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

Business, News Commentary, News

4.7 • 5.2K Ratings

🗓️ 14 November 2023

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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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. 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 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase at https://bit.ly/AG1Impact. Right now, Kajabi is offering a 30-day free trial to start your own business if you go to https://bit.ly/Kajabi-Impact. Head to www.insidetracker.com and use code “IMPACTTHEORY” to get 20% off! Learn a new language and get 55% off at https://bit.ly/BabbelImpact. Try NordVPN risk-free with a 30-day money-back guarantee by going to https://bit.ly/NordVPNImpact Give online therapy a try at https://bit.ly/BetterhelpImpact and get on your way to being your best self. Go to https://bit.ly/PlungeImpact and use code IMPACT to get $150 off your incredible cold plunge tub today. ***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. * New episodes delivered ad-free * 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 * 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

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0:00.0	The odds of you dying broke are extraordinarily high.
0:03.0	Making money is not about being smart.
0:06.0	It's about not doing dumb things.
0:08.0	Dumb things that virtually all of you are going to do.
0:11.0	But if you want to beat the odds and all but guarantee you'll die rich,
0:15.0	there is a really simple formula to follow.
0:18.0	The question is, will you be able to do it?
0:20.0	I'm joined today by best-selling
0:21.9	author Morgan Household, and we're going to lay out the formula for wealth creation.
0:27.4	The single biggest problem is figuring out what you want, what you're good at, what your risk
0:33.4	tolerance is, and that's going to be a very unique answer for you. And I always cringe whenever
0:38.5	there's any kind of financial content on TV or online or on YouTube where it says,
0:43.2	you should do this. And I'm like, who are you talking to? Are you talking to a 17-year-old day
0:48.8	trader? Are you talking to a 95-year-old widow? Are we going to pretend like those are the same
0:52.9	people with the same goals? And a big part of this is I feel like a lot of financial debates when people saying, you should do X. No, no, no, no. You should do Y. They're not actually disagreeing with each other. It's people with different goals and different time horizons talking over each other. And so so much of the psychology of money is looking in the mirror and being introspective into saying, who am I? What do I want? And what's the best path for me? And one of the most dangerous things that you can do is take your cues and get from, get your advice from people who are playing a different game than you are. You have people who are chasing other people's dreams and when it doesn't work
1:27.9	or if they get there, they realize they're not happy. It's like, yeah, because that wasn't your
1:32.0	game. That's not what you actually wanted to begin with. Really what every business is is solving
1:36.8	somebody's problem, figuring out a problem for someone else. That's a very, very basic way to describe
1:41.5	a business. But you would be surprised how many businesses ignore
1:45.1	that fundamental concept. And when they're making a product, when they're making a marketing
1:49.2	plan, whatever, they're forgetting that part of it. What is a problem that somebody else has?
1:54.4	And what can we do to fix that? One that really sticks out to me here that I wrote about a lot
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