdini [Official Music Video]](http://i.ytimg.com/vi/22tVWwmTie8/mqdefault.jpg)
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , inveesting remains a priority. I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
Fantastic! That sounds wonderful. How can I get in touch with your financial supervisor?
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Gee willikers! I’m so thankful for coming across this pertinent information. Thank you dear citizen of the interweb. I now can provide for my family and feed all the children in Africa!
"When bankers get together, they discuss art,
when artists get together, they discuss money."
-Oscar Wilde
Glass looks greener on the other side proverb has been proven correctly for over two millennial and still does!!!
@@Durra13please don't outsource your vocabulary and by extension self awareness to spell check, it's "grass" not "glass".
inedeed
@@Leonmellingen Don't invest in crypto. Crypto is a losing game for most.
@@LaureanoSantander No, don't invest in crypto. Crypto is gambling, not investing.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal".
'...don't have $500 for an
emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
I believe everyone could benefit from having a personal financial advisor. They can assist you in reaching your customized financial objectives at any point, ensuring you remain profitable.
You can glance his name up on the internet and verify him yourself. he has years of financial market experience...‹>
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
This just seems to be a group of individuals with a pathological pursuit of money and of a few who get to it and then talk nonsense to make more money at a passive level, telling others being pathological about expecting as much money for you and urs is not it..Deceptive much? While he sits on 50 mil yatch...and our clicks pay for the gas and payments...Everything about money and so called capitalism is a lie and deceptive
I'm a 52-year-old QA Specialist at Confluera, with an annual income of $150,000. Although I do have a retirement account, I'm keen on exploring short-term investment opportunities as I prepare to shift to part-time work in the near future. What would be the most suitable strategy to achieve my goals?
It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.
After becoming disabled due to an accident, I gained this knowledge. I sought assistance from a financial planner who crafted a plan for me to sustain myself through dividends from my investments. Apart from the disability check, I generate sufficient income from home, allowing me to live comfortably with her support.
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I'm impressed with the recommended advisor's prompt response and expertise. Their clarity and professionalism instilled confidence from the start. Excited to explore opportunities together!
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Amazing. It gets quite difficult to handle all of this, and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth in the past two quarters.
This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets.
I’m intrigued by your progress. Could you share some insights into your investment strategy or perhaps recommend any specific resources or mentors that have led to your success.
Given the current uncertain circumstances, it's crucial to grasp effective financial management, prudent investing, and adeptly maneuvering through economic downturns. However, my main focus revolves around boosting my stagnant reserve of $240k, which has remained idle for far too long with minimal to no growth. While I'm committed to the long-term approach, the erosion of my savings due to inflation and the daily depreciation of my portfolio demand immediate attention and a solution.
Should you seek guidance, consulting a financial advisor is advisable. While you're capable of managing on your own, financial advisors possess extensive knowledge and expertise in this domain.
The role of advisors is frequently overlooked until individuals suffer the consequences of their emotional biases. Recalling a couple of summers ago, amid the turmoil of my lengthy divorce, I found myself in dire need of assistance to stabilize my struggling business. This led me to seek out licensed advisors, eventually connecting with an exceptionally qualified individual. Through her guidance, my savings not only weathered inflation but also surged from $275k to $850k.
Please who is this consultant ?
'Laurelyn Gross Pohlmeier' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I conducted an online search for her complete name and located her page. I sent an email and arranged a meeting with her; now, I wait in anticipation for her response.
I was a personal trainer, I worked in gym that catered to upper class and upper middle class families. I had a client named Ahmir, he made in a week what I made in a year. Ahmir did nothing but stress and complain about money. He told me once "when I was your age all I wanted was a Mercedes, now I have 5 and I hate them."
He was chasing money and lost himself. I want his wealth because I know how to use it better.
10:08
Comparing people 20yrs prior to their billions 😂 everyone changes -with or without money.
Ahmir was widely regarded as a cock, even by his nearest associates. You’ve clearly moved on. Ahmir; still a cock!
still... I bet he didn't give them to you or away!!
Money is not the problem. It's perspective.
Because he’s stupid
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Most people dream of being millionaires, but not everyone knows how to build lasting wealth. Wealth gives you freedom from waiting for delayed trains, soulless jobs, financial stress, and more. So go out there, buy your financial freedom, and enjoy life! Have a great life! Cheers! I don't think I could retire with less than $3 million in income-producing investments. I have already achieved 60% of my goal.
Everyone needs to hear this, you need to create your own process, manage risk and stick to the plan, thick or thin, while continually learning from mistakes and improving.
"A good process" is all that is required. When I needed a good push to assist my firm stay afloat, I went to a fiduciary CFP. So I sought for financial advisors and found someone who did their homework and helped me build my reserve from $75,000 to almost $850,000 so far, despite inflation.
I'm delighted I came across the topic at hand. Could you please tell me how I can get in touch with the Financial Planner who assists you with your investments, if you don't mind?
I started out with a CFP called "THERESA DANA PEEK". Her honest approach gives me complete ownership and control of my position, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a CFP.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Wealth to me is freedom to choose (not just among material things)
Yet now you've got no choice but to choose, are you truly free from constraints?
@@DomFortressMind. Blown.
@@colinrussell2017 not really, the video did mention that the complexity of wealth is that now there's more problems that only money can fix, and more entitlements within our social circle, even though all that money really just social status symbol, it doesn't make us smarter, wiser, and whatever "happiness" we can afford now won't last.
Mother nature will always dictate MOST of our choices, so no, we are never truely FREE @@DomFortress 🔥
agree
It’s only excruciating if you’re trying to hold onto what’s never meant to be eternal… I’m a nurse. I catch babies being born, and I hold grandma‘s hands while they take their last breath. The people that leave this world understanding that that is part of the deal, don’t struggle with it. And I think the same is true about money. The people that think they can hold onto it forever experience pain if they lose money. Everything around us, including ourselves, is impermanent.
I love this! So many people try so hard to keep control of things they can’t!
What a great perspective. Thank you, for sharing.
Great point. Been thinking about this myself. Everything changes; things become hard when we try to get in the way of that. 😅
Buddha would agree. He taught that all conditioned things are impermanent.
you sound like someone who has read the Holy Quran
Mark and Morgan are beyond amazing. Riches has no shortcuts, do this.
”When your finance is ignored, lncome will relatively be unchanged.” The Rich attain wealth cause they seek the aid of finance Pro(s) to attain wealth but claim to do it aII themselves.
”Don’t lay your eggs in a basket.” l attained weaIth by varying options with the aid of my finance pro. and so far have attained so-much in my finances. Give this a try and attain wealth
sear ch the full name below, lf you care to attain weaIth.
Rebecca Martin Watson
i’m amazed to partake on this, lt has rekindled the fire to my finance goal
Speaking from a $400+m net worth of experience, new or existing lnvestors that wants to get so rich just need to learn how to diversify their investment portfolio. Like spread your investments across different asset classes to manage risk. Then with growth strategy, focus on capital appreciation through high-risk, high-reward assets. With Income-oriented strategies, target regular income from dividend stocks or bonds. Works the magic!
And It's not even that hard to do. Maybe too rigorous for the regular-Joe, yes, but thats why its advisable to consuIt with good a market strategst.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $740k, generating sufficient dividends for my household's needs.
@josephbush I'm in a similar position at the moment. more info needed please
She goes by 'Heather Lee Larioni'. I choose to delegate my excesses to her because of her great expertise. I suggest you look her up. To be honest, almost didn't buy the idea of letting someone handle growing my finances, but so glad I did!!!
Thanks for this. Found her and looked through her credentials before contacting her. Once again many thanks.
Becoming wealthy is truly transformative. It reshapes your interactions both with others and yourself. Your values and priorities undergo a profound shift. It's akin to claiming that assuming the role of president wouldn't alter you. Your choices impact a multitude of lives and circumstances. Simply being more candid with others due to newfound ability is a transformative shift.
For me, confidence has surged, fear of expressing my thoughts has diminished. I now have the liberty to support various causes, individuals, or organizations. Possessing the means to replace items if they're damaged, stolen, or lost has made me less attached to material possessions. I've realized they don't yield the happiness I once thought. Essentially, I require less, desire less, and feel liberated. Money serves as a safety net, alleviating concerns about fines or accidents. I now treasure intangibles-health, well-being, love, friendship, and time-things money can't buy. Embracing the freedom money offers has been a source of joy and appreciation. Losing it all and reverting to a life of compliance, careful words, and respect rooted in financial dependence would be devastating.
Very good summary.
As a way to help teach savings, I offered my daughter a car-match - whatever she could save for her first car I would match. Be careful if you do this - she ran with the idea! Got a summer job and didn't spend a thing, saving thousands quickly. I was glad she found a car she liked early or I would have ended up needing to take a loan out just to cover what I promised. She settled on a used Corvette... and is now learning about insurance :-)
🤣
Good idea
This is such a valuable talk, Mark. I love the part about not spoiling your kids. My dad did a similar thing by making me pay a realistic rent as soon as I got my first job right out of high school. It sucked so hard, but it stamped into me the pain of the cost of life. Now I wish he was alive so he could see how I benefitted from the lessons.
Interesting. And yeah, that was the best part
The best way not to spoil your kids is to give them everything they need and make them work for what they want (except for birthdays and Christmas :) but your gifts may be "spoiling" your kids because its a gift that many other parents cannot afford easily. You then make sure to have conversations with them about wants vs needs. Have them save up for their first car. Make deals with them.
it's funny, "spoiling" a kid seems very subjective. I felt like I was a bit spoiled as a kid cus I got a Wii when it came out and an xbox 360. But I had to pay for driving lessons and a car myself (so I had to get a job before I could drive). I have no idea what I've learnt from any of that 😂
The best way not to spoil your kids is to not have them.
@@EasyTiger.01343 The most extreme case of not spoiling your child, deprive them of life in the first place, savage 😂
@@whitenbald One can’t “deprive” something of life if it never existed. But top marks for taking time to highlight the plight of, as yet unconceived children! You’ve possibly ignited a new and fast growing activist niche 🎖️🎗️👍🏻
@@EasyTiger.01343
You are adding zero value, both in this comment thread, and in the world, lol.
Don't chase after things that aren't sustainable.
Losing something is always more painful than never having it in the first place.
My wife and I recently visited some friends that are VERY rich. The thing that struck me the most is that with as much as they have, they aren't any happier than us. They were also kind of lonely.
The difference is they have time to find happiness the others do not, they have far fewer safety nets and options
I very rich friends who ARE happy and arent lonely, what do you say to that? Your point means mothing
@@JohnStockton7459 lol
Maybe you have a bias to seeing that unhappiness or sadness. But even if not, that doesn’t mean you shouldn’t get rich
@@LittleTimmyO I never said that. I’m just pointing out that financial success isn’t enough to make you happy on it’s own. My wife and I are financially well off enough to not have to worry, and that contributes to my overall happiness, but I don’t think suddenly having more money would make me any happier in the long run. Our rich friends are happy, even joyful, but they did admit to feeling isolated at times because it’s tough to figure out people’s intentions. I’m not saying that’s always the case, but I suspect it often is.
Making a million box is easy. I made a couple of millions trading in 2022. What is hardest is making your first million. Don't give up but ensure to take the right steps as each financial decision you make can make or mar your finance. Peace
I started investing about 2 years ago. But with the way things are going, I honestly do not see my self making a million box anytime soon. I trade on stocks but my profit and loss margin are grossly miles apart
It is very possible for you to achieve your financial dreams but it is also not unusual for you to lose money in the short term. Investment values go up and down, rather than run away if your investment value drops, investment takes patience. Also, you are most likely to succeed if you seek the services of an investment advisor. It will help you build a better diversified portfolio
Can you leave the info of your investment advisor here? I’m in dire need for one.
Usually i don't respond to this type of comments as people always think its always spamming around here. Deborah Jean Dykstra is my coach, i did look her up and she is registered under various regulatory bodies.
Deborah really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
Morgan was always a great read on The Motley Fool. Smart dude.
As a father of young children, helping my boys experience/understand delayed gratification is crucial. Realizing how to understand the difference between needs and wants is fundamental.
There's a lot of reasons to not tell or show off money. Keeping the ego out of it, plus all the thieves and haters, why would I want anyone to know? Eventually it will become known but staying on the down low will drown the weeds out.
There is a saying: “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
This video hits the head on the nail
Thank you!
Hard times create strong slavs
Strong slavs create hard times
Hard times create strong slavs
I've never heard a more obviously false, stupid statement repeated by so many brainless sheep as that one.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
I don't think I need a finance advisor. I can manage my own money and investments. I don't want to pay someone else to tell me what to do with my hard-earned cash.
That's a risky attitude, My friend. You might be missing out on some valuable opportunities and strategies that a finance advisor can offer. A finance advisor can help you plan for your short-term and long-term goals, optimize your tax situation, diversify your portfolio, and avoid costly mistakes.
I agree with You. A finance advisor can also provide you with objective and unbiased advice, especially when you are facing emotional or stressful situations. They can help you stay on track and avoid making impulsive decisions that can harm your financial future.
I used to think like you. I thought I knew enough about finance and investing to handle everything myself. But then I realized that I was spending too much time and energy on researching, analyzing, and monitoring my finances. I was also overwhelmed by the amount of information and options available. I decided to hire a finance advisor and it was one of the best decisions I ever made. They saved me a lot of time and money, and gave me peace of mind.
how did you find a good finance advisor? How do you know if they are trustworthy and competent?
Top Moments for me. Hence I can come back to this video and rewatch them. 39 Key Points for me to look back upon.
1) 1:38 humans are wired for status not happiness [oh my goodness. Hence W is the other way round]
2) 2:31 money is the scorecard for many people. Anxiety in society. It is all relative. Pull up to traffic lights in a fancy car.
No one cares because everyone nearby has one. They all cost more than yours.
3) 4:18 I value humour and wisdom. How do you measure this? You can’t [yes you can. Track every joke.
When talking to someone, when they say wise words, write it all down.]
4) 4:41 Measurement invites comparison. Be careful what you measure. [External metrics can be harmful]
5) 5:55 People chase what is so easy to measure [ chasing the wrong metrics. People compare all the time. This is toxic. Hamster wheel. ]
6) Audience capture 6:33 reflect back to public what they want to hear.
7) Longevity 7:24 I am not interested in anything that is not sustainable. If I cannot do this forever, I am not interested. Wow.
8) 8:59 What is sustainable is what you should be chasing. Hence title of his book ‘Same as Ever’
9) 10:58 Once you have ‘fuck you’ money and ‘fuck you’ status, your personality comes out.
10) Dopamine 11:35 it is just this neuro-chemical we are chasing. I have $100. Now I have $200.
[Connect this to Andrew Huberman: the currency that we all care about is dopamine. It is not money.
It is the feeling of pleasure when we do tasks. Dopamine can be released by us doing many things.]
11) Joke. Oh my goodness. 13:13 If Bill Gates [100 billion] woke up with Oprah’s money [3 billion], he’d jump out the window.
12) Perspective Story Money by Jimmy Caynes: Bank is Bear Sterns: Before he was worth 1 billion.
After Bear Sterns went bankrupt in 2008, he is worth 100 million. He lost 90% of his worth.
He said: When you go from 1b to 100m, it is only your heirs that suffer. This is phenomenally brilliant. This is such a rare response.
13) Wisdom Social Currency: 18:12 People do not want new info. They want their view validated by others. 18:50 Choose your own adventure.
14) 21:31 No point trading. Index fund long-term
15) 22:50 Over-confidence effect. Barrier of entry is too low. Hence everyone thinks they can do it.
16) 23:33 Because luck exists, people think they can do it. Life lesson: careful if you get lucky early on.
17) Long Term Success 26:00 Every parent’s goal is not to raise good kids, but to raise good adults. I want my kids to be good functioning adults.
A way to do that is if they really value a dollar. They will not do this if we spoil the hell out of them.
18) Money made me less happy 27:27 According to Mark, it made him less happy as it made his life more complex. This leads to the Hidden Costs of Wealth 28:28.
19) Social Debt 29:00 with every dollar of wealth, you get social debt. People expect u to pay at dinner. Professional 19-year-old said this astute idea:
When you sign a 10 million dollar contract, when you grow up in poverty, this is not your money. It is your mum’s money, your dad’s your friends, all the people who helped you’s money.
20) Uncountable: 30:27 it is easy to count your net-worth but social debt is obscure. People don’t even know it.
21) Timeless Advice: Your life is better, simpler, you are happier if your life is less complex.
22) Wrong Word: 32:28 It is not that money cant make your life better. Happiness is the wrong word. The right word is contentment.
23) Reversal Language Application: Old Man Manson: 32:58 Money does not buy happiness. It buys away unhappiness. [1 of the top things I’ve learned so far]
24) Wealth shift: 34:03 Wealth moves your problems from external to internal. MH: There is an ideal net worth. Beyond this, life becomes too complex.
In Warren’s biography, he devoted all of his time to picking stocks at the expense of his relations with people. Among the 10 richest people, 15 have had divorces.
If you are that successful in your career, your life is too complex.
25) 80/20 advice on money for Morgen’s children: RUclips markets to my son 37:00 and his lists of wants is enormous. [this is gigantic self-awareness by Morgan].
When kids watch Mr Beast, their definition of success is giving away money and driving cars.
Lots of the internet is geared to materialistic wealth whereas I grew up on Ninja Turtles. My son lives such a good life. But he does not know it because his expectations are too high.
It is not enough because this other kid has something else. When I saw this, I know how easy it is to spoil them. I can see tinges of my son become spoiled too quickly at 38:05.
26) Money Mind 41:53 if you have this from age 5, no one needs to tell you to save and invest. 42:24 At 16, I was saving half my pay-check and I was not sure why.
27) Incentive to want books 44:00 Mark’s parents would only buy him books. Hence this incentivised him to want books because they were free. [This is so clever].
28) Morgen’s Arc: I had the opposite education experience. Competitive skier. 46:20 Right complement by the teacher in the right moment.
Psychology class. 46:40 It is easy to underestimate what the right complement can do for a person to push them in the right moment.
29) Counter-teacher comment 48:00 There is a counter.
It is easy to underestimate if you are a teacher that you should not tell a student ‘you are not good enough’ because this hurts their confidence.
30) 49:42 Focus all your efforts on what will not change. 50:04 Jeff quote
31) 51:20 Psych of money is solo. Same as ever is for our collective. It was so much fun to write
[Wow. Vital to hear this from Morgan. If the journey was fun, the outcome should be fun for the consumers]
32) Schopenhauer 51:59 The wise have said the same. The fools have done the opposite.
33) Mark 52:36 What will be the new paradigm? People value connections to others.
34) Leverage and Respect 54:29 A book is 1 to 10 years of someone’s life. Whenever I walk into a shop, you can see all the effort put in.
35) Best and Worst thing 55:39 about someone = Warren is a stock picker but family life was not optimal.
36) Honesty 55:25 I am a people-pleaser. I hate confrontation. I go out of my way to please everyone around me.
37) Bitcoin brings out the worst in people 59:35 in the majority of people. I have watched myself get sucked in to the crypto world.
38) 1:01:35 dollar cost average for decades. This is my plan. Polygamy for all of them.
39) Compliments: I have admired you for years as a writer 1:01:55. Mark read this in one sitting 1:02:10
Incredible video by Mark and Morgen !!
That story of your dad charging you interest on your allowance at age 6 is legendary, your dad is the GOAT.
Correct me if I'm wrong, but people still get degrees when you can learn everything online not for "status", but simply because you can't present a list of RUclips videos you've watched to a company and get hired...
Most people equate money with freedom, but most things that generate money come with a lot of responsibility which limit your freedom (unless you win the lottery or get lucky with some meme stock). I’m in the fortunate position to run a successful company and own 3 properties, but I can tell you, the amount of time that goes into managing all that, it’s a lot of of work. Don’t underestimate that in your pursuit of money.
Thanks for sharing buddy.
It's true, i know this from reading my bible but i have not put 1 & 2 together.
People want freedom. Anyone who hasn't worked an 8hr job, 5 days a week, for years on end with no end in sight understand that money will give them freedom and make them happy.
That's what morgan doesn't undertand as he has never worked a 9-5 job in his life
Contentment is a state of mind that has got nothing to do with money. Sure it may help up to a level, but contentment can come without money. And that contentment is true wealth.
«Psychology of Money» and «The Subtle Art Of Not Giving A F*ck» altogether giving us crazy valuable video!
YOU ARE LEGEND 💪
My two favorite authors in one podcast?! I wish this was twice as long!
Tadashi, I am actually feeling quite the opposite. My attention span has become so less that even though I love both of these authors and the podcast, I still wish it remains less than 40-45 minutes.
But steadily I am increasing my attention span, because craving information in the shortest duration possible is unhealthy
right! i'm surpirsed too! hope they will make another one!
I absolutely loved this. Between the discussions around the futility of trading and pico seconds to "social debt" which I've never heard articulated so fucking well... and nailed it. Thoroughly enjoyed this. Please bring Morgan back.
Me watching this knowing it will never apply to me.
It’s not about getting rich for most of us. It’s about having somewhere to live, gas and food and be able to occasionally splurge.
People want to be able to survive and maybe an extra here and there.
That's such a shame though. There are millions of people with so much potential, but for whatever reason the incentives of capitalism aren't enough to drive them to achieve the best version of themselves. We need other incentives in America besides money, that's not motivation enough for so many people with so much potential to do big thing who just coast through life doing the bare minimum.
I was so much more worried about status when I was just starting out. Now that I have carved out a decent amount of freedom I love nothing more than being completely financially anonymous to the average Joe.
I am after freedom. That is my measure whether I am doing well or not. Freedom of time and movement is everything.
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@hunter-bourke21 Do you mind sharing info on the adviser who assisted you?
*Camille Alicia Garcia* is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..
"The opposite of poverty is not wealth. The opposite of poverty is enough." - Dr. Wess Stafford
I would love to see an episode unpacking what "real wealth" even is. And how it's completely unrelated to money.
I have NEVER sat and watched a full podcast from start to finish. Mark, you're such an engaging host and Morgan was the most interesting guest! Really genuine podcast. Well done!
Same! I thought I wouldn’t watch the whole hour but this was such interesting, engaging and intelligent conversation
This episode was amazing! Incredible insight and the questions were truly different and thought provoking
"I am not interesting on anything that's not sustainable-not friendships, not investments strategies, not careers" that's spot on!
I literally just finished reading The Psychology of Money last week, this episode could not have come at a better time for me lol
I like Mark and his guests a whole bunch and think he generally adds a lot of value, but If I hear another wealthy person opine that money doesn't matter, and there are a whole bunch of negatives to being wealthy, I will gag on my monitor: -.
Wealth is "a plentiful resource", money buys lots of resources under most circumstance, thats why "love" is a subjective fickle niche resource thats only correlated to money...not caused by money.
I like how you kept it mostly philosophical, the layer behind the superficial surface is the most interesting aspect of talking to people for me. Great job!
Also the music that kicked in around 12 minutes made me think you were about to roll ads and I was ready to fast forward. Just thought maybe you’d like to know that
This has fast become my fave podcast. And one should listen to each episode at least twice.
Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant and everything changed. In in the first quarter of this year i made $370k and counting.
I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
I personally work with 'Julie Anne Hoover’’ she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
I’m ‘content instead of happy’ was the number one take* for me..at least 10 other mentions (are quotes) that I will be memorizing..incredible flow of conversation..one of the fastest hour’s being focused and engaged for me..A +
Two of my most favourite authors. So much wisdom. Thanks
I used to worry about status until I realized that there is SO much good you can do with money once you have it. Yes I want a nice house, yes I want a nice car or two...but not because of what it says about me. I like architecture, I love cars. And then what...you have your cornerstone "nice things" and now you can go wild helping humanity with your wealth. I think we are not only wired for status but also, and more so in my opinion, for hoarding.
@@ginahuang-ut3vu Thanks but I dont have all those things yet :)
Wow I have watched so many podcast and so many other videos but the value I got from this particular video is unmatchable. Thanks for making such deep content really inspired by you and hope one day I'll also provide value to other people in form of content ❤
Most Americans like me find it hard to be convinced to work with advisors. Some persons have no financial knowledge. My questions are, is trusting an individual to handle your finances being responsible or ignorant? is this advisable to oversee a $430k portfolio allocation?
Well we don't always agree we are incorrigible, we need fools in the system. i can't tell for how long advisors have been known to aid asset allocation. By spreading across different asset classes, like bonds, real estate, and international stocks.
True, proper asset allocation is critical. Furthermore, some folk employ hedging strategies or devote a portion of their portfolio to defensive assets that perform well during market downturns. How else is this achievable except through expert guidance? So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $930k in return on investments.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Monica Selena Park'..She's well established and you'd find her professional bio on the net If you look her up, i'd suggest you do this and let me know what you think
Monica gave me herpes
Goosebumps on the teacher talk! It resonates, and I don't even teach.
I'd gladly take the "social debt" that can result from being rich over everything that comes with being poor.
Can you character handle saying no? It seems to me that social debt leaves you in a worse position than before the money. Look at lottery winners being in more debt afterwards than before, etc.
@@inaxsesablethat’s because anyone who does the lottery is bad with money, because it’s a terrible use of money
Such a profound talk. Thank you Mark, thank you Morgan. Best investment of my hour
“Money can’t buy you happiness, but it can buy you a huge yacht to pull up alongside it!” - David Lee Roth. 😆
I resonate greatly with the last comment, "Psychology of Money is the last book, I read in one sitting.", since it's the only book in the last couple of years where I did the same 😇
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
“Vivian Carol Gioia” serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
Thank you mark for your consistency.
Daamn I love Morgan...He's probably the best communicator I've ever listened to. I'd listen to anything he does..even a bed time story!
Read your book & now I'm here for the YT channel. New subbie. You are very impressive, Mark😘!
The podcasts are great Mark. I feel super invested in the conversations. Keep it up!
I watched the whole interview before realizing that this is the guy that wrote the Psychology of Money.
So I guess I have to buy his next book, too. I gave the book to my son and he has a paid-for car, money in an interest bearing savings account and I’m so proud of him. This book really made an impact.
I was a bit disappointed. I have the book to read and thought it would’ve been someone who had actually made money rather than made it from the book.
being a retail trader is not a bad idea but like he said if you want to be a doctor you have to put in the time to learn.. which is the key to everything.. time and education
This was truly a great podcast. Two genuinely great guys that are giving tons of knowledge and value. You guys are awesome, thank you.
I've really enjoyed this discussion. Thank you, both
We want to get rich because of the options that having money provides
53:58 "there's NO way" seems wrong, there's always a way for you to do what someone else did..you learn
Btw I read sheet music, play piano, guitar, so at one point I couldn't, and now I can!
Heyy Mark, I love your podcast and all of your books.
Would it be possible to time mark the conversations or topics talked in the podcast it helps greatly.
Thanks.
For many people that build up their wealth, the 'social debt' aspect will only arise if they advertise the fact that their NW (or income) has increased. An NBA player who signs a contract probably can't keep that confidential (so unavoidably experiences 'social debt') but most people simply choose to let other people know about their increases income or wealth. There is nothing to stop you from keeping for increased income or wealth to yourself, which will avoid any problem with friends or relatives (or total strangers) expecting something from your income/wealth. It is a lot easier to do so if you don't let your increased income/wealth change your lifestyle/toys etc. so it doesn't become obvious to others that you have a lot of money.
Is hard to have 5 million in the b bank and not but a property or a new car. Or pay for the drinks, meals more often than usual. Or have a sense of pride, confidence that wasnt there when you were broke.
Things we do can be picked up by close friends. That is what begins to give it away.
The most informative yet so funniest podcast among writers.
Mark adds so incredibly much value with his channel and podcast - thank you 😃
Mark my friend your expression and enthusiasm while listening to these folks , so good :)
I can't believe you keep posting these podcasts this often. Gosh, where were you!
Love these!! Keep it coming Mark❤️ been a fan for yearssss
32:00 money only makes you happier if you were already happy
I LOVE this man's attitude to raising non spoiled children. That is truly admirable, and he is absolutely spot on
I grew up with a very tough but wealthy and successful dad. My friends got better stuff than me and I had to do manual labor. Now im doing a lot better than my friends but like the sports stars- its never my own money and its natural for my credit to be maxed out with no savings. My accountants are just more old men dads friends judging me for spending too much.
This podcast is so well done. Beautiful hosting, awesome guests, and awesome editing! Kudos to the creative team behind this effort! I'm recommending your episodes in my spaces 🌸
I love Housel’s perspective. So refreshing
Good interview, I’ve read/listened to both books. Excellent!!!
Great writing style it kept me turning the pages. Looking for the next one!!
Income/earnings have always been a scorecard to my abilities as an entrepreneur. Nothing more. Sure, it’s great to have money and I wouldn’t want to be broke but the journey to wealth, particularly making it happen with my wife and close friends was the real reward.
Iv gone into debt then bankruptcy and lost everything including a business some of the debt was not bankruptable. When you go bankrupt it’s like starting over from scratch. Now it’s been about 20 years and my net worth is around 2 million. I don’t feel wealthy but I do feel more secure. I’m 57 and I still work 6 days a week. I like to work it gives my life purpose and keeps me on a schedule and my job is useful to society. I will probably just keep it up for awhile longer.
My parents never teach me how to deal with money. When I was young we are in a bad situation due to bad decisions and opening and doing failling business, mostly of the time my parents were complaining about money and not leting me have the things that I wanted.
From time to time I could spare some money from dinner or snacks at school, but when I didn't spend the money, and have some at home, they always asked money and never return. I grew up with the sensation that if I have some money someone that I cares would take it from me and I couldn't say no. At my first job they didn't know how much I earned and i spend a lot with futile things just to don't have money and someone could steal it from me.
Now, at my 35, I'm changing this and learning by mistakes, by not having savings and trying to, and mostly dealing with the feeling that I don't deserve money.
I always like to return to a particular facet of minimalism - having enough. Simply asking a question - do I really want something or am I doing it to seem "cooler" or fake "being interesting"? So much about our lives can quickly turns sour, once we delve into wanting more and more and more. There is no breathing room to enjoy the moment. No appreciation for simplicity and beauty of here and now.
Loving these new podcasts Mark. Keep up the good work. :)
After reading the psychology of money, it opened my eyes how I measured my happiness and my how my life is to the amount of money I had in bank account. Once I started to understand why I thought about money in a materialistic manner, I was able to redirect my relationship with money in a positive manner.
Amazing interview! I could listen to these 2 all day. Please bring him back again!
I feel that the title is not doing the work of art enough Justice, like dude this is versatile and still deep...inspiring...am sharing this.
Idc bout getting rich but it seems like 6 figures isn't really rich nowadays
this is literally what podcasts are meant to be, the questions are so consistently insightful and thought provoking. Not just basic questions.
Big Fan of the writer mark manson but the podcast host mark manson may be just as good !
8:03 Morgan makes a great point about the best products becoming staples.
But the stock that's gone up the most in the market is AMGN, not MO
MO: 110,834% from 1969 low to 2017 high.
AMGN: 326,604% from 1994 low to today.
"Right now, when times are good." Wow. Amazing perspective on abundance and life in general. 🤦🏽♂️
I really agree on your point that we watch stuff just because we wanna feel connected to other human beings. I mean I have never listened to one podcast episode and here I am dedicating two hours of my weekend to WATCH two episodes of yours in a row. You're a blast dude, keep going!
Such a ridiculous amount of alpha, squeezed into 1hr of content. I especially like the section regarding how people change with money. I've always considered money to be an amplifier, rather than a 'changer' of personalities. It amplifies whatever traits we have (good and bad) and can sometimes seem like we've become different people, but it's just who we were... but louder. You have converted me from Internet rando, to subscriber. Thank you for this content.
I just want to say that this episode has given me so much value. Thank you from Kenya 🇰🇪
Relative to the discussion which begins at 49:00-
What has been is what will be, and what has been done is what will be done, and there is nothing new under the sun. (Ecclesiastes 1:9, ESV)
I'm chasing not having to have some a$$hole tell me what to do. I'm chasing the ability to do whatever I wanna do without having to have money as the limiting factor.
In other words: I'm chasing pure freedom. Money = Freedom = Happiness. Money can, in fact, directly purchase me a life's supply worth of happiness and joy.