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“I’m not serious about something that’s not sustainable. Friendships, investing, careers, podcasts, studying habits, train habits. If I can’t hold it going, I’m not serious about it.“
— Morgan Housel
Morgan Housel (@morganhousel) is a companion at The Collaborative Fund. His e book The Psychology of Money has bought greater than three million copies and has been translated into 53 languages.
He’s a two-time winner of the Greatest in Enterprise Award from the Society of American Enterprise Editors and Writers and winner of the New York Instances Sidney Award. In 2022, MarketWatch named him one of many 50 most influential individuals in markets. He serves on the board of administrators at Markel.
Morgan’s new e book is Same As Ever: A Guide to What Never Changes. You’ll find my first, extensively in style interview with Morgan at tim.blog/morganhousel.
Please take pleasure in!
Take heed to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or in your favourite podcast platform. Watch the interview on YouTube.
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#702: Morgan Housel — Contrarian Cash and Writing Recommendation, Three Easy Objectives to Information Your Life, Journaling Prompts, Selecting the Proper Recreation to Play, Should-Learn Books, and Extra
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Want to hear the final time Morgan was on the present? Listen to our conversation by which we mentioned unorthodox profession selections, educating youngsters the worth of cash, classes discovered from being gamed by the market, counterintuitive bets, making ready for financially bumpy lengthy hauls, understanding the distinction between a price and a high-quality, tolerance for petty annoyance as a worthwhile life talent, and much more.
#576: Morgan Housel — The Psychology of Cash, Selecting the Proper Recreation, and the $6 Million Janitor
What was your favourite quote or lesson from this episode? Please let me know in the comments.
SCROLL BELOW FOR LINKS AND SHOW NOTES…
SELECTED LINKS FROM THE EPISODE
- Join with Morgan Housel:
- Same as Ever: A Guide to What Never Changes by Morgan Housel | Amazon
- The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel | Amazon
- The Morgan Housel Podcast | Apple Podcasts
- For Entrepreneurs Pushing the World Forward | Collab Fund
- Insurance, Ventures, and Investments | Markel Corporation
- Morgan Housel — The Psychology of Money, Picking the Right Game, and the $6 Million Janitor | The Tim Ferriss Show #576
- Warren Buffett: Snickers Is the Most Dominant Candy Bar on the Market | The Profit Pathway
- Motley Fool: Pundits Pandering Your Wealth Away | USA Today
- Knuth versus Email | Stanford University
- Finding the One Decision That Removes 100 Decisions (or, Why I’m Reading No New Books in 2020) | Tim Ferriss
- Cuneiform: 6 Facts About the World’s Oldest Writing System | HistoryExtra
- The Tao of Seneca: Letters from a Stoic Master (aka The Moral Letters to Lucilius) | Tim Ferriss
- On the Danger of Knowing Your Audience | Morgan Housel, Twitter
- The Serenity Prayer | Archdiocese of Saint Paul and Minneapolis
- What Is Stoicism? A Definition & 9 Stoic Exercises To Get You Started | Daily Stoic
- Stoicism for Modern Stresses: 5 Lessons from Cato | Daily Stoic
- Stoicism Resources and Recommendations | Tim Ferriss
- Morgan Housel on Writing | Ted Merz
- The Swooper/Basher Dichotomy | Steven R. Southard
- Respect and Admiration | Collab Fund
- Rich and Anonymous | Collab Fund
- Expectations Debt | Collab Fund
- Vanderbilt: The Rise and Fall of an American Dynasty by Anderson Cooper | Amazon
- Financial Advice for My New Son | The Motley Fool
- Financial Advice for My New Daughter | Collab Fund
- Die With Zero: Getting All You Can from Your Money and Your Life by Bill Perkins | Amazon
- Why the 3rd Generation Always Destroys a Family Business by Scott McCollum | LinkedIn
- Microphilanthropy 101 | Charity Navigator
- A Few Laws of Getting Rich | Collab Fund
- The Solitary Billionaire: J Paul Getty (1963) | YouTube
- Elon Musk by Walter Isaacson | Amazon
- 1980s: How Donald Trump Created Donald Trump | NBC News
- “Sports Do Not Build Character; They Reveal It” | Quote Investigator
- The Fred & Pamela Buffett Cancer Center | University of Nebraska Medical Center
- What Makes You Happy | Collab Fund
- The Three Sides of Risk | Collab Fund
- Little Ways The World Works | Collab Fund
- David McCullough on “1776” | Charlie Rose
- Be Here Now by Ram Dass | Amazon
- Global Uncertainty Related to Coronavirus at Record High | IMF
- Experts Say the ‘New Normal’ in 2025 Will Be Far More Tech-Driven, Presenting More Big Challenges | Pew Research Center
- What We Knew: Terror, Mass Murder, and Everyday Life in Nazi Germany by Eric A Johnson and Karl-Heinz Reuband | Amazon
- Public Enemy? At Home in Mexico, ‘El Chapo’ Is Folk Hero No. 1 | The New York Times
- A Few Things I’m Pretty Sure About | Collab Fund
- Very Important and Hard to Teach | Collab Fund
- The Optimal Amount of Hassle | Collab Fund
- Useful and Overlooked Skills | Collab Fund
- 11 Reasons Not to Become Famous (or “A Few Lessons Learned Since 2007”) | Tim Ferriss
- The Snowball: Warren Buffett and the Business of Life by Alice Schroeder | Amazon
- The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss | Amazon
- Gothic Tropes: The Faustian Bargain | The Gothic Library
- Maslow’s Hierarchy of Needs | Verywell Mind
- This American Life
- MrBeast | YouTube
- “Fake Famous” and the Tedium of Influencer Culture | The New Yorker
- How I Built The Tim Ferriss Show to 700+ Million Downloads — An Immersive Explanation of All Aspects and Key Decisions (Featuring Chris Hutchins) | The Tim Ferriss Show #538
- The Home for Great Writing | Substack
- The Year of Living Biblically: One Man’s Humble Quest to Follow the Bible as Literally as Possible by A.J. Jacobs | Amazon
- I Think You’re Fat by A.J. Jacobs | Esquire
- Tim Ferriss | TED
- Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers by Tim Ferriss | Amazon
- Triangle: The Fire That Changed America by David von Drehle | Amazon
- Empty Mansions: The Mysterious Life of Huguette Clark and the Spending of a Great American Fortune by Bill Dedman and Paul Clark Newell Jr. | Amazon
- The Strange Last Voyage of Donald Crowhurst by Nicholas Tomalin and Ron Hall | Amazon
- Working by Robert A. Caro | Amazon
- The Power Broker: Robert Moses and the Fall of New York by Robert A. Caro | Amazon
- The Civil War | PBS
- Triangle Shirtwaist Factory Fire | Wikipedia
- President Franklin Delano Roosevelt and the New Deal | Library of Congress
- No Ordinary Time: Franklin and Eleanor Roosevelt: The Home Front in World War II by Doris Kearns Goodwin | Amazon
- Endless Uncertainty | Collab Fund
- Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway’s Vice Chairman on Life, Business, and the Pursuit of Wealth with Commentary by David Clark | Amazon
SHOW NOTES
Editor’s Observe: Timestamps will likely be added shortly.
- Buffett’s Snickers.
- What prompted Morgan to write down Identical As Ever?
- Morgan’s worst recommendation for aspiring writers is what works for him.
- The upsides of being wealthy and nameless.
- Ideas for elevating unspoiled youngsters.
- Ought to households keep away from passing alongside dynastic wealth?
- Discovering worthy charities and causes.
- Cash and happiness.
- Avalanches and different random, life-changing flukes.
- We will put together for the long run, however we will’t predict it.
- What present unknowns will appear shockingly apparent in a yr?
- Which of our present views would change if our incentives had been totally different?
- Probably the most worthwhile private finance asset.
- Optimizing the possibility of marrying the appropriate individual.
- Mending divergence in a wedding or relationship.
- Attempting to remove a problem that’s an unavoidable price of success.
- Guessing at the way forward for textual content vs. audio/video.
- Books vs. podcasts.
- Advisable studying.
- Has writing Identical As Ever modified how Morgan operates on this planet?
- Who’s the supposed viewers for Identical As Ever?
- Parting ideas.
MORE MORGAN HOUSEL QUOTES FROM THE INTERVIEW
“Let’s deal with what we all know with certainty goes to be a half of your future, and that’s the most effective that we will do to see the long run.”
— Morgan Housel
“In something you do in life, you need suggestions that what you’re doing is working. And in loads of these conditions, you don’t get it.”
— Morgan Housel
“Does cash purchase happiness? I believe that reply is fairly firmly no. Can cash purchase contentment? I believe that’s a fairly agency sure. And that’s nice. Contentment is a superb trait that makes your life higher, but it surely’s very totally different from happiness.”
— Morgan Housel
“Some individuals have fuck you cash. Charlie [Munger] has fuck you intelligence.”
— Morgan Housel
“I believe you do your greatest work if you’re being introspective about your self. And “realizing your viewers” slips into pandering in a short time. And pandering is the worst writing. Not solely is it the worst content material, it’s the worst writing model.”
— Morgan Housel
“When individuals need one thing from you, they deal with you in another way, and it’s not good.”
— Morgan Housel
“A number of buyers attempt to remove volatility, and so they view it as a burden and one thing that you must eliminate when, really … it’s the price and never the penalty.”
— Morgan Housel
“I’m not serious about something that’s not sustainable. Friendships, investing, careers, podcasts, studying habits, train habits. If I can’t hold it going, I’m not serious about it. And I believe the one technique to actually do that’s if you’re going out of your technique to dwell life at 80 % to 90 % potential. When you’re at all times making an attempt to squeeze out 100% potential for one thing, virtually definitely it’s going to result in burnout, whether or not it’s a friendship or a relationship or an investing technique.”
— Morgan Housel
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